During an Audit of Chien Products, You Note That All

question 63

Essay

During an audit of Chien Products, you note that all new accounting employees are set up with a temporary password of "abc123".You also noted that employees are not required to change their passwords when they first set up their accounts, nor is there a requirement to change passwords regularly.Write a paragraph describing the implications of these IT risks.

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Definitions:

Interest Rate

The proportion of a total amount of money that is levied for borrowing it, usually stated as an annual rate.

Annual Return

The percentage of gain or loss on an investment over a one-year period, taking into account both capital gains and dividends.

Retirement Fund

Financial resources that have been saved and are used to support a person's retirement.

Mutual Fund

An investment vehicle made up of a pool of funds collected from many investors for the purpose of investing in securities such as stocks, bonds, money market instruments.