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Despite these benefits, cloud accounting does increase the risk of cyber-attacks and therefore the loss of, 
or damage to data. Users are reliant on cyber security and back-ups being taken by the service provider. 
There is also a need for organisations to ensure subscriptions and corporate accounts for cloud services 
are kept up to date because there have been instances of data loss where organisations have failed to 
pay for the service or update payment details which have changed and this has led to services to be 
withdrawn and data deleted. 
Developments in cloud accounting technology has increased the need for staff training in accountancy 
firms to use the new systems. It has also created a need for new guidance and procedures on using 
cloud-based infrastructures to be created and for new infrastructures to be developed to make best use 
of cloud-based systems. 
7.2 Other Financial Technologies (Fintech)

Automation
 
in the context of Fintech refers to the ability of systems to perform routine activities 
and processing of data without the input of a human. 

Artificial intelligence 
refers to the ability of a computer system to assist a human operator to 
make business decisions or help solve problems. 

Big data 
describes sets of data of such size that traditional databases are unable to store, 
manage or analyse them. 

Data analytics 
is the collection, management and analysis of large data sets (such as big data) 
with the objective of discovering useful information, such as customer buying patterns, that an 
organisation can use for decision making. 

Distributed ledger technology (Blockchain) 
is a technology that allows organisations and 
individuals who are unconnected to share an agreed record of events, such as ownership of an 
asset. 
7.2.1 Automation and artificial intelligence
A key feature of