Recently, Google’s AI project Big Sleep discovered a vulnerability in the open source software platform SQLite. This is reported by the British website techradar. SQLite plays a role in financial services app development due to its ease of use and reliability.
1. Lightweight and easy to deploy: SQLite does not require a separate server and can be integrated directly into applications, making it ideal for use on resource-constrained devices.
2. Reliability: SQLite provides strong guarantees of data integrity, which is crucial for applications that process financial data.
3. Performance: It is optimized for fast data access, which is important for real-time financial analysis and reporting.
Accountancy and IT risks
Experts point out that auditing accountants must be aware of the increasing complexity of IT systems and the potential risks for clients. In addition, they can use AI to discover security problems. AI-based tools could potentially be integrated into audit procedures to improve audit effectiveness.
Knowledge of AI and machine learning must be expanded to assess the impact of these technologies on their clients’ financial systems and processes. Control will need to focus more on how organizations manage the risks of using open-source software such as SQLite, and how they protect their systems against potential vulnerabilities. There may also be a greater need for collaboration between accountants and IT specialists to thoroughly assess the technical aspects of security risks and AI applications.
SQLite in finance
In the financial sector, SQLite is often used for mobile financial applications. In fact, many fintech apps use SQLite to store data locally on devices, allowing them to quickly access information without having to rely on a remote server.
Developers often use SQLite in the early stages of application development because of its simplicity and speed of implementation. This allows them to quickly prototype financial tools and dashboards. For smaller companies or specific applications where a full database infrastructure is not required, SQLite offers a cost-effective solution. (Article continues after the registration link for Leadership in Finance 2024 on Thursday, November 7 in Amersfoort.)
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SQLite is used by various Dutch companies and applications because of its simplicity and efficiency. Some well-known examples are:
- Mozilla Firefox: This popular web browser uses SQLite to store data such as cookies, bookmarks and history.
- Adobe Photoshop Elements: This photo editor uses SQLite to manage settings and user data.
- Apple Mail: This email client from Apple uses SQLite to store email data.
- OpenOffice: This open-source office suite uses SQLite as its base database model.
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