Cyber security audits identify the security controls that you need to have in place within your IT systems in order to have confidence that you are addressing cyber-security effectively and mitigating the risk from internet-based threats. Cybersecurity has become critically important as more organizations leverage the internet to improve the functionality of their product, expanding on their availability and increasing connectivity. However, even the most reputable businesses can have vulnerabilities that could ultimately affect the effectiveness of their cybersecurity as well as the integrity and confidentiality of their data and infrastructure.
Boards should have adequate access to cybersecurity expertise, and considerations about cyber-risk management should be given regular and adequate time on board meeting agendas. Security entities within your enterprise should be established such that the cybersecurity mission and vision is aligned to the roles and responsibilities of your personnel, securing your enterprise and actively defending it from threats. In like manner, businesses may want to take the opportunity to conduct a cybersecurity audit and plug security gaps, setting up internal reporting structures or introducing crisis management plans as necessary.
As the number and sophistication of cyber-attacks increases and forward-leaning business leaders focus on solutions to reduce cybersecurity risks and improve performance, prevention/detection methods and cybersecurity innovations are on the rise. Before selecting a product, manufacturers should ensure the software will provide ongoing security updates during its entire lifespan.
With the increasing use of online and mobile applications, the advances of analytics, and the Internet of Things (IoT), the need for data security is more important than ever, especially considering the risks of new exposed system vulnerabilities and cyber-attacks. These gaps, combined with the vast and growing opportunities for data combination and end user tracking, create operational issues and additional costs, as well as increasing the attack surface and, subsequently, exposure to a potential cyber event.
Cyberattacks are persistent, regulations are changing, and new threats are constantly emerging as customers embrace new ways of interacting with financial service providers. Everyone has to be vigilant, from the boardroom down to the deck, in order to effectively defend against cyber-attacks.
When it comes to ensuring supply chain risk management, security-in-depth is the best practice that should be applied. Whether the answer is more insurance or more investment in the information security function, assessing the level of insurance protection should be a recurring annual process. Time is money when it comes to business, and should be a core part of your cybersecurity KPIs.
Hackers, viruses, worms, ransomware, and spyware are only a few of the things that can do harm to your computer, network, and in some cases even your wallet. A company should establish a vendor management policy to cover the approval of vendors, including an approval authority matrix, contract approval review controls, and any other policy controls over procurement in general. Given the potential exposure and risk to your organization’s valuable assets and information, the board of director’s duty of oversight must include a focus on cybersecurity.
Threats include the loss of proprietary and sensitive information, the manipulation and destruction of data, systems, and networks, and even the harming of physical assets. However, this does not even begin to touch on the related costs and undermining of confidence in your institutions, procurement, and other functions. As a general rule, organizations can increase visibility into their environment and focus on the most important potential threats by aggregating security information from various sources and automating incident response procedures.
Want to check how your Cyber Security Audit Processes are performing? You don’t know what you don’t know. Find out with our Cyber Security Audit Self Assessment Toolkit: