Information Security Audit

Do you know? Today the cybersecurity market is valued at $120 billion. The average cost of a data breach in 2020 will exceed $150 million. By 2021, Cybersecurity Ventures predicts that cybercrime damages will cost the world $6 trillion annually. The cyber-world is ripe with risk and threats and organizations go to great lengths, and cost, to prevent these threats from becoming an attack.

What is Information Security Audit?

An information security audit is a systematic evaluation of the security of a company's information system by measuring how well it conforms to a set of established criteria. Also known as Cybersecurity Audit and IT Security Audit.

Why does your organization need to perform IT Security Audit?

1. Every company is a potential target. One of the most damaging mistakes a company can make is assuming its size will keep it safe. In other words, that cyber-attacks only happen to large companies, and hackers won't waste their time on them. It couldn't be further from the truth. Hackers have plenty of incentive to go after smaller fish, and even basic employee information can be valuable to them. They know the security systems are generally less sophisticated, and that law enforcement won't be as incentivized to pursue an attack that doesn't make the evening news.

2. Identify Network Security Vulnerability, Threat and Risk. Network security auditors will evaluate your Network to find vulnerabilities and threats, identify your biggest security risks. So that you can make changes based on recommendations. That will protect your company from those risks before you become the next victim. 

What is a third-party independent cybersecurity audit?

The third-party security audit's primary mission is to provide an independent opinion on an organization's security posture. It is an inspection to assess the specific security risks facing your business, and the controls and countermeasures you can adopt to mitigate them.

When should your organization perform a third-party Audit?

An information security audit occurs when a technology team conducts an organizational review to ensure that the correct and most up-to-date processes and infrastructure are being applied. An audit also includes a series of tests that guarantee that information security meets all expectations and requirements within an organization. During this process, employees will be interviewed regarding security roles and other relevant details.

How often should Independent security audits be performed?

To keep pace with changing technology and new threats, every business, regardless of size, should have a network security audit conducted at least twice a year. You might choose to perform them monthly, quarterly, or bi-annually depending on your network changes.

What is the objective of the cybersecurity Audit?

The objective of a cybersecurity audit is to provide management with an assessment of an organization's cybersecurity policies and procedures and their operating effectiveness. Additionally, cybersecurity audits identify internal control and regulatory deficiencies that could put the organization at risk.
  • Protection of sensitive data and intellectual property
  • Security of Network to which multiple information resources are connected
  • Responsibility and accountability for the device and information contained in it

What is the scope of the cybersecurity audit focus?

A cybersecurity audit focuses on cybersecurity standards, guidelines, and procedures, as well as the implementation of these controls.
  • Information Security Management: Processes associated with governance, policy, monitoring, incident management and management of the information security function
  • Information Security Operations Management: Processes associated with the implementation of security configurations
  • Information Security Technology Management: Processes related to the selection and maintenance of security technologies
  • Incident response program implemented

What are the key elements of cybersecurity auditing?

The key elements are Controls and Threats.
  • Controls: Ensuring that organizations have implemented controls.
  • Threats: Both internal and external, have the potential to impact confidentiality, integrity, and availability if controls are not in place.

What is the process of cybersecurity audits?

The cybersecurity audit and review process contribute to cybersecurity audit success.
  • Management: Management ultimately owns the risk decisions made for the organization. Ensure decisions made based on guidance received during the risk management processes in the appropriate direction to take.
  • Risk Management: Risk assessments are made based on guidance by the security officer at an organization, and enterprise management makes decisions, employing risk management processes. The risk landscape is ever-changing.
  • Internal Audit: Auditing is a security measure, not an inconvenience.

How to prepare for a successful Third-Party Independent audit?

To ensure a comprehensive audit of information security management, we recommend performing the following assessments.
  • Identity management
  • Security incident management
  • Network perimeter security
  • Systems development
  • Project management
  • IT risk management
  • Data management
  • Vulnerability management

How can Secured Transactions help to perform Independent Audits?

Secured Transactions has the expertise to perform Independent IT Security Audits for your company, regardless of your company's size and industry. To schedule a one-hour free consultation, please fill out the form. One of our cybersecurity experts will contact you promptly.

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About the Author: Jenny Jo

Jenny Jo is the president and co-founder of MJJT Consultants. Ms. Jo is a Software Engineer, a Cyber Security Auditor, and an IT Project Manager. She is also a Certified Informatin Security Manager (CISM) which certifies her to audit information systems, as well as design, build, and magage businesses' information security programs.