Today’s organizations face a never-ending onslaught of cyber threats. New digital attack vectors are discovered daily, placing organizations of all sizes in increasingly compromising positions when keeping their systems operational and their clients’ data privacy intact.
In response to these ongoing threats, regulatory bodies have increased the accountability of organizations to take more action when meeting various compliance protocols and standards. However, managing and maintaining a compliance checklist in your organization is critical.
By effectively using various security audit formats, organizations can create a more proactive approach when identifying and addressing new cyber risks.
Taking a More Proactive Approach to Risk Management
Using a “break/fix” approach to cybersecurity isn’t realistic today. Successful cyberattacks are no longer just a digital nuisance, they have serious financial implications for a company and can quickly destroy brand reputations. Modern organizations need to adopt a much more proactive approach when it comes to risk management.
Putting together a comprehensive risk management strategy helps organizations significantly reduce the likelihood of falling victim to a major cybersecurity incident. It can also help to reduce any potential impact on the business in the event a successful attack does occur by having the right protocols in place to address issues more effectively.
Applying a more holistic approach to risk management involves investing time and resources into continuously identifying, assessing, and mitigating all vulnerabilities a business faces from multiple sources. While it will require consistent effort on behalf of the organization, there are a number of benefits taking this approach can lead to, including:
- Lowers the possibility of security incidents.
- Keeps the organization’s sensitive data secure and helps to ensure operational integrity.
- Improves confidence in clients and partners.
- Proves to customers and regulatory bodies that your take security seriously.
- Strengthens the overall resilience of the organization.
The Role of Security Audits in Risk Management
One of the most effective ways to approach risk management in an organization is through a comprehensive security audit. Security audits objectively assess layers of an organization’s security controls, established system and operational policies, and various document procedures.
Rather than simply passing or failing a defined list of compliance protocols, a security audit examines all elements of an organization’s security posture. This includes looking for potential weak points in connected networks and systems and finding areas which may be useful but could be improved.
The great thing about planning and conducting security audits is they aren’t an all-or-nothing solution. There are a number of different types of audits you can conduct to support improving your risk management processes.
Below are some of the different types of audits you can complete and what they’re intended for:
- Network Security Audits – A network security audit evaluates all IT infrastructure elements that support the interoperability of connected hardware, software, and internal/external network configurations. The primary purpose of these audits is to make sure appropriate protocols are in place and optimized correctly, such as company firewalls, intrusion detection systems (IDS), and various access controls.
- Third-Party Risk Assessments – An organization’s risk profile isn’t just isolated to its own operational structure. With so many businesses relying on third-party vendors to help provision their cloud-based services or storage solutions, there are inherent risks associated with sharing sensitive information with partners outside the organization’s security barriers. A third-party risk assessment evaluates all of the security practices of outside partners to create more awareness about potential vulnerabilities which could exist for these external sources.
- Security Certifications – Many organizations operate in certain industries or sectors that require close compliance with regulated safe practices and security protocols. Security certifications help to provide assurance to various customers or partners the organization continues to operate with a higher level of security priority and has put in place certain controls to minimize the risk of a data breach. Some of the most common certifications include ISO 27001, SOC 2, PCI DSS, and HITRUST.
Key Components of an Effective Security Audit
During a security audit, there are a number of different methods used to help organizations get a better understanding of their overall cybersecurity posture and how much integrity their systems and networks have. Below are some of the most commonly used methods when conducting security audits:
Assessing Security Controls and Policies
All organizations should have detailed security controls and policies in place at all times. Many security audits will carefully evaluate the effectiveness of these controls while ensuring there is thorough documentation to support them.
These audits may look into the configuration of access controls, evaluate any data protection measures in place, as well as look into the relevancy and effectiveness of current incident response plans.
Penetration testers, also referred to as “pen testers” or “ethical hackers” are skilled cybersecurity professionals contracted to simulate real-world attacks against organizations. The primary goal of penetration testing is to validate, and stress test the security protocols companies have in place to see how they would stand up against a real cyber threat.
Pen testers use various hacking methods to try to exploit certain network vulnerabilities and gain access to sensitive networks or connected systems. After completing a penetration test, organizations receive a comprehensive report of the findings and can see exactly where their weaknesses are and how they can properly address them.
A full risk assessment is used to understand and analyze potential internal and external risks that can impact an organization’s operations, its digital assets, and its brand reputation. These types of assessments extend past the borders of the organization itself and will also consider the types of partnerships the business has in place.
By conducting a thorough risk assessment, organizations can make much more informed decisions about who they choose to partner with, as well as where they should be allocating their resources to address any apparent risks.
Leveraging Audit Findings for Risk Mitigation
The purpose of a security audit isn’t just to verify whether an organization is meeting compliance requirements. When conducted effectively, it can be a powerful tool for helping to create meaningful risk management strategies. The findings of an audit allow businesses to prioritize and address their risks in systematic ways.
The first step after an internal security audit or when working with a third-party auditing team is to carefully analyze the findings reports and categorize them based on the most critical risks. Risks are calculated based on the level of impact each vulnerability can have on mission-critical operations and the likelihood of being exploited.
After all risks have been prioritized, it’s important to start building a strategic risk management plan. This plan may include updating certain security controls, modifying existing policies, or focusing more attention on providing employees with security awareness training.
Integrating Security Audits into the Business Strategy
It’s important to have the right mindset when considering the value of a comprehensive security audit. Since organizing them can introduce a certain level of disruption, many businesses view a security audit as an “as-needed” level of due diligence. The reality is that regular security audits are an integral part of strengthening an organization’s overall security posture and should be planned regularly throughout the year.
To create this level of consistency, however, it’s important company stakeholders recognize the short- and long-term value of regular security auditing and align them with the organization’s goals and objectives. Business leaders should actively participate in auditing while working with executive teams to provide the necessary resources and communicate their importance to all employees.
Security auditing processes can also be built into the organization’s disaster recovery initiatives. As the business tests its incident response protocols throughout the year, pairing this process with a formal audit helps the organization to be better prepared to respond more effectively to operational disruptions.
However, the benefits of a security audit aren’t just associated with minimizing operational risks. This proactive security approach can also play an impactful role when demonstrating the organization’s commitment to their customer’s data privacy. This can help to build and establish a strong reputation, especially in competitive industries where establishing differentiation from other brands selling similar products and services is critical.
Don’t Just Focus on Industry Compliance
Ensuring your business is meeting its regulatory compliance requirements is an important component when establishing a strong foundation for the organization to grow. However, it often distracts from designing more comprehensive strategies designed to address all areas of organizational risk.
By following the guidelines discussed and using security audits as a useful tool for identifying and addressing any and all of your security gaps, you’ll be able to take proactive steps to not only ensure operational compliance but also implement better practices to support the growth and sustainability of your organization.
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ABOUT THE AUTHOR
Nazy Fouladirad
Nazy Fouladirad is president and COO of Tevora, a global leading cybersecurity consultancy. She has dedicated her career to creating a more secure business and online environment for organizations across the country and world. She is passionate about serving her community and acts as a board member for a local nonprofit organization.
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