The cyber risk scenario is diverse and ever-changing. Companies across all sectors have raised cyber security as the highest concern in their business goals due to the increase in cyber-attacks and data theft. Platform for monitoring an organization’s cyber response strategy is becoming necessary as cyber-attacks are becoming more complicated.
Cyber security is one of the most serious risk management concerns confronting almost every sort of business in a matter of a few years’ time. A question that comes up frequently is “does the internal audit function evolves as swiftly as the most advanced cyber threats?” Let’s continue reading to find out more.
The internal audit role is crucial in determining the operational control weaknesses at the corporate level and analysing cyber disturbances as part of strategic threats. Internal auditors are beginning to see prospects for how their knowledge and skills can be used in the organization’s risk monitoring and management due to the growing challenges to cyber security and the increased number of attacks that have occurred in recent years, affecting both local and international businesses.
The auditor may assist in boosting the most crucial elements or components of the organization, leading to improved and more robust cyber security, when the auditor is aware of the entire business idea, the goals, and the tactics.
Considerations for internal auditing’s Cyber Risk
Many businesses assume they are adequately secured because they do regular security audits or use top-notch technical equipment. Contrary to popular belief, operational procedures and sectors like those listed below are now included in the scope of the effort to battle cybercriminals and reduce cyber security risks.
With regard to technological innovation, the speed of change now affecting businesses is accelerating. Internal audit will have a difficult time evaluating the cyber risks associated with these newer and developing technological domains.
Updates on Regulations
The organisation is impacted by the shifting regulatory environment in every sector. Internal audit may be extremely useful in determining how new or current rules will affect a company as well as how prepared it is to comply with the new legislation.
An Internal audit should evaluate the company’s whole approach to countering new risks. Leading businesses will have a clearly and properly specified strategy for addressing the changing threat landscape.
Technological advancements, regulations that keep changing, and innovations all have an influence on business. Businesses evolving threat ecosystem is one of the key cyber hazards that should be taken into account.
Methodology for assessing cyber security
An essential and significant step in creating a cyber-security audit strategy for internal audit, which is considered as a third line of defense mechanism, is to properly understand the cyber security framework that the company employs. When conducting a cyber-security evaluation, internal audit experts should keep a few things in mind.
- Include those who have the requisite knowledge and expertise.
- Analyze the whole cyber security structure rather than just a few key components
- The preliminary evaluation should guide following, in-depth evaluations.
Coordination between the IT division and internal audit
An effective cyber security plan has a multi-pronged method, including preventative, investigative, and remedial measures. Internal audit’s primary responsibilities are to identify cyber security flaws and control problems and to reduce significant cyber threats and hazards through regular audits and solutions. These goals must be achieved not in seclusion, but rather via ongoing coordination with the IT consultancy.
It is crucial that the internal audit team periodically consults with IT management to discuss key cyber security concerns, exchange ideas on new risks and challenges, and go through cyber security laws. Additionally, it is essential to have a platform that facilitates effective team communication and coordination of audit tasks.
It was difficult for internal audit to assess cyber security risks and measures until a decade ago. Information has indeed become a crucial organizational resource in today’s digital world and is subject to an increasing wide range of security risks from all directions.
Internal auditors and executives are striving to realize their company’s situation with regard to cyber risk management because cybercrime is one of the hazards at present with the fastest rising potential impact.
Businesses with a committed crew that can assist internal audit in challenging their ideas or that can offer a flexible workforce that is available on demand and has in-depth sector expertise in delivering technological, operational, or regulatory judgements can undoubtedly prove to be a defense mechanism against these new advanced threats.