Why Your Business Needs An Information Security Audit

Conducting an information security audit is a great way to protect your company against data breaches and other costly security threats. 

Many IT and security professionals view a security audit as stressful and expensive. Indeed, an external security audit costs approximately $50k. However, it doesn’t have to be expensive nor stressful. You shouldn’t skip assessing the security compliance of your organization as your whole company is at stake.

Your company can conduct an information security audit without outsourcing it. You just need the right training, resources, and data. Hence, you’ll have critical, actionable insights without breaking the bank.

External Information Security Audit

Let’s first find out the difference between those two. An external audit provides incredible value to companies. However, it is extremely expensive. Furthermore, external auditors still heavily rely on the cooperation of internal IT and security teams. 

It is still the internal IT’s responsibility to set goals. Additionally, providing accurate and relevant data still falls under the responsibility of internal IT. Moreover, internal IT is the one that implements the recommended changes.

Still, larger organizations rely on external audits for several reasons. First, regulations mandate financial institutions to outsource their audits. Furthermore, seasoned professionals conduct external audits. These professionals all have the right tools and software needed for an audit. 

Moreover, external audits ensure that no business unit is overlooked. Why? There are no internal biases in external audits. Also, professionals conducting external audits deeply understand all security protocols. Furthermore, they possess training on how to spot flaws in physical and digital systems.

Internal Information Security Audit

Indeed, external audits bring many benefits. However, many IT professionals still choose internal audits. These provide more speed, consistency, efficiency – all with less cost.

Internal audits enable you to set a baseline. You can measure from that baseline the improvement for future audits. You may have to commit time to conduct internal audits. Yet, it is absolutely free. Hence, your company can conduct audits more frequently. 

Furthermore, the gathering and sorting of data are simplified. That is because you don’t need to distribute the data to a third party. Moreover, internal audits cause less disruption to the workflow of employees.

If you choose an internal information security audit, you must educate yourself. You must know the necessary compliance requirements in upholding security protocols. Understanding is a critical step before conducting an internal security audit.

Five Steps In Information Security Audit

Listed below are five simple, inexpensive steps in auditing.

Define your audit

Write down a list of all your assets. Include also on your list things that will affect the business’ operations once compromised. You cannot audit everything. Put your 100% focus on the most valuable assets.

Define your threats

List down all potential threats to the valuable assets. Consider any potential threat. A small threat may seem no value but in reality, it can cause huge losses once neglected.

Assess current security performance

It is critical to block any emotion and bias towards all business units. 

Risk scoring

Weigh down the value of your assets.

Formulate security solutions

This requires straightforwardness. Create a list of security improvements or best practices to mitigate or eliminate the risks. Afterward, implement them.

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