What is Security Auditing?

Introduction

Global business models underwent radical change as a result of the COVID-19 pandemic; according to a 2021 Gartner report, 41% of employees at businesses that went remote in 2020 intend to do so again.

Along with these adjustments to the global workforce come new security risks. Regular security audits will give you a clear picture of the cybersecurity risk environment in your company and show how well you are prepared for threats like phishing and social engineering.

In order to emphasize the significance of security, Bill Gates once said,

“ Security is, I would say, our top priority because for all the exciting things you will be able to do with computers – organizing your lives, staying in touch with people, being creative – if we don’t solve these security problems, then people will hold back. ”

What the Heck is Security Auditing?

An extensive evaluation of your organization's information system is known as a security audit. Typically, this evaluation compares the security of your information system to a checklist of industry best practices, externally established standards, or governmental regulations.

A thorough security audit will evaluate a company's security measures for the following:

The physical elements of your information system and the surroundings in which it is located. Software and applications, including any security updates that your system administrators have already applied. Network vulnerabilities, such as assessments of the information's movement between various points both inside and outside of your organization's network. The human factor, such as how staff members gather, share, and store highly sensitive information.

How does a Security Audit works?

A security audit checks whether the information system of your company complies with a set of internal or external standards governing data security. Your company's IT policies, procedures, and security controls are internal criteria.

The Sarbanes-Oxley Act (SOX) and Health Insurance Portability and Accountability Act (HIPAA), as well as international standards established by the International Organization for Standardization (ISO) or the National Institute for Standards in Technology, are examples of external criteria (NIST). A security audit compares the actual IT practices used by your company to the standards that apply to your enterprise and identifies areas for improvement.

Why is Security Auditing Important?

A security audit will show you your company's key information security weaknesses and show you where it is and isn't meeting the standards your company has set for itself.

In order to create risk assessment plans and mitigation strategies, security audits are essential for companies that handle the private information of individuals.

What is Security Auditing in Cybersecurity?

A cybersecurity security audit will make sure that your organization's networks, devices, and data are adequately protected from leaks, data breaches, and criminal interference.

The other two primary types of cybersecurity assessment strategies are vulnerability assessment and penetration testing, both of which involve conducting real-time tests on the effectiveness of firewalls, malware, passwords, and data protection measures.

Security audits are one of these three primary types of cybersecurity assessment strategies.

What Happens During a Security Audit?

So, what exactly is a security audit and what are the typical steps? An extensive evaluation of every element of your IT infrastructure, including operating systems, servers, digital sharing and communication tools, applications, data storage and collection procedures, and more, constitutes a security audit.

There are a few common components, but the steps are frequently determined by the compliance strategy your organisation must implement:

1. Decide on security audit standards

Develop your list of security features to analyze and test using the external criteria you decide to or must meet. Keep a record of your company's internal policies as well, in case your IT team foresees cybersecurity issues that external criteria might not address.

2. Evaluate Employee Training

The likelihood of human error increases with the number of people who have access to extremely sensitive information. Ensure that a record exists detailing who on staff has access to sensitive information and who has received training on cybersecurity risk management or compliance procedures. Prepare to train those who still need it.

3. Follow up on network logs

Observe the network traffic and the event logs. Logs should be closely monitored to make sure that only employees with the right permissions and who are abiding by the correct security procedures are able to access restricted data.

4. Identify Weaknesses(vulnerabilities)

Your security audit should identify some of your most glaring vulnerabilities before running a penetration test or vulnerability assessment, such as whether a security patch is out-of-date or employee passwords haven't been changed in over a year. Penetration tests and vulnerability assessments are more effective and efficient when security audits are conducted frequently.

5. Implement Safety Measures

Make sure the organization is using internal controls to prevent fraud, such as limiting users' access to sensitive data, after you have reviewed the organization's vulnerabilities and verified that staff is properly trained and following protocol. Verify that the network's wireless connections are protected, that encryption software is current, and that the appropriate antivirus program has been installed and updated.

Why do companies need Security Audit?

To ensure that they are properly safeguarding the private information of their clients, complying with federal regulations, and avoiding liability and exorbitant fines, businesses need regular security audits. Companies must stay current with federal regulations like HIPAA and SOX, which are constantly changing, in order to avoid fines. To make sure your company is abreast of any new requirements, periodic security audits are required.

How do you perform Security Audit?

The standards being used to evaluate the information systems in your organization will determine how a security audit is conducted. The steps for a full security audit depend on the requirements your organization must meet for external security compliance and frequently involve auditors from both inside and outside the organization.

A variety of Computer-Assisted Audit Techniques (CAATs) are available that can automate your auditing procedure. Regularly performed audit steps by CAATs include looking for vulnerabilities and automatically creating audit reports. However, these reports should always be reviewed by a qualified IT manager or auditor.

How Frequently Must Security Audits Be Conducted?

The number of security audits you conduct will depend on the size and scope of your business as well as how frequently you handle sensitive data. The regulatory requirements of the standards that the organization has chosen to comply with or that it is mandated by law to comply with also affect frequency.

Although it's recommended to perform security audits at least once a year, many businesses choose to do so more frequently because a data breach can have serious negative effects on their operations, including reputational damage, legal liability, and even criminal charges. The best course of action is prevention, which begins with frequent audits.

While maintaining your focus, expertise, and energy for spotting security threats that might be concealed to the untrained eye, Compliance Management Softwares can assist you in keeping track of computer-generated reports, security audit procedures, and updates to any external regulations.

Conclusion

The need for Security Auditing is rising due to the rate at which attackers invade businesses by exploiting little vulnerabilities/mistakes. Businesses both large and small should try and invest in security auditing techniques to avoid data losses and other occurrences.