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What Is A Cyber Security Audit? Steps and Benefits for Your Business

The world has changed significantly since the development of the first computers. Since then, businesses have become increasingly reliant on their IT systems, networks, and infrastructure – from managing day-to-day operations to storing sensitive information.

However, as the reliance on technology grows, so do the risks. Cybersecurity threats pose a significant risk for businesses of all sizes. If not caught early or resolved, these threats can result in significant losses.

Cybersecurity audits are your first line of defence against these risks. Regular IT checks are essential in identifying system vulnerabilities before they can be exploited, ensuring your business’s sensitive information is well-protected and your operations stay secure.

Want to learn about how a cybersecurity audit can boost your business’s defence against digital threats? As cybersecurity experts, we outline everything you need to know about cybersecurity audits, from what they are, the benefits they have and key steps to follow when conducting an audit.

What is a Cyber Security Audit?

A cyber security audit is a comprehensive analysis and review of your business’s IT infrastructure. It is a process designed to detect vulnerabilities and potential threats that could expose your systems to cyberattacks. By reviewing your hardware, software, networks, and data management procedures, the audit identifies weak links, high-risk practices, and potential entry points for criminals and attackers.

While these services initially focused on basic upkeep, they have evolved to include a range of comprehensive solutions and services, such as planning, advanced threat protection, and cloud computing integration (essential for business growth and scalability). 

Common Cyber Security Risks for Businesses

Many Australian businesses face a variety of cybersecurity threats. In fact, a 2022-23 study revealed that the average cost of cybercrime for small businesses rose to $46,000, and for medium businesses, it climbed to $97,000. This is often caused by:

  • Phishing attacks and social engineering: Tactics that trick employees into revealing sensitive information or credentials, often via communication channels like emails.
  • Malware and ransomware infections: Malicious software designed to disrupt operations or hold your data hostage for ransom.
  • Distributed denial of service (DDoS) attacks: Overloading your systems with traffic, causing them to crash and disrupt business operations.
  • Insider threats and careless employees: Employees who intentionally or unintentionally compromise security through negligence or malicious intent.
  •  IoT device vulnerabilities: Weaknesses in connected devices that can be exploited to gain unauthorised access to your systems.

Types of Security Audits

Most often, the scope of security audits varies based on your business size and complexity. Small businesses will generally focus on simple security measures, including multi-factor authentication, software updates, and regular data backups. Larger organisations require more comprehensive audits that address advanced topics like network security monitoring, system security patching, privileged account management, and physical security assessments.

7 Common Types of Cyber Security Audits Include:

  1.       Network Security Audit: A network security audit evaluates the business’s network infrastructure, including firewalls, routers and other devices. The goal is to ensure that the network is protected and secure from external threats. It also detects any weak points and makes sure that security protocols are in place to prevent unauthorised access or data breaches.
  2.       Application Security Audit: An application security audit assesses the design, implementation, and operation of the software a business may be using. This includes reviewing source code, testing for weaknesses in coding practices, and ensuring that security measures like encryption and authentication are implemented to protect user data.
  3.       Compliance Audit: A compliance audit focuses on a business’s adherence to relevant regulatory frameworks and industry-specific standards. This is particularly important for industries that handle sensitive data, such as healthcare, finance, and e-commerce. The audit ensures that the business is following laws and regulations to reduce the risk of legal penalties and reputational damage.
  4.       Internal Security Audit: An internal security audit assesses the effectiveness of current security policies and practices within the business. This includes reviewing user permissions to ensure employees only have access to the resources necessary for their roles, evaluating the business’s ability to handle security problems, as well as gauging employee awareness of common cyber threats.
  5.       External Security Audit: Typically performed by an external company, an external security audit provides an objective evaluation of the organisation’s security. It is designed to identify potential vulnerabilities that internal teams may miss. This type of audit also ensures that security policies align with industry best practices.
  6.       Penetration Testing: This audit simulates cyberattacks to identify exploits and vulnerabilities in an organisation’s IT systems. It evaluates the security of network infrastructure, identifies weaknesses in authentication protocols or insecure coding, and even simulates phishing attacks to test employee awareness. The goal is to identify and fix vulnerabilities before malicious attackers can take advantage of them.
  7.       Cloud Security Audit: As more businesses migrate to using cloud services, cloud security audits have become an essential step in a cybersecurity audit. This type of audit ensures that sensitive data in the cloud is encrypted and that access is restricted to authorised users only. It also reviews the configuration of cloud environments to make sure they are securely set up, reducing the risk of unauthorised access or data breaches in the cloud.

When Does Your Business Need an Audit?

Cybersecurity audits are an essential part of maintaining a secure IT environment. Your business should run cyber security audits at least once a year. However, while an annual audit is a good baseline, you might need to conduct more frequent audits depending on several factors. For example, major operational changes, such as new systems or expanding infrastructure, call for extra audits to ensure that these updates don’t introduce new vulnerabilities. Similarly, if your business handles sensitive data or operates in regulated industries like healthcare, finance, or e-commerce, it’s important to conduct more frequent audits throughout the year.

The Benefits Of Regular Security Audits

Regular cybersecurity audits offer a range of critical benefits, not only for your business but your customers as well.

  • Risk Reduction and Threat Prevention: Cyber threats are constantly evolving. What might not have been an issue during your last audit, could become a critical vulnerability today. Cybersecurity audits keep you one step ahead. By staying on top of emerging threats and potential weaknesses in your systems, you can reduce the risk of a cyberattack and the potential financial and reputational damage it can cause.
  •  Protect Sensitive Information: Many businesses handle a range of sensitive data, like financial records, intellectual property, personal information and more. By reviewing data handling practices, access controls, and encryption protocols, audits help prevent unauthorised access and data leaks.
  • Ensuring Compliance: Many industries, especially those handling sensitive data such as healthcare, finance, and e-commerce, are subject to a range of strict regulatory requirements designed to protect clients and users. Regular audits ensure your business stays compliant by identifying gaps in your security practices and aligning them with industry standards.
  • Building Customer Trust: Trust is the foundation of any successful business relationship, and security concerns can shatter it in an instant. Studies show that customers are quick to sever ties with businesses if there are any perceived security concerns. Audits ensure that you are proactive and show customers they can rely on you to protect their information.
  • Maintain Efficiency and Minimise Downtime: If your business relies on your IT systems to run day-to-day operations, security breaches and system failures can cause massive disruptions – costing your business both time and money. By ensuring your systems are secure, audits help you stay ahead of these issues, identifying potential threats to your network and operations before they can cause major (and costly) problems.

Steps For Planning Your Cyber Security Audit

Smart security starts with careful planning. A well-structured cyber security audit begins with preparation and involves a series of steps to ensure a full and comprehensive review of your IT systems and infrastructure.

1.     Set Clear Audit Objectives and Define the Scope

The first step in planning your cybersecurity audit is to define its specific goals and objectives. What is the purpose of the audit? Are you evaluating network security, assessing data protection practices, or reviewing compliance with regulations?

Establishing clear goals helps you focus your efforts on the most important areas of your IT infrastructure and ensures the audit is thorough and aligned with your business priorities.

2.     Choose the Right Audit Tools and Techniques

Using the right tools is key to conducting a successful audit. Depending on your audit goals, you may need tools for virus scanning, network monitoring, vulnerability detection, and more. The right tools will provide you with the insights needed to identify risks and weaknesses within your systems.

3.     Conduct Vulnerability and Risk Assessment

When conducting an audit, you need to know where to start or what to look for. Conducting a vulnerability and risk assessment helps you identify potential threats, weaknesses, and high-risk areas within your IT systems. This involves evaluating the sensitivity and value of your data, the likelihood of different types of cyberattacks, and the impact a breach could have on your business operations. By understanding these risks, you can prioritise the most critical areas for audit focus and allocate resources effectively.

4.     Compliance Checks

Compliance checks assess whether your systems meet the standards required for your industry. During this phase, track any gaps between your current practices and the necessary standards. Identifying compliance shortfalls ensures that you’re not only protecting your business from cyberattacks but also from legal and regulatory consequences.

5.     Run Technical Assessments

Technical assessments, such as penetration testing, simulate real-life cyberattacks to test the resilience of your systems. Penetration testing involves attempting to breach your applications, servers, and APIs to identify weak points that attackers could exploit and use to gain access.

 Other techniques, like virus scanning, will help uncover malware or suspicious files that could put your business at risk. These tests provide valuable insights into your technical defences and how they stand up against potential attacks.

6.     Review Security Incident Logs

Security incident logs are an invaluable resource when it comes to understanding the health of your cybersecurity defences. These logs are generated by systems such as intrusion detection systems (IDS), firewalls, and antivirus software and detail insights into suspicious activities, unauthorised access attempts, or potential policy violations within your network. By reviewing these logs, you can identify patterns of unusual behaviour, ongoing attacks, or vulnerabilities that have already been exploited.

7.     Evaluate Data and Results

Once the audit is complete, it’s time to document the findings. Record all identified vulnerabilities, weaknesses, and areas in need of improvement. This will offer clear steps for addressing each issue, and prioritise them based on the level of risk and potential impact on your business. This evaluation should include both technical fixes (e.g. patching vulnerabilities) and procedural improvements (e.g. employee training or policy updates).

8.     Implement Post-Audit Actions

Following the audit, it’s essential to act on the findings and recommendations as soon as possible. This involves fixing vulnerabilities, strengthening your security measures, and implementing any necessary changes. Once these fixes are complete, it is essential to continue to monitor your systems to ensure that improvements are effective. Reaudits may also be needed periodically to track progress and verify that no new issues have emerged.

Internal vs External Cyber Security Audits

Security audits can be conducted by both a business’s in-house IT team or outsourced to a third-party provider. Both have the same goal, but offer unique advantages. Choosing the right type – or a combination of both – can make a significant difference in how effectively you protect your business.

Internal audits are conducted by your organisation’s own security team. With direct access to systems, processes, and employees, internal reviews can be performed quickly and frequently. They are often more cost-effective and tailored to your specific needs.

However, internal audits may have limitations. Small and medium-sized enterprises (SMEs), in particular, might lack the time, expertise, or resources to conduct comprehensive reviews which leave gaps in your security framework, increasing the risk of undetected vulnerabilities.

External audits are conducted by independent experts, like the team at CRT Network Solutions. With advanced skills, specialised tools, and a deep understanding of cybersecurity trends, these professionals bring an unbiased and objective perspective to the business’s systems. They know exactly what to look for and where to find vulnerabilities, covering areas that internal teams might overlook.

What To Look For In a Provider

If you opt for an external cybersecurity audit, choosing the right provider is essential to ensure a thorough and effective evaluation. Here are some key factors to consider:

  • Proven expertise and experience.
  • Comprehensive services to ensure that every aspect of your it infrastructure is evaluated.
  •  Industry certifications
  • Clear and actionable reporting
  •  Unbiased, transparent and independent perspective
  • Strong communication skills
  • Post-audit support

Key Takeaways

Security audits protect what matters most – your business. Regular and comprehensive security audits ensure that sensitive data stays secure, mitigate risks, and help prevent costly cyberattacks. Whether they are conducted internally or outsourced to third-party experts, security audits ultimately ensure you can make informed decisions about your IT systems.

If you want to keep your business systems safe, CRT Network Solutions has got you covered. Our team of experts provides thorough, tailored security audits to ensure that your IT infrastructure is always properly secured and maintained. We help limit downtime, increase performance, and reduce costs, all while providing peace of mind that your systems are fully protected.

Making The Move?

For SMEs, in-house IT management can only go so far before limited resources education and personnel become a barrier. Without the right expertise or manpower, handling complex IT issues, staying up-to-date with the latest technologies, and ensuring proper security measures can become overwhelming.

Managed IT services have evolved into detailed technology solutions that are essential for businesses both big and small. Not only do they streamline IT management, but they also provide proactive support, security and the ability for businesses to scale efficiently. If you are looking to shift your IT management needs, CRT Network Solutions is the MSP you can count on. We take the risk and stress out of maintaining your business’s IT infrastructure while boosting your cost efficiency and productivity. With a full range of end-user IT managed services, we tailor our solutions to meet the specific needs of your operations. Get in touch today and let us help you optimise your IT infrastructure.

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