Cyber Risk Assessments and Audit FAQs
An effective cyber risk audit will assess the following areas. Firstly, it will identify the real risks and define the organisations overall risk appetite. Secondly, a security strategy will be devised that’s focused on protecting your business drivers and high-value data through tailored information security and cyber security services. Third, the aim will be to sustain your enterprise program and get the governance right – make security a broad-level priority to allow good security to be driven by compliance, not vice-versa. Fourth, it should optimise the business for performance and align all aspects of the security information process – it should look at privacy and business continuity plans and how your company adapts to changes in the industry. Finally, it should enable business performance, and make security everyone’s responsibility by setting goals and metrics that will influence future business decision making. Feel free to contact us to arrange a presentation on cyber risk at your place of business, or at our headquarters.
Ideally, a provider who is external to the business, who has the technical experience to audit cyber risks should be engaged to conduct the risk assessments. Whilst internal audit, compliance and IT teams could list and assess their risks, a third party provider like Gridware would provide unbiased and intelligence assessments. Third party technical auditors will also provide key recommendations based on your company’s maturity in the industry and in comparison to your competitors with whom we also have key relationships with.
Most listed companies, in addition any medium-large private companies, should consider regular cyber risk audits to ensure they maintain oversight into their risks they are vulnerable to and otherwise meet regulatory obligations, allowing the Board to action improvements appropriately. We provide cyber risk audits to many ASX listed companies based in Sydney, Melbourne, Brisbane and Perth.
Even start-ups that have impending growth should consider a cyber risk assessment of their products or services. The benefits of having key oversights early in the process will allow for better decision making in the future.