Internal audit and compliance teams have a critical role assisting their business with the ongoing battle of managing cyber threats. This is undertaken by providing an independent assessment of existing and required controls, or otherwise assisting audit committee and board with understanding and addressing the diverse risks the company faces in light of the digital world.
What is Cyber Risk and why do you need to audit?
Let’s be straight to the point. Cyber criminals are smart, well-funded, and passionate about breaching your data. Even standard security technologies are not enough to protect you form their rapidly evolving malware. Company boards have set an expectation for both the IT team and the compliance/internal audit teams to understand and assess the organization’s capabilities in managing the associated risks. For every business, the cyber risks are different. You need an expert like Gridware to perform a cyber risk assessment that will perform a gap analysis on your existing policies and procedures, and provide a detailed observations and initial remediation plan to help achieve your most ideal state of security.
We utilise our CPM Framework that aligns with industry standards and regulation to assist you in assessing your cyber risks.
Let’s make information security training a priority in your company!
It’s very likely that cyber risk management is compromised in the day to day decision making by the fact that business units and the information technology (IT) function misunderstand how to effectively implement a cyber risk management framework. Hover or click the boxes below to find out why your third line of defence is the most important.
1. Involve people with the necessary experience and skills. It is critical to engage a provider with the depth of knowledge and technical skills to deliver relevant insight.
2. Evaluate all the cybersecurity risks that are relevant to your business. This will involves understanding the current state of your business against a cyber maturity road-map and understanding the minimum expected cybersecurity practices across your industry.
3. The cyber risk assessment should give rise to more in-depth reviews. The initial analysis will highlight what areas of your business require further investigation. Your cyber maturity will depend on where the business intends to go and how you will continuously monitor the cyber risks as they develop with your company growth.
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. 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.
A cyber risk assessment should be conducted every two years, but this may also depend on the growth rate of your company or if your company decides to offer a new product or service.
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.
"Knowing our cyber risks in software we develop, as it is being developed, means my team can get on the front foot of security and protect the clients that utilise our software from data loss. The Gridware team are the best we've worked with."
"With Gridware, we gained a valuable security partner to review our IT programs across various large projects across Australia, without having to build our security expertise from scratch. They're flexible, thorough and quick with solutions."
"Gridware is an intelligent company with top talent. We've developed an new and improve information security program with the end result being more accurate security decisions and improved processes."
Gridware provides leading cyber risk consulting, strategy and cyber training services. Team up with us and get started transforming your cyber risk strategy. There’s no job too big or small, our clients range from listed entities, to small businesses, charities, NGOs and startups.
And we’re nearby. Our headquarters are in Sydney Australia, a leading global financial and technology hub. Sydney is an established producer of world class services and talent, making it the perfect melting pot for Gridware to source the best cyber security expertise for your business.
Give us a call or drop us an email to find out how you can team up with Gridware and get secure today.