A Cyber Risk Audit assesses the potential implications, risks and costs of a data breach or cyber attack on the organisation and its stakeholders.
A Cyber Risk Audit is essential in the Cyber Resilience Planning lifecycle. Cyber risk auditing allows organisations to establish their current cyber security posture, identify risks, and control gaps. Through a tailored programme of questions, which ensures that the appropriate level of detail is reached, a cyber risk audit enables organisations to put in place measures that will reduce cyber security risk and achieve compliance with legal obligations.
A cyber risk audit is a process designed to thoroughly assess, verify and validate how well an organisation understands, manages and controls its cybersecurity risks. The risk assessment process can help an organisation identify the likelihood of an incident occurring and its potential impacts on the company’s operations, assets and reputation. Using the information from a cyber risk audit, companies can develop strategies to manage their cyber vulnerabilities effectively.
There’s no doubt that the need for cyber security in Australia is on the rise – cyber criminals are smart, well-funded, and passionate about breaching your data. Even standard security technologies are not enough to protect you from their rapidly evolving malware.
In terms of cyber security, company boards have set an expectation for both the IT team and the compliance/internal audit teams to understand and assess the organisation’s capabilities in managing the associated risks.
For every business, cyber risks will vary in type and complexity, whether you’re a small business or large multi-national, our information security consultants work hard to solve complex issues across cyber security in Sydney, Melbourne and most major cities in Australia.
In the current climate of heightened cyber security in Australia, the number of organisations being publicised in the media of having breaches in their controls relating to their information security in Sydney or Melbourne has been unprecedented.
You need outside-in expertise from our team of cyber security consultants to perform a cyber risk assessment that will identify gaps in your existing policies and procedures, and provide detailed observations and remediation plans to help achieve your most ideal state of security.
1. What assets/data is the organisation trying to protect?
2. What kind of control systems does the organisation have in place to ensure that information is protected from unauthorised access?
3. What proactive mitigation strategies are in place to avoid a potential breach in these controls?
We utilise our CPM Framework that work towards ISO 27001 compliance and meeting regulatory requirements, such as CPS 243 and others, to assist you in assessing your cyber risks.
Recent data relating to cyber attacks on information security in Australia has shown that the preferred targets for attacks on cyber security in Sydney and Melbourne are education, healthcare and financial institutions. Along the firing lines are many organisations that relate or service these fields.
Third party risk factors are one of the many reasons organisations should look to ensure there are sufficient layers of cyber defence in their 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. Find out below why your third line of defence is the most important.
Concerning information security, a company’s first line of defence is the integrity of your security architecture. Often this is never enough to fully secure a business.
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 incident response plan is an essential part of a cyber risk audit. It outlines the steps an organisation will take in a cyber attack, including the roles and responsibilities of different team members, communication protocols, and procedures for containing and mitigating the attack. Organisations should develop an incident response plan as part of their overall cyber risk management strategy and regularly review and update the plan to ensure it remains effective. Outsourcing Incident Response Planning to Cybersecurity consultancies like Gridware will ensure independent expertise using the latest tools and methods aligned to relevant compliance frameworks to maximise your risk reslience.
In conclusion, a cyber risk audit is essential to an organisation’s cyber security strategy. It helps organisations identify and assess potential vulnerabilities and develop a plan to mitigate or eliminate those risks. By quantifying cyber risk, conducting regular audits, and creating an incident response plan, organisations can protect themselves against potential attacks and ensure compliance with regulatory requirements. Organisations must stay vigilant and prepared for risk audits to keep their business and data safe and consider augmenting their cyber capabilities with independent cyber security consultancies.
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Gridware has acted for hundreds of companies and helped them recover from potentially disastrous situations. Read about how our services have helped others: