Importance of Cyber Security Audit, today, information and data are the most important things. Everything you do – from the product you make to the amount of money you earn to the websites you build – rely on the data you store and process. And thus, cyber security audit plays a crucial role not only in protecting and maintaining the data but also in ensuring the safety of your business as well. If done efficiently and effectively, it can reduce the threat from security threats by more than 50 percent.
Banks are one institution that threatens cyber security seriously as any cyber threat could have serious implications on the banks. A cyber security audit is a routine check-in for all banks.
Internal audit plays a significant role in internal control, management, and policy initiatives. By performing an internal audit, you can identify the events and vulnerabilities resulting in financial loss. Based on the internal audit results, remedial action can be taken to prevent and reduce the threats to the bank’s financial performance and systems. The following are some of the most common risks that the banks face.
Attack Against Employees’ Privacy
In this modern-day and age, identity theft is a major threat that aims to steal the employees’ (and their client’s) personal information. With the advancement of technology, employee privacy and confidentiality are constantly at stake. A complete cybersecurity audit includes a survey of all employee computers to identify threats against the employees’ privacy.
Risk management
When it comes to implementing cyber security policies and procedures, a bank needs to focus on risk management. It is essential to know what actions a bank would take when unauthorized access to its systems occurs. For this, the bank’s internal audit should be complemented by external risk assessment techniques.
Cyber security audits and risk assessments can prevent the loss of customers’ money and property. Moreover, these audits and risk assessments help ensure the effective performance of internal control measures and programs. They also contribute to the identification of inadequacies and vulnerabilities in a company’s information technology systems. Thus, they enhance the overall security of the institution and protect it from cyber threats. Moreover, such examinations also help banks reduce their vulnerability to cybercrime.
If the bank fails to manage its information services adequately, it may suffer losses which can result in heavy financial penalties as well as legal issues. This is one of the most important cyber security requirements for a bank since confidential information of the customers may get misused by fraud.
