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5 Reasons Why Security Audits Aren’t Something To Fear

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Business

5 Reasons Why Security Audits Aren’t Something To Fear

When most business owners hear the words, “security audit” they get nervous, anxious, and fearful. As it turns out, security audits don’t have to be feared, in fact, you can turn them to your advantage. Here’s what you need to know about audits like the, and why you don’t have to be afraid. 

Introduction to Security Audits

Many businesses today are required to undergo extensive security audits to satisfy various regulations. Keep in mind however, security audits can also be your ticket to prestige. While complying with regulation is obligatory, going above and beyond by actively seeking key cyber security certifications, you gain respect. Firms who put in the time and effort can earn cyber security certifications that are recognized internationally. Having such highly regarded certifications will increase the standing of your firm in the global marketplace. 

The Importance of Cyber Security in Business

The ability to survive security audits isn’t the only reason to focus on bolstering cyber security. The threat of data breach or of being hacked by a cybercriminal should instill much more fear than being audited. 

Businesses seem to lose more money to cyber-attacks every year which means cyber security grows more important by the day. The best way to stay on top of cyber security is to partner with a firm that specializes in cyber security knowledge. Among the most knowledgeable firms in cyber security are those who manage security audit and compliance. These firms have invaluable in-depth insights into cyber security that can be incredibly advantageous to your business. 

In recent years all sorts of malware attacks have been on the rise, particularly mobile malware which according to Norton, has jumped by 57%. The United States is among the top 5 countries that are targeted by cyber attacks, meaning American businesses should double down on cyber security. The average cost of data breaches affecting U.S. companies is a whopping $7.91 million! Having a security audit can actually help make your company’s cyber security infrastructure stronger. 

Why Security Audits Aren’t so Bad After all 

Security audits might sound scary, but as long as you have someone to walk you through it and you’re on the up and up, you’ll be fine. If it’s still running chills down your spine, check out these 5 reasons why security audits aren’t something to fear. 

1. They Aren’t As Scary as They Sound

First of all, you should know that security audits sound scarier than they really are or have to be. For the most part, you are simply proving that your organization has been maintaining the minimum level of quality in your information and cyber security protocols. 

2. They Reduce the Risks of a Data Breach or Cyber Attack

Although many security audits are mandatory, they actually do your organization a solid by testing its cyber defenses. The stronger your cyber security defenses are, the less likely your firm is to fall victim to a cyber attack like a data breach.

A data breach can set a company many years and millions of dollars behind; anything that can help lower the risk is good for your firm. Security audits shed light on the weaknesses in your cyber security infrastructure which gives you the opportunity to make improvements before it’s too late.   

3. Security audits Help You Qualify for Cyber-Insurance

With so many data breaches being unleashed all over the world, it pays to have a little protection. Not only can businesses protect themselves by initiating good cyber security practices, but they can also take out cyber-insurance for when things really go wrong. 

Taking out a cyber security insurance policy in today’s market is a smart move, especially if your firm has a lot of sensitive data. Although cyber-insurance can be expensive, for most companies, it’s not nearly as costly as data loss.

The reason cyber-insurance has become more expensive is because there have been so many more cyber-attacks in recent years. If you’re going to make the investment and spend the money to take out cyber-insurance, you’re going to want to give yourself the best chance of a payout by keeping your cyber-security up to par. 

After all, these are insurance companies we’re talking about and despite the fact that you’ve been paying high monthly payments, most insurance companies don’t like to pay out. Cyber-insurance companies are incredibly scrutinous when investigating claims involving a cyber-attack. It’s not that you have to prove that there was an attack so much as that you did everything you could be expected to do to prevent it. 

Essentially they will want to ensure that you met all of the liability requirements on your end. Meeting the liability requirements means you had all of the appropriate cyber security infrastructure in place and are therefore not at fault. 

The best way to make sure your firm’s cyber security infrastructure is able to satisfy an insurance company is to have a security audit. See, audits don’t have to be something to be afraid of, they can help you get insurance money when it’s owed to you. Although the insurance company will most likely perform their own investigation, having the results from a successful security audit will definitely help your case and give you peace of mind.  

4. They Lead to Better Cyber Security Policies

Another key advantage of having a security audit performed is that you’ll gain vital insights into the strength of your cyber security policies. While your firm will also benefit from having its cyber security infrastructure tested as mentioned previously, making improvements to your policies can also make an impact. 

Your goal should be to make your cyber security policies as strong and all-encompassing as some of the top central banks and information security management systems.

To achieve this goal, you want your firm’s cyber security infrastructure to be inline with the frameworks developed by the National Standards and Technology Institute, or, NIST. Another organization to look up to is the ISO/IEC 27000 conglomeration of information security management systems.

Most companies don’t have extensive knowledge of NIST 800, FFIEC, 23 NYCRR 500, etc in-house. The smart way to get around this knowledge gap and develop robust cyber security policies is by working with a Cyber Audit & Compliance Service. These services have the knowledge you need and can make your company stronger by performing security audits.

5. They Aren’t Always as Thorough As They Should Be

This last one is something of a paradox. The biggest fear most businesses have when there’s a security audit is that it will dig uncomfortably far into their systems. In most cases, this fear is unfounded as many of them actually don’t go far enough. For example, they might check to make sure you have antivirus software in place. However, many third-party audit and compliance services don’t actually test the antivirus software to see how effective it is. 

Therein is the paradox, although many firms fear intrusiveness, the real threat comes from audits that don’t go far enough. After all, most companies pay a lot of money to have these audits done. If you’re going to do it, make sure it’s done right.    

Why You Should Partner with an Expert Security Audit and Compliance Service 

The best way to avoid the stress of a security audit is to pass the responsibility on to someone who really knows their stuff. Security audits have to be performed by third-party organizations. 

As a business owner, you shouldn’t have to memorize all of the intricacies of security auditing. While important, these details should be left to professionals who are dedicated to this specialty area and who know all of the ins and outs.

When you’re looking to hire a third-party organization to perform a security audit, you need to find the one that does the best work for the price. You want a firm that will be knowledgeable, thorough, accurate, reliable, courteous, and competitively priced.