As the world continues to shift towards digital transformation and cloud-based storage, businesses are becoming increasingly vulnerable to cyber-attacks. The mounting threat has prompted firms to invest heavily in cyber security measures, such as firewalls, VPNs, and antivirus software.
While these measures are all essential components in protecting information, they are not fool proof. Technology is a good measure to create a defence but the real value comes from training your staff and running an internal audit programme to check compliance.
Here, we discuss the importance of conducting regular internal audits and how they can help keep your business protected.
Maintaining ISO 27001 certification
Let’s take a look at what a company should do in the first instance to protect its information security.
The ISO 27001 standard is the international benchmark for information security management systems. Achieving ISO 27001 certification showcases commitment to information security and proves that necessary controls have been implemented in order to reduce risk.
An initial gap analysis is an important part of the process. It helps identify areas for improvement so you can ensure optimal protection against data breaches or other information security vulnerabilities. So, by achieving an ISO 27001 certification it demonstrates that your company takes information security seriously. It also indicates that the necessary controls to mitigate risk have been implemented.
But, to remain compliant, the ISMS needs to be maintained on an ongoing basis. Many companies fall into the trap of thinking that once the requirements for ISO 27001 certification have been achieved, the work has been done. This is not the case; the ISO 27001 standard is big on continual improvement.
Conducting regular audits ensure that your ISMS remains compliant with regulatory standards and best practices. Local and international regulations require companies operating in certain industries such as financial services and iGaming to perform regular audits and assessments to remain compliant. This is critical in maintaining and preserving your company’s reputation. This also helps prevent financial or legal penalties that could result from non-compliance.
Why the ever-changing world makes internal audits vital
So, you’ve implemented ISO 27001 and achieved certification. But, with constantly changing circumstances in the external environment can significantly impact the security of your ISMS process. This makes regular internal audits critical to a company’s information security strategy.
Firms must remain vigilant and proactive in identifying potential threats. By conducting an internal audit, businesses can gain a deep insight into security management and strategy, uncovering critical hidden vulnerabilities or non-compliance to controls. This provides invaluable information to help make sure data is safe from potential threats.
Periodic internal audits
Conducting periodic internal audits can identify areas where your employees’ knowledge is lacking. Audits can analyse the effectiveness of your staff training programs and help address any issues quickly and efficiently. The use of internal audits can also help you determine whether your security policies or procedures need to be updated to prevent future breaches or attacks from outside sources.
Internal audits help you to develop a clear understanding of your company’s security goals and objectives. This can help in identifying which areas of your ISMS require a review. This information can uncover vulnerabilities that could otherwise remain undetected, making them more susceptible to exploitation. With this knowledge, you can rectify weaknesses in your security protocols promptly, safeguarding sensitive information assets from unauthorised access.
Continual ISMS improvement
Conducting regular audits and continuous improvement activities helps your business remain secure, safeguarding data and reputation. The importance of regular audits cannot be overstated since a single security breach can have far-reaching consequences. ISO 27001 consultants can conduct risk assessments with an internal audit of your company’s ISMS.
They will help identify, evaluate, and mitigate threats to your information systems in the following areas;
Risk Management: Internal auditing helps organisations identify and assess risks across various functions and processes. By evaluating controls and procedures, internal auditors can identify potential risks and provide recommendations for mitigating them. This proactive approach helps organisations minimise risks and protect their assets.
Compliance and Governance: Internal auditors ensure compliance with laws, regulations, and internal policies. They review the organisation’s practices to ensure they align with legal and regulatory requirements, industry standards, and best practices. Internal auditing helps organisations uphold ethical standards and maintain good corporate governance.
Improved Operations: Internal auditors assess operational processes and identify inefficiencies, bottlenecks, and areas for improvement. By evaluating internal controls and procedures, they can suggest enhancements that lead to increased efficiency, cost savings, and streamlined operations. Internal auditing can help identify opportunities for automation, better resource allocation, and improved workflows.
Fraud Prevention and Detection: Internal auditors play a crucial role in detecting and preventing fraud within an organisation. By conducting regular audits and implementing fraud detection techniques, they can identify irregularities, suspicious activities, or control weaknesses that may indicate fraudulent behaviour. Early detection can help mitigate financial losses and protect the organisation’s reputation.
Enhanced Internal Controls: Internal auditing assesses the adequacy and effectiveness of internal controls within an organisation. They identify control gaps, weaknesses, or breakdowns and provide recommendations for strengthening controls. This helps prevent errors, misuse of resources, and fraudulent activities.
Continuous Improvement: Internal auditors promote a culture of continuous improvement within an organisation. By identifying areas of improvement and providing recommendations, they help drive positive change and enhance organisational performance. Internal auditing encourages accountability, transparency, and a focus on excellence.
Stakeholder Confidence: Through their independent and objective assessments, auditors enhance stakeholder confidence. They provide assurance that risks are managed effectively, internal controls are in place, and governance processes are robust. This instils trust among stakeholders, including management, board members, employees, customers, and shareholders.
Overall, internal auditing is a valuable function that helps organisations achieve their objectives, manage risks, improve operations, ensure compliance, and maintain transparency. It is an essential component of good corporate governance and contributes to the long-term success and sustainability of an organisation.
ISO 27001 Consultancy Services
Take the time to invest in protecting your information systems and leverage regular internal audits to help your company stay secure.
Working with a consultant offers added strategic value. By remaining vigilant with regular internal audits and reviewing a business’s cyber and information security controls and processes, ensures that the ISMS remains effective.
