Cyberattacks, especially ransomware incidents, dominate news headlines both nationally and internationally. The amplified coverage has urged businesses to reevaluate their data integrity, security measures, and internal controls. The rise in concern has resulted in a more rigorous approach to risk management. Are you certain about your company’s risk level? What happens if you’ve already faced such an incident? Discover how to prepare for an IT audit, whether voluntary or mandatory.
As the potential for massive breaches of data for even small businesses continues to grow, IT audits are becoming more frequent. This is especially prevalent in industries that collect and store personal information, financial institutions, and/or businesses that work with state or federal governmental entities. These internal audits seek to review information security and application control to ensure businesses are operating effectively and that there are no disruptive conditions present.
Understanding IT Audits in Cincinnati
The potential for significant data breaches, even for small businesses, is increasing. Consequently, IT audits are becoming more commonplace, especially in sectors handling personal information, financial institutions, and businesses collaborating with state or federal entities. These internal audits primarily focus on information security and application controls to ensure effective business operations without disruptive conditions.
Deciphering an IT Audit
An IT audit entails a thorough examination and assessment of an organization’s information technology infrastructure, policies, and operations. These audits may be conducted either on a mandatory or voluntary basis.
When subject to an information technology audit, your business should be adequately prepared to ensure the following aspects are in place:
- Security controls
- Systems
- Applications
- Meeting cybersecurity standards mandated by industry norms
Businesses may fall under regulations like FINRA, HIPAA, PCI DSS, Sarbanes-Oxley, and/or DFARS due to increased threats, leading to the emergence of new regulations for entities lacking prior regulatory standards.
Additionally, voluntary IT audits can offer assurance and advice on managing information assets, information processing environment, and enhancing risk management practices.
Preparation for an IT Audit in Cincinnati
Understanding your IT environment and the associated risks is crucial for safeguarding against cyberattacks. The audit typically reviews various elements of your IT infrastructure:
Evaluating your IT environment necessitates an understanding of internal procedures and operations subjected to the audit. This overview ensures proper focus on IT procedures, emphasizing security, confidentiality, data integrity, and vulnerability assessments.
Ensuring a robust backup solution, including a disaster recovery plan, is essential for minimizing the risk of irreversible data loss.
Enforcing stringent access controls for system entry, both internally and externally, is critical for data protection.
Risks and IT Audits
Adopting a risk-based approach to the audit planning process is common among IT auditors. Identifying primary risks and implementing specific controls to mitigate those risks is crucial. Preparing for the audit involves being ahead of what the auditors will investigate and implementing measures to ensure a successful audit in advance.
Leveraging IT Audit Specialists in Cincinnati
Hiring an IT audit specialist to plan and execute the audit or collaborating with an internal IT team can ensure a well-thought-out plan and a seamless audit process.
The IT auditor may request evidence in advance to ascertain the effectiveness of your policies and controls, often in the form of questionnaires or interviews. Working with an IT audit service can help identify vulnerabilities early on and allow corrective action before the actual audit.
Mitigating Risks and Preparedness
Learn more about our IT audit preparation process and how we can assist you in either a mandatory or voluntary IT audit. Don’t wait to be a victim. Contact CMIT Solutions of Cincinnati & NKY today for a free assessment and let us act as your expert so you don’t lose business as a result of a failed audit.
