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Cyber Security Risk Audit

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What Is A Cyber Risk Audit?

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.

What are information security and cyber security risks and why do you need to audit?

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.

Guides To Cyber Security

EXPLORING YOUR CYBER RISK

Understanding your cyber risk begins with three questions:

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?

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Cyber Program Management (CPM) Framework

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.

Architecture

Developing technology protections within networks, hosts, data and software.

Operations

Identifying access management protocol, threat management and day-to-day operational vulnerabilities.

Awareness

Security monitoring, business continuity planning and incident response management.

Do You Know Your Lines of Defence?

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.

  • First Line of Defence

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.

  • Second Line of Defence
The second line of defence includes information and technology risk management leaders who establish governance and oversight, monitor security operations, and take action as required.
  • Third Line of Defence
A third line of defence would be a regular, independent review of the security measures your business has in place. A credible external provider should play an integral role in assessing and identifying opportunities to strengthen your company security architecture. At the same time, your internal governance team has a duty to inform the board of directors that the controls for which they are responsible are in place, functioning correctly and complying with the law.

Cyber Maturity

Steps to Find your cyber maturity with a Cybersecurity Risk Assessment

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.

What is the difference between a cyber risk audit and a cybersecurity audit?

A cyber risk audit is a process for identifying and assessing the potential risks to an organisation’s information systems and data. In contrast, a cybersecurity audit is a process for evaluating the effectiveness of an organisation’s current cybersecurity controls and practices. In other words, a cyber risk audit focuses on identifying potential vulnerabilities and threats, while a cybersecurity audit focuses on evaluating the organisation’s current defences against those risks. Both types of audits are important for ensuring the security and integrity of an organisation’s information systems and data.

Why is a cyber risk audit important?

Cyber risk audits are essential because they help organisations understand the potential vulnerabilities in their systems and processes and take steps to mitigate or eliminate those risks. Cyber threats are constantly evolving, and organisations need to stay vigilant to protect themselves against potential attacks. A cyber risk audit is an essential part of an organisation’s cyber security strategy and helps organisations proactively identify and address potential vulnerabilities before attackers can exploit them.

How can organisations quantify their cyber risk?

Organisations can quantify cyber risk by assessing the potential impact of a possible attack on their operations. Risk includes evaluating the potential financial loss, damage to the organisation’s reputation, and the impact on operations. Organisations can also quantify cyber risk by assessing the likelihood of a possible attack, including the probability of a successful attack and the possibility of an attack being detected.

What are the key components of a cyber risk audit?

A cyber risk audit is a process for identifying and assessing the potential risks to an organisation’s information systems and data. The key components of a cyber risk audit typically include:
  • Risk Assessment:
    Identifying and assessing the potential vulnerabilities and threats to the organisation's information systems and data, including both internal and external risks.
  • Compliance:
    Evaluating the organisation's compliance with relevant laws, regulations, and industry standards for cybersecurity.
  • Network and System Inventory:
     Identifying and inventorying all of the organisation's information systems and networks, including hardware, software, and data.
  • Security Configuration:
    Review the security settings and configurations of all systems, applications, and networks to ensure they are configured securely.
  • Incident Response:
     Evaluating the organisation's incident response plan and procedures to ensure they are adequate and can be effectively implemented in the event of a cyber incident.
  • Employee Education and Awareness:
    Evaluating the organisation's employee education and awareness program to ensure that employees are aware of cybersecurity risks and know how to respond in the event of a cyber incident.
  • Third-party vendors and partners:
    Evaluating the security controls and procedures of third-party vendors and partners that have access to the organisation's information systems and data.
  • Business continuity and disaster recovery:
    Evaluating the organisation's business continuity and disaster recovery plans to ensure that they are adequate and can be effectively implemented in the event of a cyber incident.
  • Reporting:
    Documenting the audit findings and providing recommendations for addressing identified vulnerabilities and improving overall cybersecurity posture.

How often should I undertake a cyber risk audit?

Organisations should conduct a cyber risk audit at least once a year and more frequently if the organisation experiences significant changes to its operations or if there is an increased threat of cyber attacks.

What are the regulatory compliance requirements in Australia?

In Australia, regulatory compliance requirements for a cyber risk audit include the Notifiable Data Breaches scheme, which requires organisations to notify the Office of the Australian Information Commissioner and affected individuals if there is a data breach that is likely to result in serious harm. Organisations must comply with the Australian Privacy Principles and the General Data Protection Regulation.

How can I prepare for a cyber risk audit?

To prepare for a cyber risk audit, organisations should review their existing cyber security policies and procedures, assess the effectiveness of their current security controls, and identify any potential vulnerabilities. Organisations should also involve all relevant stakeholders, including IT staff, business leaders, and legal and compliance teams.

Developing an Incident Response Plan resulting from your Cyber risk audit

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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FAQ

A Cyber Risk Audit assesses the potential implications, risks and costs of a data breach or cyber attack on the organisation and its stakeholders.
Cyber risk audits are essential because they help organisations understand the potential vulnerabilities in their systems and processes and take steps to mitigate or eliminate those risks.
Organisations should conduct a cyber risk audit at least once a year and more frequently if the organisation experiences significant changes to its operations or if there is an increased threat of cyber attacks.
The key components of a cyber risk audit typically include risk assessment, compliance, Network and System Inventory, Security configuration, Incident Response, training and Awareness, Business Continuity and DR and reporting.
To prepare for a cyber risk audit, organisations should review their existing cyber security policies and procedures, assess the effectiveness of their current security controls, and identify any potential vulnerabilities
In Australia, regulatory compliance requirements for a cyber risk audit include the Notifiable Data Breaches scheme and compliance with Australian Privacy Principles and the General Data Protection Regulation.
A cyber risk audit is a process for identifying and assessing the potential risks to an organisation’s information systems and data. In contrast, a cybersecurity audit is a process for evaluating the effectiveness of an organisation’s current cybersecurity controls and practices.
Organisations can quantify cyber risk by assessing the potential impact of a possible attack on their operations. Risk includes evaluating the potential financial loss, damage to the organisation’s reputation, and the impact on operations.
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.

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