What is a cybersecurity Audit?
A cybersecurity audit program is designed specifically for your organization to review and analyze your business’s IT infrastructure. It determines the cyber threats and vulnerabilities and detects weaknesses and risk practices.
An information system audit is a process of collecting evidence to inspect whether an organization’s IT structure can maintain data integrity, safeguard assets, make efficient use of the resources and effectively accomplish the organization’s goals. A professional cybersecurity audit firm’s role is to assist the banks and other financial organizations in managing cyber threats by assessing the existing and needed controls and helping the management committee understand and address the various risks and issues of the digital world.
Benefits of Cybersecurity Audit in banks
Protecting consumer confidentiality
In the past few years, there has been a rapid increase in the number of consumers using digital money such as plastic cards and mobile banking. Therefore, cybersecurity is of utmost importance for banks and financial institutions because they are responsible for protecting the private data and monetary funds of numerous consumers who trust them. A Cybersecurity audit helps the bank employ preventive measures that ensure cybersecurity for consumers to protect their confidentiality.
Preventing a breach of trust
Weak cyber systems lead to data breaches, and they are not easy to recover. These frauds ultimately lead to losing the public trust and customer insecurity. To gain customers’ trust, financial organizations need to have an effective cybersecurity plan that can shield their data and private information. Regular cybersecurity audits help the banks to find vulnerabilities in their cybersecurity and help improve the measures.
No insider vulnerabilities!
When a financial organization’s staff inadvertently leaves the company’s data open to cyber attacks, it is known as insider vulnerabilities. It is one of the most prominent weaknesses of the finance sector. According to surveys, almost 29% of attacks involve insiders falling for phishing emails. Cyber hackers target email IDs of senior authorities of the company and fraud the organization into sharing confidential information. Hire a cybersecurity audit firm for regular audits and protect your organization from insider vulnerabilities.
Security from 3d party breaches
More and more individuals are operating their bank accounts through mobile applications and using third-party networks. Since banks have upgraded cybersecurity, cybercriminals now try to execute frauds through third-party networks. Comprehensive cybersecurity audits ensure that the shared banking systems are well protected and competent to secure customers’ information.
Ensures compliance with rules and regulations
For financial organizations, especially banks, it is crucial to follow the rules and regulations and be compliant with the government’s guidelines. A cybersecurity audit ensures whether a bank is complying with all the necessary security guidelines. When IT audits are conducted timely, it proves that the organization is compliant with HIPAA, SHIELD, CCPA, GDPR, etc., and can be trusted to safeguard the customers’ information.
In-depth analysis of your organization
Along with safeguarding your organization from cyber threats, IT audits also give you an in-depth analysis of your business operations. The information gathered during the audit helps you make changes in the cybersecurity structure and protects you from becoming a cybercrime victim. An unbiased audit deeply analyses the business’s cyber network and suggests solutions in its best interest.
Conducting regular cybersecurity audits is critical to keep your bank well-protected at all times. Acumen Partners, New York, offers a wide range of IT support solutions, including Cybersecurity audits for financial institutions.