Cybersecurity is a top concern for businesses of every size. Despite these concerns, one-third of businesses fail to address cybersecurity in their yearly audit plans. Sensitive data is a prime target for hackers and insider threats are more rampant than ever. Organizations require a strong helping hand. It is up to internal auditors to effectively assess and offer solutions for better cybersecurity practices.
Specialized skills
IT auditing is a required skill for all internal audit departments in today’s world. Even general Internal Auditors are expected to understand how cybersecurity and related technological risks can impact the overall functioning of a company. Unfortunately, even when recommendations are provided by an internal auditor, many organizations do not have – or do not prioritize – the resources necessary to implement the recommended cybersecurity standards. Look at what happened to the city of Atlanta. This was a prime example of when Internal Audit warned of issues, but appropriate resources were not deployed to make corrections to protect the organization.
Internal auditors can help manage risks.
Internal Audit becomes even more critical in developing a comprehensive approach to manage technological concerns that are specific to an organization. This is why it is so important for internal auditors to have a good working relationship with their client companies. Not only can internal auditors define where resources can be realigned, but they can also help identify vulnerabilities that may lead to malicious attacks.
Innovative technology requires continuous evaluation.
Internal auditing has been impacted by technology, just as every other industry has been. Internal auditors must sharpen their IT skills to provide the necessary support companies now require. As technology continues to evolve, internal auditors will be called upon to understand how such changes could impact businesses. The goal is to bring awareness to all within the company and promote a general understanding of the technological risks that exist. Cybersecurity risks continue to increase and evolve. It is up to internal auditors to partner with companies to mitigate those risks whenever possible. Companies rely upon internal auditors for their expertise in risk management; it is no longer an option to exclude cybersecurity and IT auditing from the services provided.
