Internal Auditors Still Mostly Concerned About Cybersecurity

Key Takeaways:

From 60% in 2017, currently 78% of internal auditors view cybersecurity concerns as either extremely high or high.
Nearly 20% of internal audit strategies increasingly center cybersecurity and IT risks, exceeding other categories.
Internal audits expose flaws; they ensure compliance and enable one to connect cybersecurity projects with corporate goals.
Working with security consulting companies such as LBMC improves general security plans and provides professional recommendations.

Understanding from the Internal Audit Foundation's 2024 Report

According to recent research, a good number of internal auditors believe that the primary concern facing businesses is cybersecurity. These poll results emphasize the need of giving protecting of private corporate data far more attention.

Especially on cybersecurity, the 2024 North American Pulse of Internal Audit Benchmarks for Internal Audit Leaders by the Internal Audit Foundation provides vital information on the state of internal audit. The report contains key metrics and survey results conducted by the Foundation and includes data related to audit priorities and post-pandemic recovery.

This report has been a key source of guidance for internal audit and organizational leadership since 2008. It speaks to both current conditions and long-term trends in the internal audit space. By highlighting key areas of focus for internal audit functions, the report helps internal auditors prioritize their activities and allocate resources effectively to ensure that internal audit efforts are aligned with the most significant risks facing an organization.

The latest findings emphasize the prominent role of technology, especially cybersecurity and IT, as the primary areas of concern. Cybersecurity and IT have become the primary risks with more attention on third-party contacts, compliance/regulatory issues, and operational challenges.

Of the Chief Audit Executives and Directors surveyed, shockingly 78% believe the risk from cybersecurity issues is either extremely high or very low. That’s a significant increase from the 60% who felt that way in 2017. Only 21% of respondents say the risk is moderately high, and 1% believe the risk is low. This shows that auditors are more worried about cyber threats than ever before.

Risk Levels - All Respondents: Internal Audit Foundation 2024 Report

Overcoming the allocation for operational, financial reporting, and compliance/regulatory sectors, the survey shows that measures to handle cybersecurity and IT risks form about 20% of internal audit plans. This significant number highlights the increasing concern about cybersecurity and the need of a deliberate strategy to correctly manage these risks.

The Important Role Programs for Internal Audit Play

An internal audit program is quite crucial in addressing cybersecurity and IT challenges in a society getting more and more digital. This include spotting flaws, pointing up areas that need work, and notifying top management and the board of results. To accomplish these objectives, internal auditors should be asking themselves these questions:

Am I aware of the IT department’s chosen adopted security framework?
Have we conducted a regular assessment of our cyber maturity?
What key performance indicators do we use to measure the effectiveness of our cybersecurity controls and IT processes?

If any of the answers to these questions is no, it may be time to reassess the audit plan.

Empowering Internal Auditors in Cybersecurity

Internal auditors have a special role in making their companies safer from cyber threat actors. Today, their job goes beyond just checking the company’s finances. They also look closely at how the company uses technology and protects its information.

By doing thorough checks and risk assessments, internal auditors can find weaknesses and suggest ways to mitigate risks. They also ensure the company’s tech safety measures align with its goals and the rules it needs to follow.

Deep Dive into Risk Assessment

A strong plan for keeping information safe starts with in-depth knowledge of the company’s technology and how it’s protected. First of importance is routinely evaluating cybersecurity control robustness and cyber maturity. These tests enable auditors to expose possible weaknesses and highlight areas for development, so strengthening security posture.

Unveiling Risks

The process of cybersecurity assessment revolves mostly around the path of risk identification. Internal auditors use multiple ways to uncover where the company might be vulnerable. They work closely with stakeholders in the company, look carefully at documents, and evaluate the technology configurations. To create sensible mitigating strategies, one must first understand the details of these weaknesses as well as the general threat scene.

Boosting Organizational Safety

The hunt for cybersecurity must take a diversified strategy to be strengthened. This strategy addresses stringent security control application, strong governance, extensive risk analysis, and ongoing personnel development. Companies giving these elements first importance will strengthen their defenses against cyberattacks.

Future of Cybersecurity Inside Internal Audit

Cybersecurity is not a destination; it is a process that is never fixed. Companies have to emphasize the significant part internal auditors help to maintain cybersecurity. Internal auditors are crucial in helping their businesses toward a safe digital environment using appropriate expertise, tools, and teamwork.

The continually shifting nature of cybersecurity concerns internal auditors to be adaptable and forward-looking. Following the latest trends and cybersecurity threats will help internal auditors identify and control risks. This awareness keeps their companies safe in an always changing digital environment.

Looking future, cybersecurity clearly has great importance inside the audit process. Equipped with appropriate tools and knowledge, internal auditors are rather important in enabling their businesses to manage risks. Internal auditors can greatly help to establish a safe and strong digital environment by using creative ideas and working with security experts.

The Value of Security Consulting Services

Working with cybersecurity partners like LBMC and security consulting firms gives businesses professional direction to enhance their security policies. These alliances provide specialized knowledge and innovative ideas, which greatly enhances the security strategy by means of thorough risk assessments, policy development, and evaluation of important records. Developing clear goals and action plans that enhance the general security architecture of a company depends on the cooperation of internal auditors and outside cybersecurity professionals.

The Value of LBMC in Internal Auditing and Cybersecurity

LBMC is particularly adept at offering individualized cybersecurity consulting services. We offer a wide range of options, helping organizations enhance their current programs or start new ones. Services range from policy formulation, and adherence to security standards, to providing Virtual Chief Information Security Officer (vCISO) services.

Our outsourced internal audit services address a wide variety of organizational requirements. These services extend from operational aspects to financial and compliance risk evaluations, covering a comprehensive scope of needs.

Content provided by LBMC Cybersecurity professional – Garrett Zickgraf.

Understanding from the Internal Audit Foundation's 2024 Report

The Important Role Programs for Internal Audit Play

Empowering Internal Auditors in Cybersecurity

Deep Dive into Risk Assessment

Unveiling Risks

Boosting Organizational Safety

Future of Cybersecurity Inside Internal Audit

The Value of Security Consulting Services

The Value of LBMC in Internal Auditing and Cybersecurity

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