Mastering Security Audits: 6 Steps to Protect Your Data

How To Conduct a Security Audit

Step 1: Determine the Assets that You’ll Be Focusing On

You need to identify and prioritize the critical assets that need protection within your organization. 

These assets can include:

• IT Equipment: Computers, laptops, phones, tablets, and any devices connected to your network.

• Network Devices: Routers, switches, firewalls, access points, etc.

• Software & Applications: Operating systems, databases, custom applications, or cloud services.

• Customer Data: Names, addresses, phone numbers, emails, credit card information, etc.

• Company Data: Financials, legal documents, marketing plans, employee data, etc.

The specifics will depend on factors like industry, company size, location, and security posture. For instance, a healthcare provider might prioritize safeguarding patient medical records, while a financial institution may focus more on securing transactional data.

As an auditor, it's important to understand that auditing each and every asset may not be practical. So, the next step is to decide which subset of assets will be included in the audit process and which ones won't be a part of this specific assessment.

Choosing which elements to include in your audit is a key decision. Factors like asset criticality, alignment with objectives, and the audit scope all play a role. Ultimately, this decision shapes the direction and focus of your entire audit adventure.

Step 2: List Potential Threats

Once the assets are identified, create a comprehensive list of potential threats that could pose risks to those assets. What is a threat? Anything that has the potential to cause substantial financial loss to your business, including activities, events, behaviors, or objects.

These may include:

• Data breaches

• Phishing attacks 

• Insider threats 

• Natural disasters

• Ransomware attacks

That said, cyberattacks are by far the most common and costly threat to organizations today. It's important to familiarize yourself with the most common types of cyber threats so you can adequately protect your assets from them.

Common cyberattacks today include:

• DDoS Attacks: Malicious attempts to overwhelm a website's server with fake traffic, causing it to shut down. Distributed Denial of Service (DDoS) attacks.

• Ransomware: Among the most dangerous malware types, hackers encrypt sensitive data and demand ransom payment for decryption.

• Social Engineering Attacks: These include phishing and business email compromise, where attackers manipulate individuals into revealing sensitive information.

• Stolen Passwords: Cybercriminals exploit leaked personal data, like passwords, to access corporate accounts and exfiltrate data.

• SQL Injections: Exploiting unpatched security vulnerabilities to gain unauthorized access to internal systems.

• Zero-Day Exploits: Hackers use undisclosed vulnerabilities to access systems before developers can provide patches.

Step 3: Assess Staff Training

The risk of human error increases as more individuals gain access to highly sensitive data. 

Verizon’s 2022 Data Breaches Investigations Report reveals that a staggering 82% of data breaches are linked to human involvement. This includes situations where employees either directly expose information (like when they mess up database settings) or accidentally enable cybercriminals to access their organization's systems.

To effectively address this threat, decision-makers must:

• Gain a comprehensive understanding of how human error impacts their organization and recognize the gravity of the risk it poses.

• Maintain a record of staff members who have access to such information and identify employees who have received training in cybersecurity risk management, IT security, and compliance practices. Those who still require training should be prioritized for future training sessions.

• Conduct regular cybersecurity awareness training to educate staff about best practices, potential risks, and the importance of adhering to security policies. 

For instance, an automotive company might offer training on how to handle vehicles safely and keep car systems secure from unauthorized access. On the flip side, a SaaS company could assess its employees' understanding of data breaches and provide simulated training to enhance their ability to identify and respond to security threats.

Step 4: Hire a Security Audit Consultant

Consider engaging a qualified security audit consultant, especially if your organization lacks in-house expertise or needs an unbiased third-party assessment. 

A skilled consultant like ISMS Connect can bring specialized knowledge and experience to identify vulnerabilities and recommend effective mitigation strategies. Check out how our assistance has helped small and mid-sized organizations across various sectors to succeed in their security strategy.

To ensure that your consultant is well-versed in relevant compliance requirements and industry standards, you should look into the credentials of every consultant you consider working with.

Look for relevant certifications from relevant bodies, such as:

• International Register of Certificated Auditors (IRCA)

• Information Systems Audit and Control Association (ISACA)

• International Information System Security Certification Consortium (ISC2)

Step 5: Conduct the Security Audit

During the security audit, thoroughly assess your organization's security controls, policies, and procedures. Evaluate how well they align with industry best practices and compliance requirements.

For example, a retail company may review access controls to its inventory management systems and evaluate encryption methods for securing customer data. A healthcare provider, on the other hand, may conduct a security audit of its network infrastructure, assessing firewall configurations and data encryption practices.

The frequency of security audits depends on the organization’s size, scope, and regulatory requirements. It is recommended to conduct audits at least once per year, but many organizations opt for a more frequent schedule to prevent data breaches.

Compliance management tools like AuditBoard and Workiva can help you track reports, schedule audits, and assess risks.

Step 6: Write a Report

After completing the security audit, prepare a detailed report outlining the findings, vulnerabilities, and recommended actions. Include a prioritized action plan for addressing identified weaknesses and mitigating risks.

For instance, an online service provider's report may recommend implementing multi-factor authentication to strengthen access controls. A software development company, on the other hand, may compile a report highlighting areas of improvement, such as patch management and regular vulnerability assessments, to enhance its software security.

Ready to streamline your security audits? 

ISMS Connect offers SMBs a range of tools for simplifying the process of implementing an effective, compliant ISMS. With step-by-step guides and how-tos, expert rounds, on-demand support from experienced consultants, and access to a community of similar businesses, SMBs get access to all the information they need to make informed decisions when it comes to their security strategy.