Importance of Security Audit

Blog Reading Time 8 Min Read
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November 14, 2023
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By: Nisala Gunawardana

In today’s interconnected world, organizations of all sizes and industries rely heavily on large networks and external partners to drive their operations and are no longer able to be driven as siloed units. However, with the increase in cyber-criminal activities, the inherent risk associated with this enhanced connectivity – the potential for security breaches and data vulnerabilities, keeps growing. Let’s explore why every organization, regardless of size or industry, must prioritize and conduct comprehensive security audits.

Protecting Sensitive Data 

Data is now the lifeblood of almost all organizations. From personal data to financial data, sensitive information is a prime target for malicious actors. Securing this data from cyber criminals is a crucial task upon which the continuity of an organization depends. Conducting a security review is a proactive step towards safeguarding this data and preventing unauthorized access. 

Preventing Costly Data Breaches 

According to IMB, the average cost of a data breach this year (2023) has been 4.2 million Euros which is a 15% increase over the previous years. Data breaches can have catastrophic consequences for an organization. Beyond the immediate financial loss, they can lead to long-lasting damage to an organization’s reputation and customer trust. An organization can save substantial financial resources and maintain its public image by identifying and addressing vulnerabilities before they are exploited. A security review is an ideal precaution available for discovering issues and protecting your organization from data breaches.

Improving Security Posture 

By identifying weaknesses and vulnerabilities, a security review provides insights into the maturity of the security and privacy level of the organization and where improvements are needed. A security review provides a prioritized road map for the implementation of improvements which will ensure that the resources are allocated optimally and aligning the security posture with evolving risks and industry standards. 

With the skyrocketing of cybercrime, data protection laws and regulations are becoming more stringent globally and the European Union has also been strengthening the enforcement of the EU General Data Protection Regulation (GDPR) and its sanctions with time. Failure to comply can result in severe legal consequences and financial penalties. Fines for violating GDPR hit a record high this year just within the first 6 months.  

A new version of the Network and Information Security Directive (NIS2) was passed by the EU Council and the parliament which came into effect this year. The sectors covered by the directive have been widened and the requirements have been expanded with the new NIS2 directive. Higher Penalties were also imposed on the organization for failure to comply with the NIS2 directive.   

There can be other legal, regulatory, and compliance requirements you should adhere to depending on your industry. Security reviews ensure that your organization aligns with these laws, reducing the risk of legal action and financial liabilities. 

Building and Maintaining Public Trust 

Trust is a priceless asset in today’s market space. It is rare but once gained, it can be an invaluable strength to an organization. Customers, partners, and stakeholders behold organizations that proactively address security concerns more favorably. This trust can lead to enhanced business opportunities and enduring relationships. A security review demonstrates your commitment to safeguarding sensitive information and preserving the trust of those you serve. 

Ensuring Operational Continuity 

Security incidents can disrupt an organization’s daily operations, leading to downtime and affecting service delivery. A security review can help address vulnerabilities proactively, so the organization can ensure the continuity of its operations, essential for delivering services efficiently and maintaining customer satisfaction. 

Eliminating Third-Party Risks 

Often overlooked, organizations are often breached via a third-party supplier that has access to networks. According to Verizon, 62% of all data breaches occur via third-party suppliers. A security review can help organizations manage third-party risks and take proactive actions.  

Protecting Collective Interests 

If your organization collaborates with other entities, whether as a supplier or partner, you share a responsibility to protect not just your interests but also those of your collaborators and clients. Vulnerabilities in your systems could have broader implications. Conducting security reviews helps safeguard collective interests. 

Staying Ahead of Evolving Threats 

Cyber threats evolve continually. New vulnerabilities and attack methods emerge regularly. Regular security reviews enable your organization to stay ahead of these evolving threats, maintaining a strong security posture. 

Can you justify the budget spent on Security Review?

Investing in security reviews is more than just an expense, it’s an investment you make to protect your organization. While it may seem like a cost, it’s a proactive measure to safeguard your most important assets: data, reputation, and trust.

What you spend on regular security reviews will be just a fraction of the cost of a security breach even if you consider only the legal fees and cost of damage control . When the average cost of a corporate data breach stands at 4.2 million Euros, do you really want to take that risk? Plus, it exhibits your organization’s stance on taking security and compliance seriously.

In today’s world, where vulnerabilities are exploited regularly, allocating resources for security reviews is not just reasonable, it’s a responsible business decision.

How eBuilder Security Can Help You

eBuilder Security’s security review and audit service helps you to identify unknown security and privacy risks in your organization before an attacker does. Our reviews are performed by qualified consultants, and they can be customized to your specific requirements. We offer very competitive pricing for our security reviews, and you can also adjust the scope according to your budget. eBuilder Security’s standard methodology is based on ISO27001 standard and CIS critical security controls which is enhanced by our unique methodology. 

Following are our different security review service offerings: 

  • Security Health Check: Reviews essential cyber hygiene practices of the organization and assesses the cybersecurity maturity level.
  • Security Review and Audit: A complete security review and audit covering both security and privacy aspects including compliance and governance. 
  • Audit/Review against a specific framework: Security Review/Audit against a specific Standard, framework, or regulations such as NIST, ISO27001, CIS Controls, GDPR, or PCI-DSS.  
  • Custom Security Review: Security Review customized for the specific requirements of the organization.

Conducting security reviews is not merely a best practice, it is an absolute necessity today with rising security threats for the organization. Regardless of your organization’s size or industry, investing in security reviews is essential to proactively protect your information assets. Conduct periodic security reviews to have peace of mind on the future of your operation.