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Your Security Audit Plan: Best Practices for a Successful IT Security Review

Computers, Science and Technology

An image of binary code and an image holding a magnifying glass, representing why a security audit plan is critical to the digital security of your business, employees, and customers.

Many small- and medium-sized businesses (SMBs) are overlooking cyber security to some extent. And even the companies that aren’t are still at risk. With ever-evolving security threats looming, some might wonder if investing in an IT security audit plan is worth the time and money. So why are security audits important? Because, when performed well and acted upon appropriately, a good IT security review is your best starting point—and regular check-up—for protecting your business from cyber security threats.

Developing a Security Audit Plan to Address Small Business Security Vulnerabilities

Small business security vulnerabilities—weaknesses in our IT systems, policies, and procedures—are doors of opportunity practically flung open for cyber criminals. The importance of security audits lies in the ability to identify these weaknesses and help better mitigate potential threats.

Why Are Security Audits Important?

Statistics show that most targets of cyber attacks have been small businesses, and security professionals warn that many small businesses will not survive the fallout of a breach. Meanwhile, financial losses from cyber security incidents, including regulatory fines and recovery expenses, continue to increase. And these numbers are even higher when analysts include broader economic impacts. Businesses must also consider damages to reputation and client or customer relationships.

The task of securing business networks and systems can feel overwhelming. A good security audit plan will bring order to the process and make the task at hand more manageable. Ultimately, a small business cyber security audit can help your business perform these essential IT security tasks:

  • Evaluate current security status and adherence to policies and procedures;
  • Identify security strengths and weaknesses;
  • Identify highest-risk threats;
  • Comply with government and industry regulations and standards;
  • Create and update cyber security systems, policies, and processes; and
  • Put a comprehensive IT security plan in writing and into action.

Your Small Business Cyber Security Audit Plan: A Ten-Step Framework

A security audit plan and schedule should look different for every company. Your company’s size, industry, and many other specific factors will influence the frequency, type, and scope of your IT security review and audit process.

However, the following steps can help you form the basis of a small business cyber security audit plan.

1.    Determine the scope and goals of the audit.

Some tasks in this step include the following: Consider the size of your business, including any plans for growth or expansion; review all industry and government regulations that apply; examine company insurance policies for security requirements; and inventory the technology and systems currently in use. Know your needs and goals before you begin the search for an auditor, if you plan to hire an external contractor, so you can tailor your search accordingly.

2.    Coordinate internally.

Inform company and department leaders of audit plans and goals. Request feedback on current systems, practices, and issues from current employees who use those systems regularly and can identify problems and pain points where security and functionality intertwine.

3.    Gather information and assets.

Collect and review any policies, procedures, system information, training materials and other relevant documents or information that were not gathered in step one.

4.     Allocate resources.

Of course, you need to establish a general budget for the project that includes audit costs as well as funding to address any issues and recommendations that result from the IT security review. Additionally, time, staffing, and physical space allocations (such as a place for auditors to work) should be considered.

5.    Find an auditor.

If at all possible, an audit by an external or otherwise impartial party is ideal. Regular external audits can be supported by internal audits, all of which can be scheduled based on your company’s needs and requirements. In any case, an audit should be performed by an experienced professional who can bring more to the task than checking items off a checklist.

Your auditor should be familiar with your industry and any related requirements and with the general software and systems you use. Get recommendations from others in your field if possible. A statement of work from potential candidates should include, among other details, proposed methodologies and deliverables. Finally, choose a company or individual with whom you feel your staff can work together to achieve a common goal.

6.    Work with your auditor to gain a full picture of your cyber security position.

An audit that simply checks off boxes on a list might serve the purpose of meeting regulatory requirements, but it won’t provide your business with the tailored security solutions a thorough, well-performed audit can provide. Both parties should disclose and clarify any restrictions, limitations, or parameters for the audit in advance, and staff should work openly with the auditor or team to ensure weaknesses are revealed and can be addressed.

7.    Evaluate and apply the results of your small business cyber security audit.

You can request audit reports in two formats: one for the IT department or leadership and another for general company leaders who do not need a detailed technical account of the audit’s findings. Review and share the appropriate reports with the applicable staff and request feedback. Seek clarification on any questionable items contained in the report and make a plan to move forward with necessary responses and changes. If major discrepancies or problems arise, you might want to seek a second opinion from another qualified source on the results of the IT security review.

8.    Update and create systems, policies, and procedures.

Once the report is accepted, make any necessary investments in hardware, software, systems, and services. Update current policies and procedures to reflect any changes, and add content or create new policies and procedures as needed.

9.    Train employees.

A plan for employee cyber security training should be included in step eight. Be sure to follow through with employee cyber security training and education. Employees are often the target of phishing or malware attacks that can compromise an entire system through a single point of entry. Education and training can go a long way to reduce and prevent these kinds of attacks.

10.  Repeat.

Yes, it would be great if we could perform an audit once and then live happily ever after. But cyber crime is always evolving. Systems age and employee vigilance fades. Make your small business cyber security audit plan circular, repeating the process, at least internally, on a consistent basis. This will better ensure an IT security infrastructure that continues to protect your company over time.

Why Are Security Audits Important to You?

Whatever your role in a company—general leadership, IT staff, or simply a network or system user—understanding the importance of an IT security review is beneficial to you. Small business security vulnerabilities, when taken advantage of by bad actors, can have devastating consequences for everyone involved.

Why are security audits important? Because a security audit plan, when prepared and carried out properly, provides critical information a company needs to keep its networks, systems, employees, and customers or clients safe.