4 Benefits of Conducting an Information Technology Audit

When facing cybercrime ask yourself: When was your last information technology audit?

If it's been a while or hasn't happened at all, you're probably vulnerable to a cyberattack. Cybercrime shows no signs of slowing down and is expected to cost the world $10.5 trillion per year by 2025.

Are you confident that your organization is secure with the current remote and hybrid work environments? This is where an information technology audit can give you peace of mind. An IT audit is a thorough analysis and assessment of an organization's IT infrastructure, policies, and procedures.

Why Are Information Technology Audits Important?

Here are some reasons why a technology audit is essential to combating cyberattacks in your organization:

1. Evaluate Your Organization’s Susceptibility to Threat

   Rapid digitization catapulted business migration to cloud systems. According to Gartner, 85% of organizations will be "cloud-first" by 2025. While the cloud and other online systems have provided increased flexibility and efficiency, they have also made organizational networks more susceptible to external threats. 

   Even if it is impossible to eliminate all risks, a timely information technology audit can identify the operations' risk level. By finding and evaluating your company's vulnerabilities, you can begin creating robust security strategies and planning an effective response to a potential cyber-attack. 

2. Enhance Data Security 

   An information technology audit improves the confidentiality and integrity of organizational data. Since this process evaluates risks in the organization, it helps management identify areas of weakness and reinforce better security practices to rectify these lapses. 

   According to a 2021 KPMG study, 86% of consumers report feeling concerned about data privacy. Organizations can foster customer or stakeholder trust and establish better relationships by taking steps to enhance data security.

3. Establish a Strong Foundation

   A strong information technology audit checklist starts with a full review of your company's IT procedures, policies, and organizational structure. This all-encompassing evaluation can reveal whether your current IT systems and policies align with your business objectives. If not, your IT auditor can recommend the best security technologies and policies for your organization's unique needs, serving as the basis for enhanced security systems. 

4. Improve Compliance

   As the number of cyber attacks continues to rise, new security regulations are in the making. These regulations heighten the need for organizations to review their current IT environment and ensure compliance. 

   Information technology audits assess your system's susceptibility to external threats and evaluate the performance of your entire IT infrastructure. They identify poorly designed controls, non-compliant areas, and inefficient systems. Organizations can take the right steps to mitigate risks and ensure industry compliance by learning about these areas of concern. 

What Are the Benefits of IT Audits?

The following are the key benefits of IT audits for organizations:

1. No Surprises

IT components we use and trust daily may have hidden threats that can be easily overlooked. If not addressed early on, such threats can quickly escalate into a full-fledged data breach. An IT audit is extremely beneficial for addressing this concern.

A properly planned auditing process creates a map of your IT environment that helps you understand how everything connects and which areas expose you to future threats. This allows you to focus your remediation efforts where they’re most needed.

Consider this: What if one of your top executives was secretly selling all your intellectual property ideas to your main competitor? That could sink your company or significantly reduce your profit potential. Unmapped and unaccounted technology landscapes can lead to similar outcomes.

To avoid this, regularly monitor, update, patch and clean up the proverbial dust in your infrastructure. You might soon discover that someone intentionally or unintentionally downloaded a piece of malicious code that's spreading like wildfire across your network, waiting for the perfect moment to demand a ransom or continue spying and stealing your organization's information.

2. Data-Driven Decision Making

A properly conducted audit will provide you with valuable data that you can use to make core business decisions. Its value extends to security budgeting as well. A data-driven approach to developing cybersecurity strategies can assist you in making more informed budget decisions. This mean that you'll have a better idea of where to spend your money.

An audit can also help you prioritize your goals based on what's most pressing, exposing vulnerabilities or what’s causing productivity loss.

3. A Vision for the Future

An information technology audit can lay the groundwork for a SWOT analysis. A SWOT analysis is a technique for evaluating the Strengths, Weaknesses, Opportunities, and Threats of your business. It's a powerful tool that can assist you in determining what your company excels at right now and formulating an effective strategy for the future.

Armed with a thorough understanding of your technology's strengths, weaknesses, opportunities, and threats, you can begin planning years in advance and share the vision with team members to keep them motivated.

4. IT Governance

Organizations with good IT governance implement technologies, processes, and policies that manage risk more effectively while helping them reach their objectives. Conducting an information technology audit is crucial to accomplishing these goals.

An IT audit improves the understanding of the organization's technology environment by reviewing compliance with security rules and regulations. Organizational leaders receive recommendations to reduce risks and improve policies, which they can share with the organization. This culture of continual improvement enhances IT governance, ensuring compliance while building trust and accountability in the process. 

Let Data Networks Help with your Information Technology Audit & Cybersecurity!

Are you ready to start planning your information technology audit and boosting your cybersecurity solutions? Data Networks is the resource you need for support and expertise to keep your organization safe and on top of cyber threats. 

Contact us to start the conversation and chat about how we can help. And don't forget to subscribe to the blog for more tips about cybersecurity, compliance, and IT insights.