Why is virtual CFO growing and popular in current times?

 Businesses greatly benefit from the development of information systems and technology. The presence of hackers, malware, viruses, cybercrimes, etc., also brings increasing difficulties for an organization. Therefore, regular information systems security audits must provide frequent and rigorous follow-ups. However, the dearth of qualified personnel and appropriate frameworks in this field are commonly mentioned as the key obstacles to success. IT audit and information system security services aim to keep the firm’s overall operations and information systems smooth. These activities involve locating and evaluating potential risks and reducing or removing them.

An independent evaluation and analysis of system records, actions, and related documents is known as an information systems security audit (ISSA). These audits aim to raise the standard for information security, avoid adverse information security plans, and maximize the effectiveness of security processes and safeguards. Over the years, the term “security framework” has been used in various contexts in security literature. However, in 2006, it started to be used as a collective term for several documents, some software, and several sources that offer guidance on issues relating to information systems security, particularly about the planning, managing, or auditing of overall information security practices for a specific institution.

What is VPAT

For any business, no matter how big or little, vulnerability and penetrating testing (VAPT) are crucial. It enables them to be firm in the face of legitimate cyber-attacks and aids in the discovery of their weaknesses and compromised regions. This test will reveal your technological resources’ weaknesses, including servers, computers, firewalls, networks, etc.

What is the need for VPAT for businesses in UAE?

Using only vulnerability assessment tools, you cannot identify weaknesses that could potentially harm your organization. You may be required to carry out penetration tests for that, which will aid in thoroughly examining and revealing the weaknesses in your systems. These tests can assess the risk of each threat and classify them according to their seriousness. The VAPT test combines both instruments to list all system defects and any potential dangers related to those flaws. Security specialists could rank and prioritize these vulnerabilities through various testing techniques.

Typically, your staff is not given advance notice of the penetration test process. In a significant way, this will aid management in assessing the efficacy of security procedures. It can be referred to as a fake drill mechanism, for example, when your security system frequently emphasizes early detection and prevention of a potential attack but entirely fails to remove an attacker from the system effectively before they cause additional damage.

Let’s have a look at the advantages of VPAT for businesses in the UAE:

• Offers a thorough and accurate examination of your application and systems.
• Aids you in comprehending the gaps and weaknesses in your systems.
• Provides you with a thorough overview of network-based risks.
• Protect your information against phishing attacks to avoid data loss.
• Protects your company from financial and reputational damage.
• Assists you in achieving and upholding compliance standards.
• Prevents intruders from accessing your systems.
• Safeguards your system against external and internal dangers.

Apart from IT Audit and Information system security can be used in various applications of an organization. Some of them include:

1. IT System Audit, Review, and Assessment- IT audit evaluates IT system management and its alignment with corporate management, vision, purpose, and organizational goals.

What are the advantages of IT system audit, review, and assessment?

1. Systematize, enhance, and incorporate business processes and the information system’s business information coverage.
2. Identify risks and vulnerabilities to help define solutions for implementing controls over IT-supported processes.
3. Quicken the process of gathering business information.
4. Streamline information flow through the Information System by centralizing the control system and removing any bottlenecks
5. Regulatory compliance
6. Reduce IT costs because they account for a sizable amount of the organization’s overall costs.
7. Ensure the availability, integrity, and confidentiality of information.
8. Evaluation of the ERP system before and after use
9. IT evaluation and IT strategy coordination
10. Observe IT management best practices
11. IT Risk Management- The ability to measure, monitor, and control IT-related risks improves the dependability of processes and the entire information system.

Key areas covered under IT Risk Management

1. Security and Privacy (Security of changes, Information leakage prevention, Biometrics, and identity management)
2. Data (Data Quality, Data privacy, Data access)
3. Resilience and Continuity (Recovery after Information System failure, Resilience, and preparedness, Testing, drills, and simulations)
4. Fraud (Fraud risk management, IT forensics)
5. Payments (PSD/SEPA preparedness, Payment risk management, Sanctions OFAC)
6. Projects and Testing (Project risk management, Test management, Implementation of tests)
7. Contracts (Supplier risk management, Contracting risk)
8. IT Controls (Organization-level risk management, Technology risk management, Controlling changes, IT internal audit)
9. IT Due Diligence- IT due diligence comprises a thorough examination of the organization’s information technology sector to determine how well it supports other organizational functions and how closely it aligns with business objectives. It is frequently carried out when a prospective investor or business partner wants to learn more about the quality of IT support provided to businesses and IT resources.
10. Identify Efficient Security Audit Tools and Techniques- Several computer-aided audit technologies and methodologies support audit processes (CAATTs). To create an effective response to the risk, the whole audit tool identification is done. Any technology used to aid in the completion of an audit is referred to as a CAATT. In this wide definition, using simple office productivity tools like spreadsheets, text editors, conventional word processors, automated working papers, and more sophisticated software packages that the auditor can utilize to conduct audits and accomplish auditing goals are all included.
11. The threat, Vulnerability, and Risk Assessments- At this stage in the audit, the auditor is tasked with thoroughly evaluating each asset of the firm for threat, vulnerability, and risk (TVR) and arriving at a specific measurement that demonstrates the organization’s position with respect to risk exposure. Modern IT systems must have effective risk management in place. Risk is the net negative effect of exercising vulnerability, taking into account both the probability and impact of occurrence. Risk management is the process of identifying risk, assessing risk, and taking action to reduce risk to an acceptable level. Therefore, it is crucial to comprehend in an audit that there is a trade-off between the costs and the risk that is deemed acceptable by management.
12. Identify Technical and Nontechnical Audit Tasks and On-site Examinations- The right competence can be assigned to the particular situation by distinguishing between technical and nontechnical audit activities. Examining secure IT infrastructure and assets on-site allows for an assessment of the company’s business operations and the condition of its property based on its completed contracts. “Scanning with various static audit tools should be a part of the technical audit on-site investigations. Based on their pre-programmed capabilities, these instruments capture a tremendous amount of data. In general, physical audit evidence is more trustworthy than an individual’s statements.

Conclusion

An audit is a methodical, independent assessment of an information system conducted in an ongoing effort to ensure compliance. A straightforward and practical framework is therefore needed for professionals to adopt. A practical framework for information system security audits in businesses is based on the research done for this article in order to assist managers, auditors, and stakeholders in managing the security auditing process from start to finish.

Why choose NSKT Global?

NSKT Global is a company that strives to provide high-quality audit and consulting services and has business operations that are driven by technology. NSKT Global stands out by offering the appropriate solutions to achieve clients’ major business goals, which explains why the company’s initial client is still with them.