IT audit refers to the process of evaluating an organization's information technology infrastructure, policies, procedures, and operations to ensure they are aligned with the organization's objectives and goals and are compliant with relevant laws and regulations.
An IT audit typically involves a thorough examination of an organization's hardware, software, networks, databases, security systems, and other related components to identify potential risks and vulnerabilities that could impact the confidentiality, integrity, and availability of its information assets.
Further an IT audit also looks at whether the existing security measures that are in place to safeguard the organization’s digital assets are adequate or not. Based on the results of the security audit, an organization can take the necessary steps required to bring about any corrective measures that are required; this helps to improve the IT system of the business, which naturally leads to better performance and enhanced security.
As we aware timely and effective Internal audit of Information systems at periodical intervals will be an important control point to identify existing or potential IT risks. It is better to have an awareness about audit procedure. It includes detailed report on below aspects.
IT audit helps organizations by identifying and mitigating IT-related risks, ensuring compliance, enhancing operational efficiency, and promoting data integrity. It also assists in strengthening cybersecurity, managing third-party risks, and optimizing costs. By providing insights for strategic planning and improving decision-making, IT audits create value for the organization.
Chartered accountants can offer a range of IT audit services, including financial systems audits, compliance assessments, cybersecurity evaluations, risk management, data integrity checks, and strategic IT alignment, among others, to help organizations effectively manage their IT environments.
Upstox, a leading online trading platform in India, experienced a data breach affecting customer contact and KYC details. While the breach was limited, it underscores the importance of enhancing cybersecurity measures, particularly for third-party data warehouses.
A US-based cybersecurity firm revealed that hackers stole over 68 lakh patient and doctor records from a prominent India-based healthcare website. This incident emphasizes the growing threat to sensitive medical data and the need for robust defenses against cybercriminals.
Amazon Web Services suffered a significant outage due to human error during routine maintenance. This event serves as a reminder of the interconnectedness of digital services and the necessity of well-executed maintenance procedures.
British Airways experienced a prolonged IT outage that resulted in flight cancellations and passenger disruptions. The incident highlights the potential impact of technology failures on critical operations and customer experience.
As the information system brings forth the fresh style in which companies interact and the organization is structured. It enhances the company's core competencies and lowering the cost of communication and coordination between the supply chains lay forward a different approach for effective information communication. In today’s time, success of an organisation is highly dependent on its ability to deploy effective, secured and robust IT system, otherwise the business will go disrupted.
As we know, identifying, assessing, and implementing controls to IT Risks is an integral part of IS Audit herein below provided few of major Risks associated with IT, consequences there on and controls to mitigate those IT risks.
“The information contained herein is only for informational purpose and should not be considered for any particular instance or individual or entity. We have obtained information from publicly available sources, there can be no guarantee that such information is accurate as of the date it is received, or it will continue to be accurate in future. No one should act on such information without obtaining professional advice after thorough examination of particular situation.”
Prepared On: 17/10/23
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