Cybersecurity remains the top priority for internal auditors, according to latest surveys. This is the third year in a row that cybersecurity has topped the list of hot topics for internal audit teams. We’ve also seen a continued trend of organisations evolving their thinking around managing cyber risk as the broader cyber risk landscape continues to mature and diversify.
Respondents revealed the top three cybersecurity risks facing their organisation. Data theft, compromised accounts, and ransomware were the most commonly cited risks, while other risks such as social engineering attacks, data leakage prevention, and insider threat were also raised. This shows that organisations are recognising the need to have a comprehensive approach to cybersecurity that covers all potential threat vectors.
Interestingly, we found that financial service organisations were more likely to cite threats such as data leakage prevention, threat intelligence, and insider threat as their top concerns. This may be due to the fact that financial organisations are increasingly being targeted by sophisticated cyber-attacks that seek to exploit vulnerabilities in their systems. Other corporates highlighted a focus on cyber strategy and maturity, vulnerability management, and security operations.
It’s clear from survey results that cybersecurity remains a top priority for internal audit teams across all sectors. With the ever-changing landscape of cyber threats, it’s essential for organisations to keep up-to-date with the latest developments in order to mitigate these risks effectively. By staying informed and having a comprehensive approach to cybersecurity, organisations can protect themselves against the ever-growing number of cyber threats.