From time to time, every organisation needs an independent perspective that is trusted and unbiased. Evaluating regulatory compliance, analysing adherence to set controls, or wanting a neutral opinion - the reasons are many. Our Independent Assurance services have been designed to give that much-needed assurance to your senior management, while simultaneously identifying gaps in operations and formulating sustainable solutions.
IT General Control Audit
The effectiveness of any control environment deteriorates over a period of time. There’s no two ways about it.
With the rise of internal and external threats, an organisation’s IT system is constantly exposed to a barrage of severe risks. Hence, it is vital that your IT General Controls undergo regular audits.
And even though CIOs today are thriving in an age of digital disruption, the fact remains that a control breakdown can have a domino effect that is lethal, creating a myriad of problems for an organisation, no matter its size.
|Controls are not always risk-based and sustainable||Controls are not reviewed regularly despite changing threat landscape and associated risks.|
|Incorrect interpretation of controls or a basic human error.||Inadequate or non-existent KPIs to monitor controls effectiveness.|
|Controls are seen as an overhead, not a priority.||Lack of understanding with respect to applicable regulations.|
An ever-changing threat landscape has led to an increased focus from regulators on the proper governance of IT General Controls.
Since these controls provide assurance to regulators that an organisation’s systems are operating as intended along with reliable output, their audits are equally crucial.
That’s where we come in.
Using our deep industry expertise, we help you meet every regulatory requirement there is, and also recommend controls that are SMART.
|Thorough review of an organisation’s IT policies||Assess control design and operating effectiveness.|
|Review risk management approach, interview related personnel, and observe processes.||Review controls related to confidentiality, availability, and integrity of data and information.|
|Assess compliance with applicable policies, procedures and regulations.||Recommend risk based and sustainable controls - Preventive, Detective, Corrective.|
Cyber Security Audit
Ransomware, targeted attacks, spear phishing and increased adversary capabilities are just some of the dangers lurking in the shadows, waiting to take you down.
Unfortunately, many organisations are given misguided assurances about their cyber security, making them highly susceptible to attacks.
In the event of a data breach or unavailability of critical business applications, regulators can impose hefty penalties on your business, burying you in fines and paperwork.
|Investing in best of class security tools grantees COMPLETE security.||Security policies depends on the tools available in the market, without knowing what is needed|
|Take measures without a having a clear idea of the assets essential to protect.||Controls are not reviewed regularly despite changes in threat environment and risk profiles.|
|People, processes and procedures continue to be the weakest link.||Industry-related trends data is not analysed proactively to ensure better protection.|
But that doesn’t mean there’s nothing you can do about it.
What you need is a detailed review that analyses your controls and identifies your threats and vulnerabilities, thereby exposing any weaknesses and high-risk practices.
By reviewing your cybersecurity controls and compliance with regulations and frameworks, our specialists drastically improve the security posture of your organisation by advising you on the right course of action.
Your organisation’s assets are secure, and so is your business.
|Review of control design – Administrative, Preventive, Detective and Deterrent.||Support in developing standards based on trusted benchmarks and frameworks such as CIS.|
|Assess whether current security infrastructure is sufficient and that your capital is being used to make sound investments.||Vet compliance with related regulatory requirements and ensure frameworks are followed.|
|Identify those areas of risk that are not being addressed and learn from previous mistakes.||Have greater control over assets – On Prem, Cloud, and Third Parties.|
Far too often, organisations face a lack of clarity when it comes to regulatory compliances.
This is understandable since, based on the nature, size and location of a business, there is a wide range of internal policies as well as external laws and regulations that govern the operations of that business.
So are you compliant?
Let’s be honest - you’re quite sure, but a small voice within remains doubtful.
|Gaps and inconsistencies while interpreting requirements.||Regular controls self-assessment is not undertaken.|
|Gaps in interpretations of the requirements.||Incorrect or inconsistent control implementation.|
|Policies and standards are not updated considering regulatory requirements.||Not having KRIs and KPIs to measure the control effectiveness.|
A compliance audit is a comprehensive review of an organisation's adherence to regulatory guidelines and internal policies. It helps identify weaknesses and create a path to green.
At Binary Tech, our experts possess decades of compliance experience, a deep understanding of regulatory requirements, and have spent painstaking hours documenting and analysing compliance models of all major industries.
So that helping you achieve - and maintain - compliance becomes that much easier, quicker and more efficient.
|Make sure internal policies and standards are reflecting regulatory expectations.||Help you implement sustainable controls, supported by auditable evidence.|
|Build a comprehensive list of applicable regulations and map controls against each.||Enforce implementation and regular validation through self-assessment.|
|Facilitate self-assessment to help organisations identify problems.||Promote continuous auditing through better data insight.|
Third-Party Security Audit
In order to reduce costs, third parties are engaged in almost every aspect of business operations today.
However, ineffective use and management of controls at third parties has led to several high-profile data breaches, cyber attacks, and unavailability of business critical services, all of which have severely impacted customers.
From July through September 2019, EY conducted a survey of 246 organisations across the globe and found that 36% of organisations surveyed had suffered a data breach caused by a third party over the last two years.
|Controls at the third party end are not consistent with your own organisation.||Inconsistent risk assessment and validation of cyber security controls.|
|Oversight and ineffective criteria to assess third party performance.||Failure to follow frameworks prescribed by regulators.|
|No routine reviews of vendor security policies and practices.||Not having required visibility on how third parties safeguard data.|
The key is to conduct risk assessments and security audits before engaging with a third party, and then repeat them periodically.
We leverage our deep knowledge of controls and regulations while analysing your governance framework and control environment. Additionally, we review your third parties to ensure they are operating as per industry standards.
Thus, we help you build a robust control environment that can protect you against data breaches and cyber attacks.
|Better visibility by identifying critical third parties and assessing the materiality.||Review of security control at third-party end and vet contractual protection.|
|Assess existing third-party risk management programs and recommend improvements.||Enable you to make informed decisions when engaging with third parties.|
|Help you evaluate third-party performance and overall control environment.||Build confidence in third-party risk management processes and controls.|
Application systems are an integral element of any business. Their functional risks, along with all related controls, must be duly considered when using an application that is either developed or acquired.
With cloud-based, web-based and third-party applications forming the crux of today’s businesses, companies must monitor and manage security threats while simultaneously ensuring efficient and uninterrupted operations.
Otherwise, ineffective application controls can lead to irreversible customer damages, causing a severe dent in your organisation’s reputation.
|Inability to meet business requirements even at increased costs.||Inability to identify malicious user behaviour, ineffective logging and monitoring.|
|Ineffective input, processing and output controls could be exploited.||Compromised - Confidentiality, Integrity and Availability.|
|Poorly developed applications increase attack surface.||Difficult to maintain and support.|
Application audits are especially recommended for new applications that are developed in-house or acquired. That said, we also recommend auditing existing applications that might be susceptible to bugs and other deficiencies.
Every control must be carefully evaluated before putting the application to use. Otherwise, the consequences can be catastrophic.
At Binary Tech, we conduct application audits for all types of organisations and our audits are designed to achieve a wide range of objectives. Some of these objectives are specific, while others are determined based on the scope of the audit, such as project audit, post implementation, data migration, and so on.
|Efficiency - Optimise development cost and improve operational performance.||Application controls – Input, Processing, Output, Integrity, Logging and Monitoring.|
|Effectiveness - Ensuring all functional requirements are met.||Application maintenance - Change and release management.|
|Fulfil compliance mandates regarding protection of sensitive information.||Map systems and data flows, identify and test key controls.|