How internal audit can help manage 10 top technology risks
Many of the top risks organizations face today are related to technology.
As a result, internal auditors are paying close attention to areas such as cybersecurity, data privacy, and social media. These areas—and others related to technology—have the potential to deliver devastating setbacks to a company or organization.
“The technology risks we face today are increasingly complex, and a sophisticated, well-thought-out approach is required to manage them,” Richard Chambers, president of The Institute of Internal Auditors (IIA), said in a news release.
Methods for internal audit to help organizations manage the top 10 technology risks are described in a new report, Navigating Technology’s Top 10 Risks, that was released today by the IIA and is available for download on the IIA’s website. The top 10 technology risks were determined as the result of interviews with chief audit executives and IT specialists from Africa, Latin America, the Middle East, Europe, Canada, and the United States.
The report’s top 10 risks—and suggestions for how internal audit can manage them—include:
Cybersecurity. More than 70% of the IIA survey respondents consider the risk of a data breach to be at least moderate, with IT specialists reporting more concern than other groups. Internal audit’s activities related to cybersecurity, according to the report, can include conducting vulnerability scans and penetration testing; verifying that simulation exercises related to the organization’s crisis management plan are performed; and conducting an audit of network architecture to determine compliance with network policy and procedures. Read more on the Journal of Accountancy.