Information Security And The Digital Realm

734 WordsFeb 8, 20153 Pages
When it comes to information systems, auditing has never been so crucial regardless of the industry. As the digital realm is intensifying and information systems are evolving, we can see an increase in security breaches, which causes financial and long lasting reputational damage to an organization. The importance of information security is to ensure confidentiality, integrity and availability of data. Information such as bank account statements, trade secrets, and personal information should be kept private and confidential. Protecting such information is a major part of information security. Gartner key metrics of data for 2010, found that companies spent an average of 5% of their IT budget on security and will reach $76.9 billion in 2015[1]. Every company has security controls and policies in place, however no one checks if they are followed rigorously. Likewise, new threats to information security which demand new procedures and tools are often overlooked. No matter how strong the information security policies and controls are a company won’t know the inadequacies, unless verified continually. An audit is carried out in connection with a financial statements and performance audit to evaluate compliance to applicable policies and laws. A report released by Maryland Department of Legislative Audits on Dec. 4, 2014 stated that an audit performed at University of Maryland’s Division helped in preventing a data breach. This can be achieved by internal auditing with a goal to
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