Information Security Audit Checklist

Information security is of critical importance for organizations of all sizes. Threats like phishing, ransomware, denial-of-service attacks and malware pose real risks that could result in theft or loss of sensitive data or systems.

Process Street’s low-code workflow automation software enables organizations to easily create and implement information security audit checklists. Furthermore, its audit features enable it to conduct multilayered process audits to evaluate security best practices such as custom workflows, user access privileges and authentication processes.

1. Risk Assessment
Firms should conduct an inventory of their information assets, assess any adverse impact to customers and the firm if compromised assets were to become available, and look at ways they might mitigate any identified risks. For example, if an attack targets employees via phishing emails, firms must determine if employee security awareness training programs exist and whether these training programs are effective.

An effective risk evaluation allows leadership to make recommendations for improvement. For instance, if an asset has the potential of losing customer PII or sensitive company data, a thorough risk analysis would recommend strengthening passwords and encryption measures or restricting access to those who require it for business reasons only.

Once the assessment team provides recommendations, firm leadership must evaluate them and decide whether to accept, alter or decline them. They should be ready to explain why they chose one of those three options for each recommendation – such as why a high-level vulnerability wasn’t addressed immediately or why medium-level threats went ignored.

2. System Assessment
Procedures should exist for handling information storage media (tapes, disks, cassettes and memory cards). Once no longer required they should be safely discarded in accordance with local security policies and controls. A formal exchange policy and control should also exist in regards to sending information externally.

System clocks should be synced to an accurate time source, while monitoring information processing facilities. Furthermore, system logging must take place for each individual system in order to monitor information processing facilities, with its required level being determined based on risk analysis which takes performance degradation into account.

Security systems in place should mitigate potential threats, including firewalls that provide data with protection from unintended access, prevent phishing attacks and identify weak points within an organization’s operations. It’s crucial to regularly evaluate these systems to make sure they continue being effective and safeguarding a facility; should additional safeguards become necessary, these should be put in place immediately.

3. Security Policy
Safeguarding the investor and firm information and systems against compromise through safeguarding confidentiality, integrity and availability is of utmost importance.

Check if the company has documented and disseminated an information security program which covers purpose, scope, roles and responsibilities as well as applicable laws and regulations. Moreover, ensure a review process at regular intervals has been implemented with management approval for their policy.

Does the company have processes in place to screen new hires and monitor for signs of misconduct, and require employees to sign confidentiality or non-disclosure agreements?

Have there been policies in place governing the classification of information according to legal or other considerations, sensitivity or criticality for your organization? Do employees understand its implication and adhere to appropriate storage practices?

4. Security Assessment
Cyber security refers to ensuring all hardware and software are configured appropriately in order to prevent hackers from accessing sensitive data, as well as keeping systems updated with any necessary patches to eliminate the risk of any potential malware infections that could affect business operations.

This information security checklist xls template helps you identify and assess risks to your firm’s assets. It features columns for detailing asset name/number/confidentiality impact/risk rating/control details – making this tool invaluable when preparing for ISO 27001 compliance certification.

This template provides a great way to ensure that you are safeguarding the assets of your firm, can detect when they have been compromised and have a plan in place to recover lost or unavailable information. This ensures you protect client interests as well as meeting regulatory requirements; creating procedures to record and report on breaches as they occur is also key.