Innovative Approaches to Risk Governance Integrating Security Audits with Advanced Cybersecurity Strategies

Abstract

This paper's goal is to examine how well cybersecurity internal audits work. For this reason, we set out to create a Cybersecurity Audit Index that covers the bases in terms of preparation, execution, and reporting. We postulate that the likelihood of a successful cyber assault is inversely related to the efficacy of cybersecurity audits and that cyber risk management maturity is favorably related to them. By surveying auditors and chief audit executives from different nations and industries, we were able to test our hypotheses. Our research shows that there is a wide range of Cybersecurity Audit Index scores (58 on a scale from 0 to 100). Cyber risk management effectiveness reporting to the Board of Directors is less strongly tied to the planning and performance stages, despite the high and positive correlation between them. Although it was expected that the Cybersecurity Audit Index would have a positive correlation with maturity, it was surprised to see no correlation with the likelihood of a successful cyber assault. For the first time, this report quantifies the impact of cybersecurity audits on cyber risk management and how effective they are.