Digital transformation has emerged as the latest buzzword in the business world in this decade. But, although digitization offers businesses a wide range of benefits, we cannot ignore the fact that it also makes a business more vulnerable to cyber-crime.
In the year 2019 alone, Indian businesses and individuals lost more than USD 16 Billion to cyber-crime. Rising cyber-crime makes it important for the industry and law enforcement agencies to focus on combative measures for investigation and elimination of cyber-crime. In the last few years, cyber forensics and IT auditing have played a significant role in this regard.
Understanding Cyber Forensics
Cyber forensics is the science of collecting, analyzing, and presenting information and evidence found on devices and networks that were used to commit a cyber-crime. The objective is to present the evidential information in a legally admissible context so that it is deemed acceptable in the court of law.
Experts in cyber forensics investigate encrypted data using a set of advanced software and tools. Their work includes recovering deleted files, cracking device passwords, and finding the source of a security breach. The scope of cyber forensics has increased manifold in the last few years, growing in complexity alongside the growth of cyber-crime.
Here’s what makes cyber forensics important –
- An increasing number of criminals are using computers and the internet to commit non-violent crimes that yield high profits. This has led to a need for computer forensic experts in law enforcement, who can help trace the criminal based on their digital footprint.
- Scrutiny of a hacker’s activities and tools by a cyber forensic expert gives an insight into the attack trends and the techniques used for committing the criminal act.
- Digital forensic analysis can help determine the best response and remedial action after a security breach has occurred.
Understanding IT Auditing
Information Technology is an integral part of every business. IT Audit is defined as the review or assessment of digitized data processing systems and networks that are being used by a business. An important part of IT auditing is evaluating the procedures and control environment placed around the IT system of an enterprise – and thereby making recommendations for improving the cybersecurity of a business.
The importance of IT auditing stems from –
- A thorough IT Audit reduces the risks related to availability, integrity, and confidentiality of the IT infrastructure of a business.
- IT Audit helps a business to design and implement rigorous internal control systems that can detect and prevent fraudulent activities.
- An IT Audit analyzes the business’ susceptibility to a threat and helps lower the risk of a security breach. This is especially useful for banking and finance companies that hold critical data about financial transactions and account details.
- IT Audits assess the compliance of IT laws of the country and can pinpoint any compliance issues in the system. This helps enhance IT governance.
- IT Audits help businesses determine their readiness for disruptive changes in technology. A regular audit helps business keep up with the pace of changing technology and to ensure better business continuity.
In the end, we can say that irrespective of the industry of business; cyber-security is an important aspect of business in this digital age.
