To protect your assets and reputation from hackers and cybercriminals, you need to have the right processes and tools to keep your data secure — and alert you to any potential risks.
One important way to establish security is through your IT department’s general controls, or ITGC. These controls are the specific processes and steps you have in place through your IT protocols to keep you compliant and help you reduce the risk of a cyber attack. In this article, we’ll explain why ITGC are so critical for your business and give you some actionable instructions to help you prepare for an ITGC audit and maintain long-term compliance.
IT general controls, or ITGC, are a set of directives that determine how a business’s systems operate. They prevent data theft, unauthorized access, operational disruption, and data breaches. They influence every aspect of IT, from setting up new software to user account creation.
ITGC also impacts vendor management, as new applications and procurement must also meet the standards set by the controls. Having ITGC in place ensures that your systems are protected, tested, and implemented correctly, and security and network updates happen at the right times.
ITGC are incredibly important to the success of your business operations and the security of your data. These internal controls ensure that your IT environment and other business processes are protected and any vulnerabilities are addressed. Here are a few ways that ITGC protect you and your information systems from risks.
Your business reputation is built on trust between customers and shareholders. You can have severe reputational risks if your company lacks the right cybersecurity or physical security to keep your data centers secure. This can hurt your industry standing, which can ultimately cause you to lose revenue.
ITGC also protect your business operations. If your systems are damaged by a cyberattack or a lack of compliance, it can slow down or halt your entire operation and put you at risk of even more damage. The control objectives help to keep your organization running smoothly and ensure that your IT systems are up-to-date and delivering accurate information.
When your business suffers from reputational or operational risks, it trickles down to your finances. You can lose business, investors, and grants from non-compliance or data breaches. Your financial reporting can also suffer a hit if you cannot access the information you need to make a report. Even with disaster recovery plans, it might be too little or too late to save your bottom line.
Compliance requirements depend on internal audits, vendor checklists, remediation steps, and risk assessments. Without the right IT controls, you risk being non-compliant with SOX or other regulatory compliance objectives. This can result in massive fines, reputational damage, and other serious consequences.
Cybersecurity is one of the most important components of running a modern business. Without the right protocols, tools, controls, and processes, you leave your business vulnerable to attack and the serious damages that can occur if cybercriminals and hackers target you. Having IT controls and an audit process to monitor them is a powerful way to reduce risks and protect your business.
At SecMyIT, we understand the value of top-notch cybersecurity practices. That’s why we’ve created tools that make auditing and staying compliant easier for your business. To learn more about what we can do for you, get started with us and discover what SecMyIT can offer.
With our cybersecurity consulting services, we discuss your business’s requirements rather than simply selling you a product or service. We believe that your required security should not interrupt your work.
