A financial services company wants to ensure that its security controls are effectively protecting its network and critical data assets. The company is mandated by regulatory requirements to conduct periodic reviews of its security infrastructure. Which of the following would BEST satisfy the need for an unbiased evaluation of the operational security?
Conducting a thorough self-assessment using internal security and audit teams.
Contracting an independent third-party to perform a comprehensive audit of security controls.
Scheduling regular penetration testing by the in-house cybersecurity team.
Continuous monitoring by an internal audit committee.
An independent third-party audit provides an unbiased review of security controls and practices. It is frequently required by regulatory standards in sensitive industries, such as finance, to ensure controls are up to the required effectiveness because internal teams may have inherent biases or conflicts of interest. A self-assessment, while valuable, can be biased due to internal influence. Penetration testing is a proactive security measure but does not constitute an independent review of all operational security processes. Monitoring by an internal audit committee will not fulfill the requirement for an unbiased and independent evaluation as required by many regulatory frameworks.
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Why is an independent third-party audit preferred over a self-assessment?
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What regulations might require periodic independent audits for financial services companies?