For more detailed information on EU AI regulations, visit the official EU Digital Strategy page.

In the United States, AI regulation is currently evolving, with a focus on fostering innovation while addressing potential risks. The National Institute of Standards and Technology (NIST) provides guidelines for AI development, emphasizing fairness, transparency, and accountability. These guidelines serve as a foundation for creating trustworthy AI systems.

• International Organization for Standardization (ISO)
• Institute of Electrical and Electronics Engineers (IEEE)
• Organisation for Economic Co-operation and Development (OECD)
• World Wide Web Consortium (W3C)
• United Nations AI Initiatives
• World Intellectual Property Organization (WIPO)

Explore the essential strategies and controls necessary to safeguard your cloud infrastructure against evolving cyber threats.

Key controls include access management, encryption, and regular security audits. Access management involves defining user roles and permissions to prevent unauthorized access. Encryption protects data both in transit and at rest, ensuring confidentiality. Regular security audits help identify vulnerabilities and ensure that controls are functioning as intended.

The CCM is particularly relevant for organizations looking to align their cloud security practices with industry standards. It covers a wide range of domains, including data protection, governance, and risk management. By utilizing the CCM, organizations can ensure that their cloud security measures are both comprehensive and up-to-date.

Audit Plan for NIST Cybersecurity Framework Implementation

NIST has defined following 6 functions in its updated Cybersecurity framework that was published in Q1 of 2024. We at SAS Advisors specialize in assessing or migrating to NIST cybersecurity framework.

Auditing NIST CSF (Cybersecurity Framework) is essential for several reasons –

1. Improved Security Posture: Ensures organization’s cybersecurity measures are effective and up-to-date against current threats.
2. Regulatory Compliance: Helps organizations comply with various laws and regulations, which often require adherence to cybersecurity best practices.
3. Risk Management: Identifies potential vulnerabilities and risks, allowing for proactive mitigation before they can be exploited by attackers.
4. Continuous Improvement: Regular audits provide insights into areas needing improvement and help track progress over time.
5. Stakeholder Confidence: Demonstrates to customers, partners, and investors that the organization is committed to maintaining a robust cybersecurity posture.
6. Incident Response Readiness: Ensures the organization has efficient processes in place to respond to and recover from security incidents swiftly.

In short, auditing NIST CSF helps a company maintain a strong, adaptive, and resilient cybersecurity framework, ultimately protecting its assets and reputation. 

1. Identify

• Objective: Assess the organization’s ability to identify cybersecurity risks and assets.
• Risks: Incomplete asset inventory, lack of risk assessment processes, outdated threat intelligence.
• Key Controls: Asset management, risk assessment, threat intelligence.

2. Protect

• Objective: Evaluate the measures in place to protect critical infrastructure and data.
• Risks: Inadequate access controls, insufficient data encryption, lack of security training.
• Key Controls: Access control, data protection, security training and awareness.

3. Detect

• Objective: Determine the effectiveness of the organization’s detection capabilities.
• Risks: Ineffective monitoring tools, delayed incident detection, lack of anomaly detection.
• Key Controls: Anomaly and event detection, continuous monitoring, security information and event management (SIEM).

4. Respond

• Objective: Assess the organization’s response plan and incident management capabilities.
• Risks: Slow incident response, lack of communication during incidents, insufficient recovery procedures.
• Key Controls: Response planning, communication, analysis, mitigation, improvements.

5. Recover

• Objective: Evaluate the organization’s ability to recover from cybersecurity incidents.
• Risks: Inadequate backup processes, slow recovery times, lack of post-incident review.
• Key Controls: Recovery planning, improvements, communications, and analysis.

6. Govern

• Objective: Assess the governance and policy framework supporting cybersecurity efforts.
• Risks: Inconsistent policy enforcement, lack of executive support, insufficient resource allocation.
• Key Controls: Risk management strategy, resource management, governance, policy development.

Audit Steps –

• Preparation: Define the scope and objectives of the audit, gather relevant documentation, and schedule interviews with key personnel.
• Assessment: Conduct interviews, review documentation, and perform on-site inspections to evaluate the implementation of the NIST Framework.
• Testing: Test the effectiveness of controls through simulations, vulnerability scans, and penetration tests.
• Reporting: Compile findings, identify gaps, and provide recommendations for improvement.
• Follow-Up: Schedule follow-up audits to ensure that recommendations have been implemented and to monitor ongoing compliance.

Connect with SAS Advisors to discuss your cybersecurity framework and your ambitions in this age of increasing cybersecurity threats. We have helped many clients and can share our success stories with you.

Cybersecurity risk management helps protect systems, networks, and programs from digital attacks on an entities IT assets and processes. These attacks often aim to access, change, or destroy sensitive information, extort money from users, or interrupt normal business processes. Implementing effective cybersecurity measures is particularly challenging today because there are more devices than people, and attackers are becoming more innovative.

Key Risks and Threats in Cybersecurity –

1. Phishing: Deceptive attempts to obtain sensitive information by disguising as a trustworthy entity.
2. Malware: Malicious software designed to disrupt, damage, or gain unauthorized access to computer systems.
3. Ransomware: Malware that locks users out of their systems or data until a ransom is paid.
4. DDoS Attacks: Distributed Denial-of-Service attacks aim to overwhelm a system’s resources, rendering it unusable.
5. Insider Threats: Threats originating from within the organization, often by employees or contractors.
6. Zero-Day Exploits: Attacks that occur on the same day a weakness is discovered, before a fix is implemented.
7. Man-in-the-Middle Attacks: Attacks where a perpetrator intercepts and possibly alters the communication between two parties without their knowledge.
8. SQL Injection: Attacks that involve inserting malicious SQL code into a query to manipulate or exploit databases.

Essential Controls for Cybersecurity –

1. Firewalls: Network security systems that monitor and control incoming and outgoing network traffic.
2. Intrusion Detection Systems (IDS): Tools to detect unauthorized access or attacks on a network.
3. Encryption: Encoding data to protect it from unauthorized access, both at rest and in transit.
4. Multi-Factor Authentication (MFA): Requiring multiple forms of verification before granting access to systems or data.
5. Regular Software Updates: Keeping software up-to-date to patch vulnerabilities.
6. Access Control: Limiting access to systems and data to only those who need it for their work.
7. Employee Training: Educating staff about cybersecurity best practices and how to recognize potential threats.
8. Incident Response Plan: Preparing a plan for how to respond to and recover from cybersecurity incidents.
9. Backup and Recovery: Regularly backing up data and having a recovery plan to restore it in case of an attack.
10. Compliance Monitoring: Ensuring that the organization complies with relevant regulations and standards.

By implementing these controls, organizations can significantly mitigate the risks and protect their digital assets. Connect with SAS Advisors to implement the framework that would help protect your organization from the cyber risks. We specialize in Cyber risk management and have helped clients develop precise IT policies, standards and guidelines for their organization wide use and to comply with applicable regulations.

We have established SOX IT compliance objectives from scratch for companies that have gone public. We work with the management, external auditors and train the control owners to ensure smooth and continuous operations can be followed. Below are some best practices from our past 15+ years of experience within this domain – 

1. Understand SOX Requirements

Objective: Familiarize yourself and the control owners with the Sarbanes-Oxley Act requirements, especially Section 404 which deals with internal controls over financial reporting.

2. Initial Assessment

Objective: Conduct a comprehensive assessment of the current IT landscape to identify key applications likely to be in SOX scope, and assess potential compliance gaps.

• Evaluate Existing Controls: Review current IT processes, controls, and policies.

• Risk Assessment: Identify potential risks that could affect the accuracy and integrity of financial reporting.

3. Form a SOX IT Compliance Team

Objective: Assemble a cross-functional team that includes IT, finance, and compliance experts.

• Roles and Responsibilities: Develop RACI to clearly define and articulate roles and responsibilities for each of the stakeholder.

• Training: Provide training on SOX requirements and the importance of IT controls in financial reporting.

4. Develop a SOX Compliance Framework

Objective: Create a framework that outlines the processes, controls, and documentation required to achieve SOX compliance.

• Policy Development: Develop IT policies and procedures that align with SOX requirements.

• Control Implementation: Implement controls around access management, change management, data protection, and incident response.

5. Implement IT Controls

Objective: Implement and strengthen IT controls to ensure the integrity and accuracy of financial data.

• Access Controls: Ensure that access to financial systems and data is restricted to authorized personnel only.

• Change Management: Implement change management processes to track and approve changes to IT systems.

• Computer Operations: Ensure backups and data recovery are in place and jobs are protected.

• Incident Response: Develop, implement, and assess incident response plan to resolve process issues.

• Data Reporting: Ensure data integrity for accuracy and completeness of transactions during their journey from initiation to reports.

6. Conduct Regular Audits and Reviews

Objective: Ensure continuous compliance by conducting regular audits and reviews of IT controls.

• Internal Audits: Schedule regular internal audits to review the effectiveness of IT controls.

• External Audits: Engage with external auditors to conduct independent reviews.

7. Continuous Improvement

Objective: Create a culture of continuous improvement to adapt to new threats and compliance requirements.

• Monitor and Update Controls: Regularly review and update controls to address new risks and regulatory changes.

• Automate: Automate recurring test-steps to provide continuous audit approach and help save on human resources 

• Training and Awareness: Continuously educate employees on the importance of IT controls and SOX compliance.

8. Reporting

Objective: Maintain transparent and comprehensive reporting to stakeholders.

• Documentation: Keep detailed documentation of all controls, processes, and audit results.

• Communicate with Stakeholders: Regularly update stakeholders on the status of SOX compliance efforts.

By following these steps, you’ll help the company establish a strong SOX IT compliance group, ensuring the integrity and reliability of financial reporting processes. Let’s get started on making this happen!