teams should review access controls, user permissions and encryption settings, as well as perform continuous monitoring. • Intrusion Detection/Incident Response: As cyberattacks increase in frequency and sophistication, it is critical for internal audit departments to help ensure the effectiveness of the organization’s intrusion detection and incident response. This can be done by assessing the effectiveness of intrusion detection systems, log analysis and threat intelligence feeds. DATA MANAGEMENT Effective data management is crucial for CAEs to understand and help organizations enhance the value of their data assets, mitigate risks and achieve business objectives. There are three key focus areas that CAEs should consider: • Data Governance and Policies: CAEs should continue to manage the availability, usability, integrity and security of data. Proper data governance will help identify and assess data-related risks such as data breaches, compliance violations and inconsistent data management. • Data Quality and Controls: CAEs should enforce data entry standards, validation rules and perform data quality audits. Conducting data quality audits helps organizations detect errors, gain deeper insights and utilize data to mitigate risks. Data controls also must be put in place so that data meets predefined quality standards. • Data Operations and Analytics: CAEs must make sure that data is collected, stored and processed properly. Through identifying patterns and anomalies, predictive analysis, improving benchmarking, and continuous auditing, data analytics can help provide real-time insights into risks. PRIVACY PROTECTIONS Financial institutions manage large volumes of sensitive information, and security remains the bedrock of data privacy compliance. CAEs must understand the intricacies of different privacy regulations across numerous countries. An accountability framework can help banks design an effective compliance program to protect customer privacy. In addition, this framework will establish risk-based, appropriate, and enforceable actions and controls for teams to implement. Internal audit teams should also consider how to validate that data privacy policies and procedures are designed and operating effectively within the organization. 19 WEST VIRGINIA BANKER
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