A step-by-step guide to cyber security audits for business owners

Just as you would take your car in for a service before something breaks, a cyber security audit helps you spot issues before they turn into expensive, reputation-damaging problems. 

Running a business today means juggling opportunities and risks. One of the biggest and most overlooked risks is a cyber attack.

Criminals no longer just target multinational corporations. Small and medium-sized businesses are attractive because attackers assume their defences are weaker. 

In this guide I’ll walk you through what cyber security audits involve, how to prepare, and what to do with the results. 

What a cyber security audit actually is 

A cyber security audit is a structured review of your organisation’s IT systems, policies, and procedures against a defined standard. It is not just a technical scan. It is a measurable assessment of your digital environment, covering things like: 

• Networks (firewalls, routers, Wi-Fi security) 
• Systems and applications (patch levels, configuration) 
• Data protection measures (encryption, backups) 
• Human factors (employee awareness, policies, training) 
• The goal is to identify vulnerabilities, check compliance against a specific regulation or industry standard, and give you a clear set of actions for strengthening your defences. 

Why it matters  

Even when organisations are aware of compliance gaps, audits provide the independent verification required by regulators and shareholders, ensuring accountability and transparency.  

• Financial protection – Data breaches cost businesses millions globally, not counting downtime and reputation damage. 
• Compliance – Regulators are tightening requirements, and penalties for non-compliance can cripple a business. 
• Customer trust – People want to know their data is safe. Demonstrating regular audits shows you take security seriously.  

Skipping audits is a little like skipping dentist visits. You might feel fine now, but sooner or later the pain catches up. 

Preparing for a cyber security audit 

Preparation saves time and stress. Businesses that walk into an audit blind often spend more time fixing basic oversights. Here is how to get ahead: 

• Define your scope – Decide whether you are auditing the entire IT infrastructure or just certain areas like cloud services. 
• Gather documentation – Policies, incident logs, vendor agreements, and software inventories may all come under review. 
• Run a self-check – Update software, check core policies, and test key controls. 
• Prepare your team – Employees should understand why the audit is happening, otherwise you risk resistance or incomplete information. 

What to expect during the audit 

A cyber security audit usually begins with defining the framework you will be measured against. Some organisations choose a recognised certification such as ISO 27001 or Cyber Essentials. Others are regulation led and prioritise meeting FCA, PRA, NIS,2, DORA, SOX or FIMA requirements which map across industry standards. 

Many audits have two stages.

The first level is to evidence the presence of controls that meet compliance requirements. This type of audit will interview key stakeholders to understand roles and responsibilities, as well as analysing policies, procedures, and training materials to identify gaps. The second level is more in depth and determines the effectiveness of these controls. This type of audit might assess your devices and infrastructure. This often includes building an asset inventory, scanning endpoints for vulnerabilities, and reviewing networked systems such as servers and routers for a secure configuration. 

The findings are always compiled into a clear report. This typically includes a remediation roadmap with a prioritised set of recommendations to strengthen controls, address risks, and, if required, achieve certification. 

Cost considerations and ROI 

Many business owners hesitate to invest in a cyber security audit because of perceived costs. In reality, the cost of an audit is often small compared with the financial and reputational impact of a data breach. 

Factors that influence audit costs include: 

• The size of your organisation and the number of devices or systems to be reviewed 
• The complexity of your IT environment, including cloud services and network infrastructure 
• The scope of the audit whether it covers full compliance frameworks or focuses on a key risk area

Return on investment (ROI) comes in multiple forms:

• Preventing costly breaches – Cyber attacks can cost millions in remediation, downtime, and lost revenue. 
• Avoiding regulatory penalties – Non-compliance with industry regulations can result in hefty fines. 
• Operational efficiency – Audits often uncover inefficiencies, misconfigurations, or outdated processes, leading to long-term savings. 
• Strengthened trust with customers and partners – Demonstrating proactive security measures can improve relationships and create a competitive advantage. 
• What to do with the results 

An audit only creates value if you act on it. A good approach is to: 

• Tackle critical risks first – Missing patches or open ports need immediate attention. 
• Create a remediation plan – Break fixes into steps with deadlines. 
• Invest in people – Employee training is often the single best defence against phishing. 
• Schedule follow-ups – Track progress and verify fixes instead of letting the report gather dust. 

Best practices for the long term 

Audits should not be treated as one-off projects. The most secure businesses treat them as part of an ongoing strategy. Best practices include: 

• Running audits annually or after major IT changes 
• Keeping policies and documentation current 
• Monitoring networks continuously 
• Testing disaster recovery and incident response plans 
• Treating audits as opportunities for improvement, not blame 

Final words 

A cyber security audit is more than a compliance exercise. It is a way to build resilience and protect your reputation. Businesses that embrace audits as a strategic tool end up with fewer incidents, lower costs, and stronger customer trust. If your organisation has not had an audit in over a year, now is the time. Think of it as investing in peace of mind for your customers, your employees, and your future. 

Connect with Toro on LinkedIn and X for insights on converged security and threat defence.

Toro’s Cyber Security Audits provide a thorough assessment of your systems, highlighting vulnerabilities and areas for improvement. Toro offer a broad range of Cyber Security services including Cyber Security Training, Cyber Penetration Testing and Cyber Security Consultancy, we deliver practical solutions to help you manage risk and protect your data, networks, and operations.