A Comprehensive Guide to Security Reviews in Tech

Tech companies are innovating every industry, from healthcare, finance, to manufacturing, retail, and construction. Integrating advanced technologies like cloud computing, IoT, and AI into business operations and IT infrastructure has transformed how organizations function.

However, this digital transformation has brought serious cybersecurity challenges. Cyberattacks have become more frequent and sophisticated, particularly targeting critical infrastructure. U.S. utilities, for example, have experienced a 70% surge in attacks, driven by outdated software and expanding digital footprints, according to Reuters.

Security reviews are essential across various tech sectors, including software development, cloud computing, IoT, AI/ML, cybersecurity, and fintech. They aim to prevent breaches, ensure compliance, and strengthen security in these diverse technological landscapes.

Investing in security reviews is crucial for tech companies to protect their assets and maintain customer trust. According to the 2024 IBM report, the average cost of a data breach reached $4.88 million — a 10% increase over the last year and the highest yet.

Why security reviews are non-negotiable

In today's digital world, security reviews are essential for all organizations, big and small. Think of these reviews as health check-ups for your company's digital systems. They help find weak spots, make sure you're following the rules, and protect your important information.

Why are these reviews so important? Well, as more businesses use technology, the risks of cyber attacks grow. That's why security reviews aren't just a nice-to-have anymore — they're a must-have for tech companies. Let's look at why these reviews are so crucial.

Risk management

Security reviews empower businesses to identify and rectify vulnerabilities before cybercriminals can exploit them. Regular system assessments allow companies to address potential threats proactively, minimizing the risk of costly and damaging data breaches.

Over the last decade, the tech companies saw a surge of 87% in malware attacks, with over 5.5 billion malware attacks deployed in 2022 alone. The consequences of such attacks can be catastrophic, with millions of sensitive data exposed and loss of customer trust.

Regulatory compliance

Industries worldwide are governed by complex compliance requirements and strict data protection regulations like GDPR, HIPAA, and PCI DSS. Security reviews ensure compliance, preventing costly fines and legal issues.

For instance, the General Data Protection Regulation (GDPR) has had a significant impact on companies operating within the European Union or dealing with EU citizens' data. Non-compliance with GDPR can result in severe penalties, including fines of up to €20 million or 4% of a company’s global annual revenue.

The 2018 British Airways case is a notable example, where the airline was fined €183 million for a data breach that compromised the personal information of approximately 500,000 customers.

Regular audits identify and address vulnerabilities proactively, building customer trust and ensuring long-term success in an era where data breaches can have severe repercussions.

For more insights on recent AI legislation, including the EU's groundbreaking AI regulations and the UN's first global AI resolution, check out our blog post: UN Adopts First Global AI Resolution: What is It and What Does It Mean For Business?

Customer trust

Customer trust is the foundation of any successful business, and in today’s data-sensitive era, it’s more critical than ever. Strong security practices, combined with routine security reviews, create a sense of reliability and safety that customers instinctively value.

Take Apple as an example. Apple’s market dominance, in part, stems from this trust. Customers know their data is not only secure but also treated with respect, a fact that fosters brand loyalty and builds long-term relationships. In a competitive business world, where features and price points may fluctuate, security remains a constant factor that reinforces trust, which ultimately drives growth and sustains market leadership.

Competitive advantage

As data breaches become more common, businesses that can prove they take security seriously gain an edge over competitors, especially in industries where data protection is critical.

Salesforce leverages its commitment to security as a competitive advantage in cloud computing. Through regular security reviews and compliance certifications, Salesforce demonstrates reliability to customers in sensitive sectors, helping it stand out in a crowded market.

Business continuity

The 2017 NotPetya ransomware attack on Maersk highlights the importance of business continuity planning. Despite widespread disruption, Maersk's existing security and recovery plans allowed for quick restoration of operations. This preparedness minimized potential damage, showcasing how robust contingency plans can reduce downtime and financial losses during cyberattacks. The incident emphasizes the crucial need for well-defined security measures and recovery strategies to maintain business continuity and mitigate cyber incident impacts.

Security reviews across different tech sectors

Software as a Service (SaaS)

In SaaS, the shared nature of cloud environments means vulnerabilities in one tenant's system could affect others. Security reviews are vital to ensuring that sensitive customer data is protected through strong encryption, secure configurations, and robust access control mechanisms. For example, companies like Salesforce rely on regular reviews to meet SOC 2 compliance, preventing unauthorized access and breaches that could compromise multiple clients' data simultaneously.

Information Technology (IT)

IT systems, being the core infrastructure of organizations, are vulnerable to downtime and data loss from cyberattacks. Security reviews in IT focus on ensuring that systems remain resilient and operational, especially during critical periods. A retail company's IT infrastructure, for instance, benefits from regular assessments to keep e-commerce platforms secure and available, ensuring no disruptions during peak sales periods, which could result in significant revenue loss.

Internet of Things (IoT)

IoT devices are often targets for hackers due to weak security protocols like inadequate encryption and infrequent updates. Security reviews address these vulnerabilities by ensuring devices and data transmission are secure. For example, regular security assessments of smart home devices, like cameras and thermostats, are essential to prevent hacking, ensuring that user privacy and home security are not compromised.

Artificial Intelligence (AI) and Machine Learning (ML)

AI and ML systems are prone to specific threats, such as data poisoning, model theft, and adversarial attacks, which can distort decision-making. Security reviews in AI and ML safeguard the integrity of training data and algorithms. For example, companies developing autonomous driving systems perform routine security checks to prevent adversarial attacks that could manipulate vehicle behavior, ensuring the accuracy and safety of their AI models.

Fintech

The fintech sector, which deals with sensitive financial transactions, relies on security reviews to prevent fraud and comply with stringent regulatory requirements such as PCI DSS. For example, a digital bank conducts regular reviews to secure its mobile applications from fraud, ensuring that customer funds and sensitive financial data are fully protected in line with industry regulations. Furthermore, financial institutions review third-party vendors to ensure their data protection standards align with PCI DSS, preventing weak links in the supply chain from compromising customer data.

Cybersecurity

For cybersecurity firms, security reviews are an inherent part of their operations. These companies must not only protect their own infrastructure but also verify that the products they offer can defend against the latest threats. CrowdStrike, for instance, continuously tests and updates its threat detection solutions through rigorous security assessments to ensure they remain effective in identifying and mitigating the most recent cyber risks.

Cloud computing

Cloud providers manage massive amounts of data for various industries, making security reviews essential for protecting stored information. These reviews ensure infrastructure is secure and in compliance with global standards like ISO 27001. For instance, AWS regularly undergoes comprehensive security audits to ensure its infrastructure meets these international security standards, providing clients with confidence that their data is safe.

The future of security reviews

AI-augmented security operations

As cyber threats grow more advanced, AI and automation are transforming security reviews. AI tools continuously monitor and analyze large amounts of data to identify patterns and predict potential vulnerabilities before they can be exploited. For instance, AI can detect unusual login activity or data transfers, flagging potential threats in real-time and reducing response time.

AI transforms reactive security into proactive defense, detecting and preventing threats before they materialize.

Continuous security as a core business function

With the rapid pace of cyber threats, relying solely on periodic reviews is no longer sufficient. Businesses are shifting toward continuous security, where real-time monitoring and assessments become part of daily operations. For example, an e-commerce platform may automatically scan for vulnerabilities and adjust security protocols in real time as new risks arise.

Continuous security ensures constant protection, closing the gaps between traditional periodic assessments.

DevSecOps integration

Security is increasingly embedded into the development lifecycle through DevSecOps, ensuring that vulnerabilities are caught and addressed early. By integrating automated security checks during development, companies can fix issues before the software is deployed, reducing the risks of post-launch vulnerabilities.

DevSecOps ensures security is part of the entire development process, catching flaws early and minimizing costly fixes after deployment.

Third-party risk management

As businesses rely more on external vendors and partners, managing third-party risk has become essential. Regular security reviews now assess not only internal systems but also the security practices of third parties. For example, financial institutions routinely evaluate their vendors to ensure compliance with PCI DSS, safeguarding against breaches caused by weak third-party security. Third-party risk management ensures that the entire supply chain is secure, preventing vulnerabilities introduced by vendors.

Advanced threat intelligence and automation

Threat intelligence systems provide real-time data on emerging risks, while automation allows organizations to respond instantly. Automated tools can detect a breach and isolate affected systems in seconds, minimizing damage without human intervention.

Automation combined with threat intelligence provides immediate responses to threats, ensuring real-time defense and limiting damage.

Security reviews in the digital age

Security reviews are essential in tech as evolving threats and innovations increase vulnerabilities, especially with cloud computing, IoT, AI, and third-party vendors. These reviews are key to identifying risks, ensuring compliance, protecting business continuity, and maintaining customer trust. The shift from manual, periodic assessments to continuous, AI-driven reviews marks a new era in security.

Prioritizing regular security reviews builds resilience, helping businesses prevent, respond to, and recover from incidents. With the risk of data breaches causing financial, regulatory, and reputational damage, security reviews are a critical defense to stay secure, compliant, and competitive.