Types of Software Security Audits in 2024

Cyber threats are growing every day, and the numbers speak for themselves. By 2025, cybercrime is expected to cost businesses $10.5 trillion annually. With attacks becoming more frequent and sophisticated, no company is immune to the risks.

So, how can you stay prepared? By conducting regular software security audits. These audits give you a clear view of where your software stands regarding security, helping you fix issues before they become serious problems.

From identifying potential risks to ensuring compliance, software security audits are your best defense against the constantly evolving threats in the digital world.

This blog will walk you through the critical software security audit types you should consider in 2024. Understanding these audits will help you strengthen your defenses and keep your business safe from cybercriminals. 

So, let’s start with understanding what a software security audit is and why it matters to your business.

What is a Software Security Audit?

A software security audit is like a health check for your software. It’s a thorough examination that looks for vulnerabilities and weak spots that hackers could easily exploit. It’s about finding flaws and fixing them before they cause any harm.

A software security audit ensures your software is strong enough to defend against cyber threats, keeps sensitive data safe, and meets industry standards.  

During a software security audit, your software is evaluated for things like:

• Code vulnerabilities: Is there outdated or poorly written code that could expose your system to attacks? Vulnerable code can allow hackers to gain unauthorized access, inject malicious software, or cause data leaks. A code review helps identify these weaknesses so that they can be patched or rewritten.
• Configuration issues: Are your security settings, such as encryption protocols, access controls, and authentication methods, correctly configured? Misconfigurations can leave your system open to unauthorized access or data interception, making it critical to ensure all security settings follow best practices and remain up-to-date.
• Compliance gaps: Does your software meet the latest regulatory standards, such as GDPR, PCI-DSS, or HIPAA? Failing to comply with these standards can lead to hefty fines and legal consequences. Ensuring your software meets compliance requirements helps you avoid these risks and protects your customers’ privacy.
• Penetration risks: How well would your software hold up if a hacker tried to break in? Penetration testing simulates real-world attacks, identifying how far an attacker could go and what damage they could do. This allows you to reinforce weak points and improve your overall defenses.
• Operational security: Are your internal processes, user permissions, and access controls adequately managed? Weak operational security can lead to insider threats or accidental data breaches. Regular audits of internal operations help ensure that employees only have access to the data they need and that sensitive information is appropriately protected.

Regularly conducting these audits can avoid costly breaches, protect your business’s reputation, and ensure you stay compliant with legal requirements. With the rise of new cyber threats, it’s essential to see why software security audits are necessary in 2024.

Why Software Security Audits Are Crucial in 2024

Software security audits are more critical than ever. The world of cyber threats is constantly shifting, and businesses are more vulnerable than ever. 

There are many factors which can be considered:

• Rise of Remote Work: Did you know? The rise of remote work has led to a 238% increase in cyberattacks targeting remote workers, as employees access company systems from less secure home networks and personal devices. With employees accessing company systems from home networks and personal devices, the potential for security breaches has expanded dramatically.
• Cloud Service Reliance: The shift to cloud-based applications and data storage introduces new risks, making regularly auditing these environments for vulnerabilities essential.
• More Connected Devices: The rapid increase in IoT devices has significantly expanded the attack surface for businesses, creating more entry points for potential cyberattacks.
• Increasing Sophistication of Attacks: Cybercriminals are developing more advanced methods, making it harder for outdated systems to defend against complex attacks.

Due to these factors, software security audits are essential for identifying weaknesses, protecting sensitive data, and staying compliant with security regulations. 

For a detailed overview, read: Understanding the Importance of a Digital Security Audit 

Now, let’s examine the different types of software security audits, starting with Threat Modeling.

Different Types of Software Security Audits

Threat Modeling

Software security audits are a proactive way to identify potential security risks in your software before they become serious problems. Think of it as mapping out how a hacker might try to break into your system and then putting up defenses to stop them.

This process helps you spot weak points in your software during the design phase rather than waiting for issues to surface after the software is already in use.

How Does Threat Modeling Work?

1. Understand Your System: You start by examining how data moves through your software. This includes everything from how users log in to storing and sharing data.
2. Identify Possible Threats: Next, you determine where hackers might try to break in. For example, could they steal data during login? Could they inject malicious code into your system?
3. Assess the Risks: Once you know where the threats are, you rank them based on their likelihood of happening and the damage they could cause.
4. Build Defenses: Finally, you create defenses to protect against these threats. This might mean adding more robust encryption, better authentication methods, or improved access controls.

Benefits of Threat Modeling

• Better Software Security: Threat modeling allows you to build more robust defenses from the start, making your software more secure overall.
• Compliance: Proactively addressing security threats helps ensure your software meets regulatory requirements, protecting your business from fines or legal action.

Software security audits allow you to build security into your software from the start, reducing the chances of an attack later. It’s an intelligent way to stay ahead of hackers and secure your system.

Now that you understand the importance of threat modeling, let’s move on to another critical layer of defense: Vulnerability Assessments.

Vulnerability Assessments

While threat modeling helps you identify potential risks during the design phase, vulnerability assessments focus on finding existing weaknesses in your software after it’s been developed or deployed.

This process involves scanning your software for known vulnerabilities that attackers could exploit. It’s a proactive way to spot issues before they are imposed in a real-world attack.

What Does a Vulnerability Assessment Involve?

1. Automated Scans: Security tools scan your software, code, and network for vulnerabilities like outdated libraries, insecure configurations, and unpatched software.
2. Manual Testing: Security experts review specific areas of concern in your software to uncover vulnerabilities that automated tools might miss.
3. Detailed Reporting: Once the assessment is complete, you receive a report highlighting the vulnerabilities found, their potential impact, and the steps you should take to address them.

Benefits of Vulnerability Assessments

• Proactive Risk Mitigation: By identifying weaknesses before attackers can exploit them, you reduce the chances of a data breach or security incident.
• Improved Software Health: Regularly assessing your software for vulnerabilities helps you maintain a strong security posture and catch issues early.
• Prioritized Fixes: Vulnerability assessments help you prioritize security issues based on their severity, allowing you to address the most critical risks first.

Software security audits help you catch existing flaws that might otherwise go unnoticed, making sure your systems are better protected against emerging threats. In summary, if you are not conducting vulnerability assessments, you essentially leave the door open for hackers.

Ready to take your security measures a step further? Let’s talk about penetration testing next!

Penetration Testing

While vulnerability assessments help you identify potential weaknesses in your software, penetration testing goes one step further by simulating real-world attacks to determine how well your systems can resist them. 

This is often called “Ethical hacking.” Penetration testing involves security experts attempting to exploit vulnerabilities just as a malicious hacker would. This provides a realistic picture of your software’s ability to defend itself against sophisticated cyberattacks.

How Does Penetration Testing Work?

1. Examination: The tester gathers information about your software, network, or system to identify potential targets. This could include scanning for open ports, examining public-facing applications, and assessing known vulnerabilities.
2. Exploitation: After identifying weak points, the tester attempts to exploit them. This might involve bypassing security controls, injecting malicious code, or escalating privileges within the system.
3. Post-Exploitation: Once the vulnerabilities are exploited, the tester evaluates the impact—such as how much data they can access or control they can gain over the system.
4. Reporting: Finally, the tester compiles a report that outlines the vulnerabilities found, the methods used to exploit them, and recommendations on how to fix them.

Benefits of Penetration Testing

• Realistic Attack Simulations: Penetration testing mimics actual cyberattacks, giving you a clearer understanding of how your software would perform under real-world conditions.
• Uncover Hidden Weaknesses: This type of testing can reveal deep vulnerabilities that automated tools or vulnerability assessments may not detect.
• Strengthen Your Defenses: Penetration testing helps you reinforce your software’s security and reduce the risk of a successful attack by identifying and addressing vulnerabilities.

Ready to outsmart potential hackers? Codewave‘s Penetration Testing Services are here to help!

We specialize in identifying and exploiting vulnerabilities in your systems to strengthen your defenses. Let us help you ensure your software is secure and resilient against real-world attacks!

Types of Penetration Testing

Penetration testing can be performed in different ways, depending on how much information the tester is given about the system:

• White Box Testing: The tester has complete knowledge of the system’s internal structure, source code, and architecture. This allows for a thorough evaluation and testing of known vulnerabilities within the system.
• Black Box Testing: The tester has no prior knowledge of the system, simulating an external attack in which the hacker must figure everything out from scratch. This mimics a real-world cyberattack and tests how well your defenses stand up against unknown threats.
• Gray Box Testing: The tester partially knows the system, combining white box and black box testing elements. This method allows testers to focus on specific areas of concern while still simulating a more realistic attack.

Regular software security audits offer a realistic assessment of your software’s defenses, allowing you to address any vulnerabilities before an attack occurs. In a world where cybercriminals are constantly developing, this is incredibly valuable.

Now that you understand how penetration testing enhances your software’s defenses, let’s explore the importance of security compliance audits and how they ensure your software adheres to industry regulations.

Security Compliance Audits

A software security audit is a detailed examination of your software and systems to verify that they meet all applicable security and data protection regulations. These audits are often conducted by external auditors who specialize in understanding the legal and regulatory requirements of your industry.

The goal is to confirm that your organization is following the necessary standards to protect sensitive data and maintain a secure environment.

The audit process typically involves:

1. Reviewing Security Policies: Auditors will assess your organization’s security policies to ensure they align with regulatory standards. This includes how you handle sensitive data, employee access controls, and how encryption is applied throughout your systems.
2. Evaluating Security Controls: Auditors will test the effectiveness of your security measures, such as firewalls, encryption protocols, access controls, and monitoring systems. These evaluations ensure that your systems are properly configured to protect sensitive information from unauthorized access or breaches.
3. Verifying Documentation: Proper documentation is crucial for compliance. Auditors will verify that your organization keeps records of security measures, incident responses, previous audits, and ongoing compliance efforts. This documentation is often required to prove that your organization has taken steps to maintain security and adhere to legal standards.

Benefits of Security Compliance Audits

• Avoid Penalties: Non-compliance with regulations like GDPR, HIPAA, or PCI-DSS can result in severe financial penalties. Regular compliance audits ensure that your organization avoids these fines by staying on top of regulatory requirements.
• Build Trust: Security compliance audits show that your organization takes data protection seriously, which can strengthen trust with customers, partners, and stakeholders.
• Identify Gaps: These audits help you identify any areas where your security measures may fall short of regulatory requirements, allowing you to address them proactively.
• Enhanced Data Protection: By ensuring your software meets compliance standards, you help protect sensitive data from being compromised, maintaining both privacy and security.

According to the 2023 Global Compliance Risk Benchmarking Survey conducted by KPMG, cybersecurity remains a top compliance priority for organizations worldwide as they strive to safeguard sensitive data and manage evolving digital threats. 

Compliance is just one piece of the puzzle. Your technology should also work for you, not against you. That’s why Codewave offers comprehensive Technology Audits. Whether it’s a review of your application architecture, infrastructure, or security at multiple levels, our technology audits are tailored for businesses running digital technologies 24/7.

We’ll also provide a Tech Debt Report to reveal any underlying issues that could slow down your business and actionable insights for improvements.

Internal vs. External Audits

When it comes to maintaining strong security practices, conducting both internal and external audits can provide a comprehensive understanding of your software’s security posture. 

While both software security audits serve the same purpose of identifying vulnerabilities and ensuring compliance, they differ in who performs the audit and how they approach the evaluation.

Let’s look at this table to understand it better. 

Key Aspect	Internal Audits	External Audits
Definition	Conducted by the in-house security team or internal auditors to continuously monitor and assess security.	Performed by independent third-party auditors who provide an unbiased review of the security posture.
Who Conducts It	Internal security staff with deep knowledge of the company’s systems and processes.	Independent, external professionals or firms specializing in security audits.
Monitoring Frequency	Ongoing, often integrated into the daily operations and development cycles.	Periodic, typically conducted as a scheduled event or required by regulations.
System Knowledge	Deep understanding of internal systems, processes, and unique organizational needs.	Unbiased with no familiarity, providing fresh insights and an objective evaluation of systems.
Cost	More cost-effective as it utilizes internal resources and staff.	Generally more expensive, due to the need to bring in external expertise and resources.
Compliance Focus	Helps ensure continuous compliance with internal policies and prepares the organization for external audits.	Essential for meeting regulatory requirements and gaining industry certifications, such as PCI-DSS or HIPAA.
Response Time	Fast, as internal auditors can implement changes or fixes immediately upon discovering issues.	Slower, since it involves external reporting and coordination before action is taken.
Perspective	Familiarity with systems can lead to more detailed insights but might also result in overlooked issues due to bias.	Provides an objective, external perspective, which may reveal vulnerabilities missed by internal audits.
Best For	Day-to-day security monitoring, quick fixes, and ongoing security improvements.	Independent verification of security standards, compliance, and regulatory certifications.

Benefits of Internal Audits:

• Proactive Security: Internal audits help catch security flaws early, allowing your team to address issues before they escalate.
• Improved Compliance: Regular internal audits ensure that your organization stays compliant with security regulations by addressing potential gaps.
• Faster Response Time: Because internal audits are conducted within the organization, the team can quickly implement changes or fixes when vulnerabilities are detected.

Benefits of External Audits:

• Fresh Perspective: External audits offer a new set of eyes, which helps identify overlooked vulnerabilities or potential risks.
• Enhanced Credibility: An external audit provides assurance to regulators, customers, and partners that your organization’s security practices are up to standard.
• Regulatory Certification: External audits are often necessary for certifications and compliance with industry regulations, which can be crucial for maintaining trust and legal standing.

Which Audit Should You Choose?

Both internal and external audits are essential for a well-rounded security strategy. Internal audits allow for continuous monitoring and fast fixes, while external audits offer an unbiased, in-depth evaluation that ensures compliance and boosts credibility.

For many organizations, a combination of both is the best approach, allowing you to maintain a secure environment with routine internal checks while benefiting from the expertise and objectivity of external auditors.

By using both internal and external software security audits, you can ensure that your software is constantly being monitored and tested from multiple angles, reducing the chances of vulnerabilities going unnoticed.

Next, let’s explore how integrating security throughout your Software Development Lifecycle (SDLC) can further enhance your software’s overall protection.

Software Development Lifecycle (SDLC)

Security shouldn’t be an afterthought; it needs to be built into every stage of your Software Development Lifecycle (SDLC), including software security audits. Integrating security practices from the initial design phase through deployment and maintenance ensures that your software is protected from potential threats at every step.

This proactive approach, often called DevSecOps, helps identify and mitigate risks, reducing the chance of vulnerabilities.

Benefits of Integrating Security into the SDLC

• Compliance Assurance: Ensuring that security is part of the SDLC helps maintain compliance with industry regulations, reducing the risk of legal issues.
• Better Collaboration: Integrating security into development workflows fosters better collaboration between developers, operations, and security teams, enhancing the overall quality and security of the product.

By embedding software security audits into the SDLC, you create more robust, resilient software that is less likely to be compromised. This approach helps protect sensitive data and saves time, money, and effort in the long run.

Now that we’ve covered integrating security into the SDLC, let’s wrap things up with a conclusion.

Conclusion

Overlooking even one vulnerability can lead to expensive breaches, lost customer trust, and hefty fines. However, there’s a better way to stay ahead of these threats. By conducting regular software security audits, you gain control over your security posture and ensure your software is resilient, secure, and compliant.

Security is about building solid and dependable systems from the ground up. When you integrate software security audits into your Software Development Lifecycle (SDLC), you’re protecting your business as well as creating an environment where new ideas can grow.

At Codewave, we help you find and fix vulnerabilities while partnering with you to build lasting security into every stage of your development process. Additionally, our comprehensive QA Testing Services ensure your software runs smoothly and efficiently, giving you confidence in its performance. Our team is ready to empower your business with the tools and expertise needed to stay secure and compliant. Take action today! Contact Codewave, and let’s secure your software, protect your data, and ensure a safer future for your business.