Securing School Finances and Audits with Advanced Cybersecurity

Author: Vikki Woodfield, Digital Education & Strategy Services Team, Capita Entrust

The integration of technology into school operations is not just a convenience but a necessity. However, this increased reliance on digital tools also brings heightened risks of cyber threats. As members of governing bodies, it is crucial to understand the importance of cyber security audits, particularly in relation to financial planning and internal auditing.

The importance of Cyber Security audits 

Cyber security audits are essential in identifying vulnerabilities within a school’s digital infrastructure. These audits involve a comprehensive examination of the school’s cyber security policies, procedures, and controls. By conducting regular audits, schools can ensure that their cyber security measures are current and effective in protecting sensitive financial data.

The Department for Education has produced cyber security standards for schools and colleges, providing a minimum standard expected These standards help build cyber resilience and address the core principles of cyber governance, processes, and strategy.

Financial implications of Cyber Security 

A cyber security breach can compromise the integrity of financial data, leading to inaccurate financial reporting and potential compliance issues. Regular cyber security audits help maintain the accuracy and reliability of financial data, which is crucial for effective financial planning and decision-making. 

The financial repercussions of cyber-attacks on schools can be substantial. These costs include expenses related to the replacement of computer hardware, enhancing cyber security measures to prevent future attacks, and addressing the immediate aftermath of a breach. Beyond the direct financial costs, cyber-attacks can also lead to significant operational disruptions. 

Cyber Security and risk management 

The Academy Trust Handbook and Maintained Schools Governance Guide underscore the need for trusts and schools to have an audit and risk committee responsible for overall risk management, including addressing cyber security risks. By integrating cyber security audits into the broader risk management framework, schools can proactively identify and mitigate potential threats, ensuring the continuity of financial operations.

Strategic steps for governing bodies

• Mandate regular Cyber Security audits: Ensure that periodic audits are conducted to assess the effectiveness of cyber security measures.
• Strengthen internal controls: Verify that internal controls are in place to prevent unauthorised access to financial data.
• Stay informed: Keep up to date with the latest cyber security threats and best practices to protect the school’s financial assets.
• Engage with IT and financial professionals: Collaborate with IT and financial professionals to develop and implement comprehensive cyber security strategies.
• Promote Cyber Security awareness: Encourage training and awareness programs for staff on the importance of cyber security and protecting sensitive financial information.

Enhancing Cyber Security in schools 

Recent research highlights the alarming frequency and impact of cyber-attacks on educational organisations. A report by Infosecurity Magazine reveals that 73% of UK educational organisations have experienced at least one cyber-attack or breach in the past five years. This statistic is a stark reminder of the vulnerabilities that schools face. 

The increasing frequency and sophistication of cyber-attacks on schools necessitate a proactive and comprehensive approach to cyber security. Implementing a robust internal scrutiny program can help schools identify and address vulnerabilities before they are exploited by cybercriminals. It also fosters a culture of continuous improvement and accountability, ensuring that cyber security remains a top priority.

How can Capita Entrust’s Digital Education and Strategy Services team help? 

The Digital Education and Strategy Services (DESS) team can assist in strengthening your school’s cyber security posture. We provide a supportive and structured consultancy session to guide you through, and evaluate, your current cyber security provision against the DfE Meeting digital and technology standards - cyber security standards. 

Your school will receive a detailed report highlighting areas where your school meets DfE standards and suggested areas for improvement and action. The report can be used to set priorities for cyber security actions and as evidence for governance regarding your cyber security provision.

Find out more 

For more information on our cyber security support to the education sector or to arrange a cyber security audit with a member of the DESS team, please email information@entrust-ed.co.uk