Cyber Risk Management

In an era of pervasive and escalating cyber threats, it is imperative to adopt a proactive approach to safeguarding your organisation against potential risks. 

BDO Cyber Security is your trusted partner, providing comprehensive cyber security solutions and specialised services in the domains of information security management (ISMS) and cyber risk management.

With our expertise, you can assess risks, address vulnerabilities and implement effective preventive measures to ensure resilience against cyber-attacks.

Let us collaborate to enhance the security of your company and personal data, and to preserve the integrity of your system

What is cyber risk management?

Cyber risk management is a core element of the information security management system (ISMS). It focuses on the identification, assessment and treatment of risks in cyberspace.

Our services are designed to assist you in achieving your desired cyber risk management objectives:

• Risk identification: Recognising potential cyber threats and vulnerabilities
• Risk assessment: Analysing the probability of occurrence and potential impact
• Risk treatment: Selection and implementation of suitable security measures
• Risk communication: Transparent reporting to decision-makers
• Monitoring and review: Continuous review of effectiveness

Please refer to the "Methodology" section for further information.

Benefits of effective cyber risk management

Implementing effective cyber risk management can help to:

• Effectively protect your (digital) assets from cyber attacks
• Meet compliance requirements such as GDPR, DORA or NIS2
• Strengthen the trust of customers, partners and supervisory authorities
• Avoid high costs and reputational damage in the event of a cyber incident
• Increase your resilience to the ever-growing cyber threats

In addition, a functioning risk management system will help you to meet the requirements of ISO 27001, BSI IT-Grundschutz and GDPR as well as industry-specific laws and regulations such as DORA and NIS2.

It addresses not only IT-based attacks, but also other potential risks in the context of information security, such as data breaches, system failures or insider threats.

Our methodology for cyber risk management

The cyber risk management cycle encompasses the identification, assessment, treatment, communication and monitoring of risks to information systems in the context of cyber security.

The BDO Cyber Risk Management Cycle assists organisations in safeguarding their information systems against cyber-attacks and other digital and physical threats. The cycle comprises the following steps:

Risk identification

• Carrying out a comprehensive survey and classification of your IT infrastructure, business processes and information resources (asset identification)
• Analysis of potential cyber threats that could affect your company or the associated information resources. This includes, for example, malware, phishing, DDoS attacks or data breaches
• Identification of vulnerabilities in your IT systems in terms of confidentiality, integrity and availability of information. These can be security gaps in software, configuration errors or outdated systems.

Systematic risk identification provides a transparent overview of your cyber security situation and enables you to take targeted measures to mitigate risks.

Risk assessment and quantification

• Risk identification and risk analysis: Factors such as probability, potential impact and likelihood of occurrence are taken into account. In addition, risk quantification can offer decisive added value by converting risks into quantifiable figures and models. This allows for better understanding of future impacts and probabilities, as well as for more targeted risk assessment and evaluation.
• Assessment of the probability of occurrence and potential impact of the identified cyber risks
• Evaluation of risks based on defined criteria such as damage potential, compliance relevance or impact on your business continuity
• Quantification of the cyber risks
• Prioritization of risks to address the most critical threats

The risk assessment process enables you to concentrate your resources on the most significant cyber risks and prioritise your security measures.

Risk treatment

• Select the appropriate security measures to mitigate the identified cyber risks. Depending on the risk appetite, different risk treatment options are possible:
  • Risk avoidance: Risks can be avoided by restructuring business processes. The cause of the risk can be eliminated by restructuring the information network. This approach is logical if countermeasures are available but require significant effort, and the risk cannot be accepted.
  • Risk reduction: The implementation of additional and more effective security measures has the potential to reduce the risks and thus change the framework conditions of the risk.

  • Risk transfer: This involves the transfer of risk to other parties. This can be achieved through insurance or by outsourcing the risky task to an external service provider. It is important to ensure that contracts are properly designed to cover all eventualities.

  • Risk acceptance: The risk is accepted. This can be an effective means if risk treatment costs are no longer economically viable or if the hazard could only lead to damage under extremely specific conditions. Alternatively, this may be due to the fact that no sufficiently effective countermeasures are known or can be implemented.

  • Risk acceptance: The risk is accepted. This can be an effective means if risk treatment costs are no longer economically viable or if the hazard could only lead to damage under extremely specific conditions. Alternatively, this may be due to the fact that no sufficiently effective countermeasures are known or can be implemented.
    
    

• The objective is to develop and implement a cyber security strategy that includes technical, organisational and personnel controls.
• It is imperative to undertake a continuous review of security measures and adapt them as necessary in order to counteract the evolving nature of threats.

Implementing effective risk management strategies can safeguard your company against cyber threats in the long term and mitigate the consequences of any potential incidents.

Risk communication

• Regular reporting on the status of cyber risk management to management is required
• Risks must be presented transparently, including the measures taken and residual risks
• The relevant stakeholders must be involved to create a common understanding of cyber security

Open risk communication is integral to establishing transparency, trust and a shared understanding of cyber security within your company.

Risk monitoring and review

• Continuous monitoring of your cyber security situation and detection of incidents
• Regular review of the effectiveness of security measures through internal and external audits
• Derivation of improvement measures and adjustment of cyber risk management as required

Implementing continuous monitoring and review processes is the most effective way to ensure that your cyber risk management is always up to date and that your security measures are optimally effective.

Why BDO Cyber Security?

BDO Cyber Security has many years of experience and in-depth expertise in the field of cyber security. Our team of specialists provides comprehensive support to businesses and industries of all sizes, helping them to enhance their cyber resilience and protect themselves effectively against cyber threats. We offer a wide range of cyber risk management services, including:

• Risk analysis and threat modelling
• Development and implementation of your cyber security strategies
• Creation of information security policies and procedures
• Support in meeting your compliance requirements
• Continuous monitoring and improvement of your security level

Our holistic approach and cross-industry expertise make us a reliable partner for your business. We work closely with you to develop customised solutions that are perfectly tailored to your individual requirements.

With BDO Cyber at your side, you benefit from our many years of experience, our in-depth specialist knowledge and our innovative solutions. We provide comprehensive support in enhancing your cyber resilience and optimally safeguarding your company against cyber threats.