Cybersecurity

Cybersecurity is vital to safeguard company information from unauthorised access by third parties. Personal and business data are valuable. Cybersecurity measures ensure that valuable data are not lost or stolen through cyber-attacks. Cybersecurity pays off in the following aspects of company security:

• Identity protection,
• Protection from financial loss
• Protection from reputational damage
• Preservation of privacy – both of the clients and staff of your organisation
• Safeguarding of information that is critical to business
• Compliance with legal provisions and, last but not least
• Protection from cyber-attacks

Companies today are under massive pressure regarding cybersecurity, and the size of the organisation is playing less and less of a role – it can affect anyone. Data and the organisation’s reputation are valuable. Making sure this is safe is a job for management which has a high priority.

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The overall cost of cybersecurity cannot be estimated. It depends on the size of the organisation and the number of staff. The business model, sector and current digital status also play a role.

The costs are affected by the scope of the security measures to be taken, internal and external personnel expenses, technology costs for software and hardware solution, legally prescribed compliance requirements on the industry (also see KRITIS requirements), the organisation’s risk management system, training and awareness of staff and steps necessary to identify incidents.

Experience shows, however, that the costs for prevention and setting up cybersecurity are always smaller than the costs that an attack can create.

We recommend undertaking to record the current status by means of a comprehensive survey and a risk assessment. This will allow you to identify vulnerabilities in your digital infrastructure. Focus on your most critical assets and data and implement clear security guidelines. Train your staff regularly. A disaster recovery plan should also be prioritised in order to be able to deal with a cyber-attack quickly. Cybersecurity insurance can also offer additional protection. We will be glad to assess the conditions and effectiveness of this kind of insurance for your organisation.

To be able to give an accurate recommendation, we first have to establish which systems are in use. This requires undertaking a comprehensive survey of the IT infrastructure, followed by a risk assessment and action. KRITIS guidelines also need to be complied with and questions answered, such as: is your organisation a provider of critical infrastructure? Do you have a duty to report or be certified? We recommend drafting a contingency plan that defines contact persons and includes simulated emergency training (penetration tests, vulnerability scans).

Legislation like the General Data Protection Regulation (GDPR) and the liability of directors are relevant to companies and management. Sector-specific regulatory requirements such as ISO/IEC 27001, KRITIS, MaRisk, VAG, TISAX, the BSI Act also have to be complied with.

A cybersecurity consultant is an expert in the development, implementation and maintenance of effective cybersecurity measures at an organisation. His or her job is to protect information systems, networks and data from threats in the virtual realm.

In selecting cybersecurity consultants, you should make sure that they are up-to-date with the latest technical developments. The internet changes fast and hackers across the globe are creative – and so cybersecurity experts have to be too in order to work effectively.

The phrases cybersecurity and IT security are often used interchangeably. But there small differences between the two terms. IT security includes physical measures that prevent the loss of data. This also involves access controls and security guidelines – online and offline. Cybersecurity primarily concerns itself with attacks from outside by hackers or malware.

Both IT security and cybersecurity need to have their place and have to be kept up-to-date.

Today, cybersecurity is a crucial part of business security. It is a part of things today just as much the alarm system on the company premises and is the result of increasing digitalisation. It serves to:

• Protect from financial loss
• Safeguard information that is critical to business (including intellectual property)
• Preserve the company’s reputation
• Comply with legal provisions
• Prevent interruptions to operations
• Protect against data and identity theft, and
• Prevent breaches of data protection.

Digital networking makes it necessary for organisations to also protect and secure themselves in the virtual realm. Cyber-attacks are a part of everyday life today and no longer only affect large multinationals, but organisations of every size. Customer data, intellectual property, and even the organisation’s reputation are at risk.

Cybersecurity today is part of every organisation’s basic security measures. It provides protection from cyber-attacks, financial and data loss, ensures the continuity of business and the security of personal data. It preserves the organisation’s reputation and compliance with legal provisions. Cybersecurity is particularly crucial for organisations included under critical infrastructure (KRITIS). With these, there is a public interest in cybersecurity and the requirements on them are particularly strict.