Businesses must be more cautious to protect themselves from cyber threats as digitalization and the use of SAP systems increase. SAP S/4HANA is critical for many enterprises as it provides the foundation for business operations. As digitalization and Industry 4.0 continue to increase, SAP S/4HANA lays the foundation for many modern business scenarios.
SAP systems are important for many industries and their security is a major concern, making them vulnerable to cyber attackers. This article will discuss cyber risks and how you can assess your individual and organizational SAP systems’ risks. What are cyber risks?
The term cyber risk refers to the risk of an organization losing or damaging its assets from a cyberattack. This can include financial losses, reputational damage, and the loss of sensitive data. Cyber-attacks can come in many forms, including phishing scams, malware, and ransomware. With the rise of digitalization and the increasing use of SAP systems, businesses need to be more vigilant in protecting themselves from cyber-attacks.
How to Derive Your Individual Appetite?
When it comes to SAP cyber risks, it’s essential to understand your risk appetite. This refers to the level of risk you are willing to accept to achieve your goals. For example, a business heavily reliant on SAP systems may have a higher risk appetite than one that is not. To determine your risk appetite, you should consider the following factors:
- Your business goals and objectives
- The potential impact of a cyber-attack on your business
- The likelihood of a cyber-attack occurring
- The cost of implementing security measures
With these factors in mind, you can determine the risk you are willing to take and the needed steps to protect you.
How to assess risk for Enterprise Critical SAP Applications?
When it comes to SAP systems, it’s crucial to understand the potential risks and take steps to mitigate them. Some of the most common risks associated with SAP systems are:
- SAP Risks: This refers to the potential loss or damage to an organization caused by a cyber-attack on an SAP system. This can include financial losses, reputational damage, and the loss of sensitive data.
- SAP Cyber Security: This refers to the measures to protect SAP systems from cyber-attacks. This can include firewalls, antivirus software, and intrusion detection systems.
- SAP Attack: This refers to a cyber-attack on an SAP system. This can include phishing scams, malware, and ransomware.
- Business Risk: This refers to the potential loss or damage to an organization caused by a cyber-attack on an SAP system. This can include financial losses, reputational damage, and the loss of sensitive data.
To assess the risk for your enterprise’s critical SAP applications, you should conduct regular security assessments and penetration testing. This will help identify any vulnerabilities in your systems and allow you to take steps to mitigate them. Keep your systems and software up to date to ensure you’ve patched any known vulnerabilities.
Cyber risk is an ever-present threat to businesses in this new digital age. With the increasing use of SAP systems, it’s crucial to understand the potential SAP risks and take steps to mitigate them. By knowing your risk tolerance, and doing security assessments and penetration testing, you can safeguard your business from a cyber-attack. Remember that cyber risk is a moving target, so you must remain vigilant and keep your systems and software up to date to ensure your protection.
By Christoph Nagy, CEO, SecurityBridge
Christoph Nagy has 20 years of working experience within the SAP industry. He has utilized this knowledge as a founding member and CEO at SecurityBridge–a global SAP security provider, serving many of the world’s leading brands and now operating in the U.S. Through his efforts, the SecurityBridge Platform for SAP has become renowned as a strategic security solution for automated analysis of SAP security settings, and detection of cyber-attacks in real-time. Prior to SecurityBridge, Nagy applied his skills as a SAP technology consultant at Adidas and Audi.