Carrying out a risk and threat analysis for a machine manufacturer

With CyberCompare, we want to help companies strengthen their digital security effectively, cost-effectively and in the long term. An integral part of this mission is the risk and threat analysis, in which we examine for companies their current cyber risk situation, prioritize measures strategically and facilitate sustainable cyber risk management through an individual report.

How a CyberCompare risk and threat analysis led to competitive advantages for a machine manufacturer

What we were faced with

After changing his system our client needed help with the planning and executions of a risk analysis and a business impact analysis (BIA).

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How our team helped

We focused on the acquisition of information. Based on that information we conducted a workshop and created multiple risk analyses.

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What we achieved

Thanks to the analyses multiple vulnerabilities were easily found and closed. Additionally, the risk assessment will be available for the management for continued help with future decisions.

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Perspective from one of our experts:

“My tip:[…] spend some time actively thinking about your cyber risk. Develop concrete worst-case scenarios so you better understand the points where you need cyber insurance as support, and then build that into your emergency plan. In general, you should regularly simulate crisis situations so that you can rely on your processes if the worst happens.”

Read the whole interview

Ole Sieverding

Underwriting Manager for cyberinsurance at Hiscox

Challenge

Modernisation of OT und IT

Our client was a large German machine manufacturer who was in the process of changing to smart machines and a remote service model. This created multiple new risks with which our client needed help.

Find out how how to keep your IT and OT up to date with security.

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Approach

Analysis of the system and identification of vulnerabilities

First, we identified the current state of cyber risk and the top risk scenarios. To archive this our expert team started to conduct interviews with important employees. To process the collected information, we organized a workshop and acquired what the desired state of security should be – according to our risk analysis. Afterwards we prioritized potential actions according to an evaluation of the loss and disruption potential of assets. The results as well as a customized reference architecture to minimize attack surface and attack vectors were summarized in a report for the management.

The CyberCompare method:

Analysis of the cyber risk situation
Workshop to identify the current state
Creation and prioritization of measures
Management report for ongoing use

Effect

Minimization security risks and attack vectors

From the analysis we found a few critical vulnerabilities which we thoroughly analyzed and evaluated. Through the recommended architecture which follows Security by Design, the vulnerability surface and the attack vectors were minimized. The created risk report is available for the management for future decisions of budget, guidelines, and procedures. The guidelines to the risk report help the company to choose measures efficiently. Further, the achieved long-term cost reduction through using the best solution for business critical sectors gives the company an competitive advantage.

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Simeon Mussler

COO Bosch CyberCompare

+49 (0)711 811-19893

Simeon.Mussler@bosch.com