In today's digital world, it is essential for companies to digitize their business models in order to remain competitive. However, with digitization come new risks and challenges, especially in the area of cyber security. Cybercriminals are looking for vulnerabilities to infiltrate companies and steal sensitive data or manipulate systems. Therefore, it is important for companies to protect their digital resources from such attacks.

According to a special analysis of the "Kreditanstalt für Wiederaufbau" (KfW) SME Panel, three out of ten German SMEs were victims of cybercrime between 2018 and 2020. Larger companies with more than 100 employees and those with pronounced digitization activities were particularly affected. Most attacks targeted extortion of ransom or silence money, or were carried out through targeted overloading of websites.

One way to protect against such attacks is to implement cyber security measures. It is important for companies to take a proactive approach and take steps to protect their digital resources. This includes regular firewall checks, updating operating systems and applications, and training employees in cyber security. Implementing encryption technologies and using password managers can also help increase the security of digital resources.

As a provider of cyber security audits, we can help you protect your digital resources and improve your cyber security. We offer a wide range of audit services, including checking your IT systems, configuring firewalls and antivirus software, reviewing networks for vulnerabilities, and conducting penetration tests to uncover potential security gaps.

With our expertise and customized recommendations, we can protect your company from cyber attacks and make your business processes safer and more effective. Contact us today to learn more about how we can help you improve your cyber security.

In cooperation with colleagues from the DIIR working group "Audit of Finance and Accounting", our Managing Director Sami Abbas has revised and updated the fourth edition of the "Revision des Finanzwesens" guide.

Below is an excerpt from the contents of the book:

One of the central tasks of the internal audit department is to audit measures to raise and repay funds from the perspective of adequacy, effectiveness, security and regularity. Economic efficiency must also be considered when designing the payment, information, control and security relationships between companies and investors - since funds are to be obtained as cheaply as possible and liquid funds are to be invested optimally.

This volume gives you a quick, condensed overview of

• essential financing instruments in a company,
• relevant audit fields of finance,
• critical risks that become important from an auditing point of view.

Practical examination guidelines on financial planning, financing, cash management, payment transactions and payment security support you in the targeted implementation.

ISBN

978-3-503-15874-4

Under the leadership of our managing director, Sami Abbas, the second edition of the audit guidelines for the Audit of company insurances, which was first published in 2000, was revised and updated.

Company insurance is an essential tool that can be used to eliminate or reduce risks as part of risk management in the form of risk transfer. These audit guidelines support auditors in auditing company insurances by

• the main types of insurances that are essential for a company are presented
• the conclusion of the contract, the design of the contract, the basis of the contract, the update of the contract, the structure of the premium and the processing of claims are considered from an auditing point of view
• the subject matter of the insurance, the terms of contract, focal points of the audit, audit questions and explanations are presented for individual insurance policies to ensure an appropriate and sufficient risk-oriented audit of the individual insurance policies by the internal audit department on this basis in the interests of corporate management.

With examination guidelines for a total of 35 different insurance policies for practical audit work, expanded compared to the 1st edition to include, for example, cyber risk insurance, ransom insurance (kidnap & ransom) or directors and officers liability insurance (D&O insurance).

The book "Audit of the internal control system, audit guidelines on function and effectiveness" from the "DIIR publication series", volume 60, published in March 2020, in which our managing director Mr. Sami Abbas played a leading role in, was published in the ZIR magazine "Interne Revision", Edition 2/2020 and got reviewed.

"This work offers a practical guide to identifying risks in business processes, identifying controls and checking the effectiveness of these controls, which are essential for assessing the ICS."

Source: ZIR Zeitschrift Interne Revision“, Issue 2/2020.

The complete Article (in German):

Aktuell - Erich Schmidt Verlag (ESV)

Link tot he book:

Revision des Internen Kontrollsystems - Prüfungsleitfäden zu Funktion und Wirksamkeit - Erich Schmidt Verlag (ESV)