What are cyber risks and how do financial institutions manage them effectively?
Cyber risks encompass all threats arising from IT vulnerabilities, cyberattacks and third-party dependencies. Since DORA (January 2025), banks, insurers and payment service providers must demonstrate a documented ICT risk management framework. ADVISORI supports risk identification, framework development and incident response.
- ✓Protection against financial losses from cyberattacks
- ✓Compliance with regulatory requirements (GDPR, KRITIS, NIS2)
- ✓Minimisation of reputational damage from data breaches
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How do you build effective cyber risk management under DORA and NIS2?
Our Strengths
- In-depth expertise in cybersecurity and regulatory requirements (GDPR, KRITIS, NIS2)
- Experience with advanced security technologies and AI-supported solutions
- Proven implementation strategies with demonstrable results
DORA mandatory since January 2025
Since 17 January 2025, DORA is legally binding. Financial institutions must maintain an ICT risk management framework, report severe ICT incidents to BaFin and conduct regular resilience tests. Non-compliance risks supervisory measures.
ADVISORI in Numbers
11+
Years of Experience
120+
Employees
520+
Projects
We support you with a structured approach to developing and implementing your cyber risk management.
Our Approach:
Analysis of the existing cybersecurity situation and processes
Development of tailored cybersecurity frameworks and methodologies
Implementation, training and continuous improvement
"Effective cyber risk management is essential for the digital resilience and long-term success of an organisation in an increasingly complex and threatening cyber environment."
Melanie Düring
Head of Risk Management
Our Services
We offer you tailored solutions for your digital transformation
Cyber Risk Identification & Assessment
We systematically analyse your IT landscape and identify potential cyber risks using recognised frameworks such as NIST, ISO 27005 and DORA. On the basis of a structured risk analysis, we prioritise areas for action and create a sound decision-making basis for your management.
- Threat and vulnerability analysis across the entire IT infrastructure
- Risk assessment using quantitative and qualitative methods (e.g. FAIR, ISO 27005)
- Creation of prioritised risk registers with clear recommendations for action
- Consideration of regulatory requirements from DORA, BAIT, MaRisk and NIS2
Cyber Risk Framework & Governance
We support you in designing and implementing a regulatory-compliant cyber risk management system that is smoothly integrated into your existing governance structure. In doing so, we ensure that roles, responsibilities and processes are clearly defined and sustainably embedded.
- Development and implementation of a tailored cyber risk framework
- Definition of risk appetite, tolerance limits and escalation processes
- Establishment of reporting structures and dashboards for the board and supervisory bodies
- Integration into existing ICS, compliance and risk management processes
Cyber Resilience & Incident Management
We help you to specifically strengthen your organisation's resilience against cyberattacks and remain capable of acting in an emergency. From developing incident response plans to conducting practical exercise scenarios, we prepare your organisation comprehensively.
- Development and implementation of incident response and emergency plans
- Conducting tabletop exercises and crisis scenarios to strengthen response capability
- Establishment and optimisation of SIEM, SOC and monitoring structures
- Design of business continuity measures with a focus on critical IT systems
Third-Party & Supply Chain Risk Management
Cyber risks frequently arise through external service providers and supply chains — we support you in the systematic assessment and management of these risks in line with regulatory requirements. Through structured review processes and contractual safeguards, we create transparency across your entire service provider chain.
- Establishment of a structured Third-Party Risk Management process (TPRM)
- Risk-based assessment and classification of IT service providers and critical suppliers
- Development of minimum requirements and security standards for contractual partners
- Implementation of DORA requirements for ICT third-party providers and outsourcing management
Our Competencies
Choose the area that fits your requirements
Anti-financial crime consulting for financial institutions and regulated companies. We build end-to-end AFC frameworks: AML compliance, KYC processes, sanctions screening and fraud detection with AI-powered analytics.
Anti money laundering and AML compliance for financial institutions. Risk analysis, transaction monitoring, KYC and regulatory requirements.
Professional crisis management for organisations. Crisis planning, business continuity, communication and recovery in crisis situations.
Identify, assess and manage ICT risks – from BAIT to DORA. We support financial institutions in developing and implementing regulatory-compliant IT risk management frameworks.
KYC (Know Your Customer) compliance is a regulatory obligation under Germany's Anti-Money Laundering Act (GwG) and EU AML directives. ADVISORI helps banks and financial institutions implement efficient KYC processes — from customer identification and due diligence to continuous monitoring. With risk-based approaches and modern technology, we transform your KYC compliance into a competitive advantage.
We design and implement tailored ORM frameworks for your institution – from risk identification through RCSA and scenario analysis to regulatory-compliant loss data collection and KRI monitoring.
Frequently Asked Questions about Cyber Risks
What are cyber risks and what categories are distinguished?
Cyber risks encompass all threats arising from the use of IT systems: data theft, ransomware, system outages, phishing, insider threats and third-party vulnerabilities. They are a subcategory of operational risks but are characterised by high dynamism, global reach and difficult quantification. Regulatorily, they are classified under DORA as ICT risks, under MaRisk as operational risks and under NIS 2 as network and information security risks.
What DORA requirements apply to cyber risk management for banks?
DORA (EU Regulation 2022/2554) has required banks since January
2025 to maintain a documented ICT risk management framework with clear governance, conduct regular resilience tests including Threat-Led Penetration Testing (TLPT), report severe ICT incidents to BaFin within
4 hours and implement structured ICT third-party risk management. Additionally, BAIT, MaRisk AT 7.2 and the IT Security Act 2.0 apply.
How does one conduct a cyber risk assessment using ISO 27005 or FAIR?
A cyber risk assessment comprises four steps: asset identification (critical systems and data), threat and vulnerability analysis, risk evaluation by likelihood and impact and measure prioritisation. ISO
27005 uses qualitative scales and risk matrices while FAIR (Factor Analysis of Information Risk) quantifies risks monetarily. For DORA-regulated institutions, we recommend a combination of both methods with annual updates.
What does an incident response plan for cyber incidents include?
An incident response plan defines roles and escalation paths (CISO, IT management, board, legal department), incident classification by severity, immediate technical measures (isolation, forensics, recovery), reporting obligations (BaFin within
4 hours under DORA, GDPR within
72 hours) and lessons-learned processes. Regular tabletop exercises ensure the plan works in an actual emergency.
How does one integrate cyber risks into enterprise-wide risk management?
Integration requires a unified risk taxonomy that maps cyber risks as a subcategory of operational risks, common assessment scales for likelihood and impact, defined risk appetite thresholds and regular reporting to the board and supervisory council. Technically, GRC platforms and SIEM systems are linked to the central risk register. DORA explicitly requires this integration in Article 6.
How does ADVISORI support building a cyber risk management programme?
ADVISORI guides you through three phases: In Phase 1, we analyse the existing IT security posture, conduct a gap analysis against DORA, BAIT and NIS 2 and assess maturity. In Phase 2, we develop a tailored cyber risk framework with governance structures, risk assessment methodology and control framework. In Phase 3, we implement processes, train teams and establish monitoring with KRIs. Over
520 completed projects demonstrate our implementation strength.
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