Naturally, the immediate risk is if your organization has any of these actively-exploited vulnerabilities unpatched in your SAP environment. It’s imperative that your teams work to audit and patch your SAP systems for these vulnerabilities as soon as possible.
It’s important to note that for organizations where SAP is critical for the day-to-day operations of the business, any instance where SAP systems are taken offline and/or encrypted can have a significant financial and operational impact. Many organizations quantify this risk in the order of millions of dollars per hour or day, in consideration of unplanned downtime and disrupted business-critical processes across manufacturing, shipping, supply chain, sales, payroll, financial reporting, and more.
Additionally, the US Securities and Exchange Commission (SEC) introduced a set of new cybersecurity regulations on “material impact” in 2023. These rules further increased the regulatory, reputational and financial risks for SAP ransomware attacks. Beyond the ransomware risk itself, the additional risk for organizations lies in the additional transparency mandated by the SEC for “material cybersecurity incidents” (of which an SAP ransomware attack qualifies). The rule requires timely disclosure to the public within four days of determining materiality via SEC Form 8-K. Therefore, risk analysts now have to consider that broader public effect of security transparency (e.g., stock price changes, brand issues, executive and board responsibility) in their risk quantification calculations for the enterprise.
Ultimately, not being aware of the risks is no longer viable for organizations. Organizations must ensure the right level of governance around cyber risks that could affect ERP (not just SAP) applications. Start with a clear understanding of their Internet-facing ERP applications and then ensure this asset, gap, and threat visibility is accessible to all those responsible for securing critical systems. Follow this up with more proactive assessment of potential vulnerabilities and risk management for ERP applications.