Yes, isomerism can occur in cyclic structures, just look for chirality (an atom with 4 different groups attached to it).
If you look at the carbons that each H and Br atom is attached to in that image, you should realise they're chiral (it has 4 different groups). This means that it has 2 unique combinations in which those 4 groups can be arranged to be structurally distinct from one another. When both Bromines are facing towards you is one isomer, and when both bromines are facing opposite from each other (if both bromines faced away, it would be the same structure as them both facing us, just flipped around). These two isomers are in that image.
The consequences of this can be seen in regioselectivity/stereoselectivity of reactions, i.e. Br is more bulky than H, so expect nucleophiles to attack from the H-side rather than Br