At the global level, ensuring ERP data security has currently assumed immense significance. In the recent past, since the second half of 2019, to be precise, instances of data breach have rather been more frequent, registering an exponential spike in numbers. These cyber-attacks point to important security implications that need immediate attention from organizations using ERP software. ERP data security needs to be accorded topmost priority. And with so many regulations mandating data protection, it is better if organizations take timely decisions and act on them.
According to Ping Identity, after a data breach, 81 percent of customers will cease to connect with a brand online. Besides, 63 percent of consumers believe it is the responsibility of businesses to protect their data. It is, therefore, understandable that the stakes are very high.
What’s the Perfect Target for Cybercrimes?
Cybercriminals typically try to get financial information or some direct payoff. They could funnel funds directly into anonymous accounts, for example, or keep the entire IT infrastructure hostage via ransomware.
Medical and patient details could sell out for hundreds of dollars. In reality, any Personally Identifiable Information (PII) could attract malicious actors inside and outside of your company. The PII may be used to promote potential cyber-attacks by using it to guess passwords, execute spear-phishing attacks, or selling it to the unscrupulous.
Interestingly, companies with good cybersecurity defenses continue to contend with fewer cyber-attacks than businesses without cybersecurity measures. As such, hackers often appear to threaten smaller companies rather than multinational corporations, as the former barely have adequate cybersecurity.
Also, hackers target databases (especially misconfigured databases with no protections for authentication), and other vulnerabilities such as applications, ports, and portals for authentication.
Easy Steps that Ensure Data Security
In the current scenario, every company that uses ERP software needs to put in place a robust system of identity and access management (IAM). Hackers can, otherwise, easily get access to users’ login credentials if a traditional username-password combo is in place.
If your organization has high privilege users, you will do well to be extra cautious because getting high privilege access is like a dream come true for the hackers.
Besides, Safety Orchestration, Automation, and Response (SOAR) should also be considered by businesses. SOAR emphasizes business processes and automation that help integrate adequate cybersecurity measures into existing workflows.
3 Steps to ERP Data Security
1. Multi-Factor Authentication: It ensures adequate ERP data security by enabling a stringent identity and access management policy. It does so by considering multiple credentials before an access request is authorized.
2. Behavioral Monitoring: It extends to both human users and non-human participants, such as applications and databases. It guarantees everybody implements correct workflows and business procedures. When they don’t, checking is needed.
3. Automation: ERP system needs to disrupt the business processes minimally, and most next-gen cybersecurity approaches prioritize conducting as many of their operations as possible without direct human intervention. Business automation helps speedy identification and remedy if threats are detected.
Besides, businesses should frequently do threat hunting and security testing to detect any vulnerabilities on the corporate network.
Whenever a new update is available, the companies should upgrade the ERP software system as soon as possible. The updates provide essential information relating to data security without which the network may be left vulnerable.