Organizations can transform themselves digitally by adopting a smart ‘security-and-privacy’ strategy. Unfortunately, cybersecurity risks have become commonplace for modern businesses during the past decade or so. Distributed denial of service attacks (DDoS), ransomware, data breaches, etc. are all common problems impacting businesses of all sizes across industries. In this context, ERP data security and data privacy have assumed critical importance.
This efficiency of the cybercriminals has evolved along with the industry’s digital transformation. They make the most of technology and business process security vulnerabilities.
But how can a company make ‘security-and-privacy’ an enabler of digital transformation?
Digital Transformation and Security Exploits
Transforming the enterprises digitally resulted in an industry-wide explosion in innovation. The drivers included efficiency gains, increased customer engagement, and, with that, competitive edge retention. Resources for achieving this digital transition included cloud computing, the Internet of Things (IoT), automation, and, more recently, remote-working technology — including digital assistants.
Smart technologies are essential to building the right climate for digital transformation. Cybercriminals are targeting emerging innovations, such as cloud computing and IoT. Fraudsters love data, and they will find every way to reveal and manipulate these data.
Plugging Security Gaps
A recent study of the challenges of digital transformation revealed that 65 percent of respondents were held back by challenges in securing the process and environment of digital transformation.
Protection is the stumbling block, time and again, in breaking through the digital transformation barrier. The solution is to integrate cyber-safety initiatives (for example, ERP data security and data privacy) into the transformation strategies.
The added security-and-privacy to the process is a dual approach to allowing digital transformation. Security and privacy have to become part of the process of transformation.
Digital Transformation in a Secure Way
Cloud systems, mobile devices, and IoT all allow diverse ways to operate. They also help remote work. These technologies work over a complex network of linked endpoints and servers to do so. Using security solutions designed for this expanded environment helps minimize the risk when transferring data over a wide area.
Tools which help secure technologies for digital transformation include:
1. Encryption: To encrypt data during transit and rest periods.
2. Authentication: To ensure effective implementation of access controls. A smart strategy is to use multi-factor authentication. Other authentication steps, such as applying attribute-based access controls to improve the credentials needed under certain conditions.
3. Smart Behavior Monitoring: Machine learning-based systems are implemented to deter malicious insiders and foreign cybercriminals from stealing.
4. Identity and Access Management: Imposing control over who can access data is vital to securing every system. A robust identity approach is essential in distributed services that are interconnected through interfaces (APIs).
Enabling Transformation with Compliance
The regulatory landscape has, in recent years, become exceedingly stringent. The worldwide policy updates reflect the use of digitally transforming technologies that facilitate data processing. Strict provisions are contained in data security legislation and laws such as GDPR, SOX, CCPA, etc. Maintaining compliance with all these regulations can often be challenging when a company embraces the technology that promotes digital transformation.
Digital transformation takes place by due process. By incorporating cybersecurity into the process, you will ensure that your company digitizes business operations successfully. Security and privacy form a part of a modern extended enterprise’s trusted relationships. By closely linking cybersecurity and privacy, you can reduce the risk of a cyberattack, de-risk your organization’s data processing operations, and protect your reputation and brand as you digitally transform your organization.