Currently, maintaining ERP data protection has taken on enormous importance at the global level. In the recent past, data breach cases have been more common, recording an exponential increase in numbers in the past few years. These cyber-attacks point to major security implications that need urgent attention from companies that use ERP software. It is important to accord top priority to ERP data protection. And it is best if companies take prompt decisions and act on them, given the increasing ambit of laws that govern data privacy.
According to available data, 81 percent of clients will cease to communicate with a brand online after a data breach. In addition, 63% of customers believe it is the duty of companies to protect their data. It is understandable, therefore, that the stakes are very high.
The Ideal Target for Cybercrimes
Usually, cybercriminals try to get financial data or other direct payoffs. They might, for example, funnel funds directly into anonymous accounts or, through ransomware, hold the entire IT infrastructure hostage.
For hundreds of dollars, medical and patient information might sell out. In fact, within and outside of your company, any personally identifiable information (PII) may attract malicious actors. The PII can be used by using it to guess passwords, perform spear-phishing attacks, or sell it to the unscrupulous to facilitate future cyber-attacks.
It may be noted here that businesses with strong cybersecurity measures continue to deal with less cyber-attacks than those without cybersecurity steps. As such, rather than multinational firms, hackers frequently tend to target smaller businesses, as the latter barely have sufficient cybersecurity.
Hackers are also targeting databases (especially misconfigured databases with no authentication protection) and other vulnerabilities, such as authentication applications, ports, and portals.
Ensuring ERP Data Security: Some Strategies
In the current situation, a comprehensive identity and access management (IAM) system must be placed in place for any organization that uses ERP Data Security software. If a typical username-password combination is in place, hackers can otherwise easily get access to users’ login credentials.
If your company has users with high privileges, you would do well to be extra careful because access to high privileges is like a hacker’s dream come true.
In addition, companies should also consider Safety Orchestration, Automation, and Response (SOAR). SOAR emphasizes business processes and automation that help incorporate appropriate measures of cybersecurity into current workflows.
Outlined here are three ERP data Security protection measures.
1. Multi-Factor Authentication: By allowing a strict identity and access management policy, it ensures sufficient ERP data protection. It does so by evaluating several credentials before approving an access request.
2. Automation: The ERP system has to minimally interrupt business processes, and most next-gen cybersecurity approaches prioritize carrying out as many of their operations without direct human interference as possible. If threats are identified, business automation helps rapidly recognize and remedy them.
3. Behavioral Monitoring: This includes both human users and non-human users, such as apps and databases. It ensures that the accurate workflows and business processes are followed by all. Checking is needed when they don’t.
In addition, in order to find any weaknesses in the corporate network, organizations can also do threat hunting and security testing.
Companies can upgrade the ERP software framework as soon as possible if a new update is available. The updates provide critical data protection information without which the network could be left vulnerable.