Cybersecurity in Cloud ERP

The continuous technological advancements and rise of the digital world precipitated a drastic change in various industry landscapes. It became more accessible for people to do and complete any tasks from shopping, finance, and communication. Moreover, the unprecedented economic effects of the COVID-19 pandemic accelerated the digitalisation of services along with the demand for efficient contactless transactions.

For most businesses, the global health crisis changed the way they work. While some enterprises could not withstand the financial stress caused by the pandemic, many organisations made it possible to adopt new business models by integrating modern solutions into their operations to keep the business going.

For years, organisations have invested in ERP (enterprise resource planning) systems. Apart from enabling a centralised digital platform for all business departments within the company, deploying ERP can also streamline and automate back-office functions, making the process more efficient for the employees. But the pandemic forced a lot of enterprises to have their employees on a remote work setup, and companies with on-premise ERP encountered challenges in completing essential business processes.

The Rise of Cloud ERP

As organisations start to shift to a remote work model amid the government’s lockdown mandates, they also scramble to figure out how to give remote workers secure access to vital information needed to run the business. These data are usually stored in private servers (on-premise) and require employees to work in the office.

This is why cloud-based ERP is gaining popularity among organisations in various industries. Just last year, the market for cloud-based ERP reached more than USD 44 billion. The continuous investment and integration of enterprises will contribute to the further growth of cloud ERP moving forward.

Employees can access information through web browsers, mobile applications, and personal or company-provided devices with cloud ERP.

Apart from making remote work more manageable, cloud ERP also brings in other benefits. For example, companies will not need to install and maintain onsite servers with cloud ERP, making it a cheaper option. It is also easier to implement since vendors look after cloud ERPs. Modern cloud ERP systems (like Dynamics 365) allow organisations to customise their ERP to meet business requirements.

To help mitigate these risks and make cloud ERP more efficient, cloud-based ERP has more advantages than on-premise systems similar to Microsoft sec and trusted worldwide.

The Need for Cybersecurity in Cloud ERP

The digital world is ever-evolving, and so are cyberattacks. Incidents and reports of data breaches constantly rise as hackers explore new ways to exploit a system to gain access to business-critical information. The Australian Cyber Security Centre released a statement that they received over 67 thousand fraud reports during the 2020-2021 financial year.

A successful cyberattack will destroy the supply chain and will cause financial and reputational damage to the business. It has become a challenge for countless companies to enforce strict digital security measures because criminals continually adapt to the security changes of organisations.

With cloud-based ERP, it is vital to implement robust security measures from the migration process to deployment. Enterprises should include a high level of security in their data migration strategy to ensure that hackers will not take advantage of the process.

The crucial part of cybersecurity measures in cloud-based ERP lies in utilising the system, where most cyberattack attempts often come. Here are some security aspects you need to consider when using cloud-based ERP.

Manage Access of Data

As stated earlier, cloud ERP is a tool used for remote work setup. That means other people besides the employee, such as their family, might access the system. Integrating a stringent identity verification solution with your cloud ERP can ensure that the person accessing the system and communicating in company servers is the actual employee, not someone with criminal intentions.

Reliable Data Protection

Hackers usually attack the software used in business operations, so enterprises need to have reliable layers of protection for the network. Having firewalls and antivirus systems can help prevent ransomware attacks from criminals.

Prepare a Mitigation Plan

Cybercriminals continuously attempt to exploit cybersecurity measures, no matter how strong they are. Hackers strike in various ways, so it is helpful to have a detailed plan to mitigate the effects of a successful cyberattack. It can also help create or adopt security strategies that can be integrated into existing security measures.

Proper Education

An ideal security measure that companies with cloud-based ERP can implement is appropriately educating the workforce about the security risks of using cloud ERP. With this, employees can help businesses monitor possible anomalies or suspicious activities to prevent any potential attacks.

Trends in Cybersecurity

In recent years, multiple robust cybersecurity measures have been introduced for various industries to counter the increasing attempts of cyberattacks. One of these is biometrics, which is gaining popularity among sectors because of its reliability.

With biometrics, employees will need to verify their identity with their biological data (like fingerprints), ensuring that only they have access to the company’s data. Apart from that, multifactor authentication is also being implemented by numerous enterprises. Here, the workforce will need to authenticate themselves using different means to gain access to the system.

These innovations in security technology can be easily integrated, providing multiple layers of security when you implement cloud ERP.

It is Vital to Secure Your ERP 

The past 15 months showed that remote work could be the new normal for many businesses. However, since organisations are still adjusting to these changes, they need to implement new technology into their business operations to boost the efficiency and productivity of the remote workforce. And cloud ERP will make it easier for employees to work at any location.

But the risk of security remains as cybercriminals continue to target businesses. The industry of cloud-based ERP is continually growing, and hackers will devise new ways of attacking vulnerable organisations. Investing in robust cybersecurity measures that you can integrate with your cloud ERP will protect the business from cyberattacks and enhance the efficiency of operations.

Apart from integrating modern security measures in your cloud ERP, working with reliable ERP vendors can help adequately maintain both the ERP and security of the system.

Integral Management Systems PTY LTD, the preferred Microsoft Dynamics (CRM and ERP) partner in West Australia, can provide support and maintenance for the customer engagement modules of your cloud-based ERP. Click here to get started!