In today’s data-driven society, ensuring data security has assumed critical significance. The importance of protecting confidential data will continue to shape and change the security strategies framework across organizations, resulting in an intensified focus on access controls, visibility technologies, and data-centric ERP security investments. With several data privacy regulations in the offing, enterprises will find the cost of data breaches humongous. Businesses should invest in strategic solutions in 2020 to counter the emerging data security threats that target highly sensitive data of an enterprise.
In 2020, businesses are seeing increased data breaches in ERP systems
ERP systems – first designed as an application product – have been unable to evolve alongside the maturing IT environment of organizations. ERP security has not been able to integrate with advanced security initiatives. Given the criticality of ERP data security, organizations cannot do away with them, and on the other hand, keeping the ERP systems up-to-date is a huge challenge.
To protect ERP systems in 2020, company owners need to understand the criticality of the accessibility of ERP apps for their companies. With an increasing number of linked applications running across every company, such as payment and HR applications, business owners need to improve their ERP data security and move beyond the traditional firewalls.
In 2020, a shift of the CIO’s responsibility from ‘system technology experts’ to ‘data experts’ will be evident as security becomes more of a function at data level
When businesses become increasingly aware that the protection of sensitive ERP data is a high priority, especially with the increase in data privacy regulations such as CCPA, there will be an increase in Chief Data Officer positions and a paradigm change in CIO’s roles from systems focus to data focus. Nonetheless, this move can pose several challenges, since most CIOs are not specialized in ERP’s system dimension. Nevertheless, the increase in data-centered enforcement measures and the introduction of essential security technologies such as SSO and multi-factor authentication across the enterprise would accelerate the transition from a system-centered CIO to a data-centered CIO.
Besides, we should foresee more CIOs and CISOs at the board level from an organizational perspective as companies continue to grow and invest more in security and recognize the changing operating budgets.
We can expect more companies to adopt Privileged Access Management (PAM) as a key IT security project, and also adequate access controls due to increased risk from third parties
PAM is the first, foundational level of data safety, privacy, and compliance when it comes to logging and auditing. PAM will become a key IT security priority in the coming year with more and more data privacy legislation on the horizon. Also, given that the majority (83 percent) of organizations that work with third parties to provide business services reported risks, organizations must keep all third parties more accountable and bind them by their data protocol contracts if infringed by 2020.
Users are constantly demanding ERP connectivity outside their corporate networks – key transactions are facing the open Internet
As organizations keep making (and demanding) employees more efficient, employees are demanding that their ERP transactions should be available at any place, at any time. These transactions have historically been available behind corporate firewalls to retain high standards of ERP security. However, this model is resulting in user push-back immediately, mainly as more organizations rely on a mobile workforce to scale up and keep businesses going in the coming years. Suppose organizations demand that workers only conduct their ERP transactions when they have access to a corporate network. In that case, it will undoubtedly be avoided by users, which will result in increased pressure on a company across functions. And in 2020, we have been seeing more companies invest in technologies that focus on strengthening access controls and logging. With productivity requirements shifting, more and more companies are beginning to realize the value of extending access as a table stakes measure, requiring users to be as mobile as possible.