Data security has become an organization-wide issue, and business leaders are continually being called on to help strengthen cybersecurity and detect threats. Seventy-four percent of respondents had data security issues in a recent survey of CFOs, and 53 percent said they had data privacy and data loss issues.
When switching from on-premise to cloud ERP, it is important to note that cloud ERP systems come with adequate security measures. Still, companies also need to enforce additional security and visibility controls.
Best Practices for Cloud ERP Protection
A breach of data could impact business activities and have devastating consequences for the company. A few best practices are as follows:
Developing a Security and Governance Strategy
Work with managers and all staff in developing a system for data governance and determining security standards. Cloud ERP systems incorporate information across the enterprise, so it is possible that many departments may have access to sensitive data. In order to drive growth and innovation, improved data access is necessary, so limiting data access is not the solution; better data security and governance are. Predictive analytics can help you identify and rapidly fix security threats.
Installing Software Updates
When ERP providers find a threat or weakness, they fix it in the form of a security patch or software update. In order to protect ERP data from possible threats, software updates are very critical. Cloud ERP providers provide security updates regularly, and consumers have the option to automatically allow them to fix the latest threats and vulnerabilities promptly. This is one of cloud ERP systems’ most significant advantages.
Ensuring IoT Protection
Gartner predicts that at least 50% of enterprise applications will be IoT-enabled in production by 2024. IoT devices interact with other devices connected to the internet, making them prime targets for hackers searching for access to multiple sources of data. It would be best if you put appropriate measures in place for the protection of IoT devices.
Securing Your Integrations
Cloud ERP provides minimal customization scope but offers the ability to incorporate various apps into a single, cohesive framework. The protection of these integrations is essential, so routine mapping of interfaces and APIs between ERP applications is recommended. In order to prevent hackers from deciphering the data, should they ever gain access to it, businesses must conduct routine security audits of cloud ERP configurations and improve data encryption.
Global Unified Access Management
Your Cloud ERP provider should allow you to globally manage access controls. Across the enterprise, data should only be open to authorized users.
The Federated SSO and RBAC+ABAC hybrid approach to centralized identity and access management prevent unauthorized users from accessing business-critical data.
Capabilities for Identity and Access Management (IAM)
Concerning users in your organization, you have comprehensive control over deciding the correct access levels and revoke access when it is no longer suitable. With a strong identity and access management system in place, you can ensure that:
- Only those users who have been approved have access to relevant data with enterprise-wide unified identity management and federated single sign-on (SSO).
- Role-based access controls (RBAC) are in place to allow segregation of duties (SoD), preventing unauthorized access to sensitive information.
- Attribute-based access controls (ABAC) enable context-specific authorizations.
- Users only see details connected with their job-specific duties. Administrators configure work responsibilities that map to data rights and job functions.
Stable and adaptive multi-factor authentication (MFA) and access controls, including SSO, and hybrid identity management and user provisioning capabilities.