Cloud ERP and Cybersecurity: How to Protect Your Business

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It's sad but true; every advancement in technology seems to be followed closely by criminals who seek to take advantage of it for their own nefarious reasons. This is especially true in the area of cybercrime. Whether we like it or not, cybersecurity has to be on the mind of every business owner.

According to Cybersecurity Ventures, the 6 trillion dollar annual effects of cybercrime in 2021 are expected to grow to 10.5 trillion dollars annually in 2025. So now is the time to learn what you need to do to secure your cloud-based ERP (Enterprise Resource Planning) system from attack.

Cloud ERP: Seizing opportunity; mitigating risk

A cloud-based ERP system such as Microsoft Dynamics 365 abounds with advantages and opportunities. It is easy to implement, provides continually updated functionality, and can save your business money. Because Dynamics 365 is cloud-based, implementation is much easier and more cost-effective than the upfront expense involved in owning servers for an on-premises system. Cloud ERP makes good business sense.

But, as with any opportunity, you have to weigh the risks. Some business owners imagine the move to the Cloud as a leap into unknown and uncontrolled risks. They fear that their business data will be open to others and leave them vulnerable to cybercrime. However, a solid security plan will diminish the risk allowing organizations to realize all the benefits the Cloud offers and curtail the worry. Your business can be safe in the Cloud; you just have to plan, exercise good judgment, choose the right tools, and work with an ERP partner you can trust. It's essential to have basic security procedures in place to prevent, mitigate, and monitor for security breaches - whether your ERP system is on-premises or in a public or private cloud.

Your Security Checklist

Security involves many aspects, including network and individual user security, data protection, and business privacy. To begin with, every business should have firewalls, an antivirus system, and a systemic checklist that includes managing access, protecting data, monitoring systems, and having a mitigation plan.

How does your organization stack up with this checklist:

Manage access  - You need ways to keep track of authorized users and who has what privileges. Client access must be allowed only with stringent identity and access controls to prevent fraudulent entry. And Multifactor Authentication (MFA) is a must!

Protect data - You need tools and processes to protect your data, workloads, and other content. In addition, your teams should be adequately trained to be aware of the threat of cybercrime and how to protect against ransomware attacks.

Monitoring your system - You and your system users must be on the lookout for anomalies, threats, and any suspicious activity through real-time threat intelligence.

Have a mitigation plan - It is imperative to create a cyberattack response plan. Not all cybercrime is the same, and not all organizations will be affected in the same way. Therefore, your response plan should be individualized but should address:

  • Job assignments for specific individuals within the organizations
  • When to alert the authorities
  • A prepared response, prewritten for social and other media outlets
  • A system for providing regular updates to customers, vendors, and the public
  • Details on how you will contain the incident
  • Information on how you will recover

Unfortunately, cyberattacks are not going away; planning ahead and preparing for the possibility that your business will be affected is crucial. When you are proactive and prepared, you can minimize the threat to your organization and thrive in the rapidly expanding cloud-based ERP world.

For more information on cybersecurity and cloud-based ERP, contact our experts at ArcherPoint.

By ArcherPoint, archerpoint.com

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