Data stored within an ERP system may make it a prime target for cyber attacks, yet there are various strategies to protect and reinforce security features and reduce risks.
Implementing robust ERP security measures can protect your company against financial losses caused by unauthorized access to its information system. A robust cybersecurity strategy also safeguards intellectual property rights and ensures business continuity.
User Access Control
ERP systems store sensitive company and customer information that hackers increasingly target as part of their cybercrime schemes.
Implementing multi-factor authentication (MFA) can help secure ERP information by requiring users to present multiple forms of identification before accessing the system – this may include something they know (like their password) something they own ( like smartphone or token), or something unique such as fingerprint or facial recognition – in order to access. MFA drastically lowers the chance of any unwanted intrusion attempts into an ERP system.
Regular security patching of an ERP solution is another key component to protecting it. Software vendors release patches periodically to address vulnerabilities and weaknesses identified within an ERP system; postponing updates puts your ERP at risk and creates entryways for hackers.
Pathlock provides detailed visibility into who, when, and where users access ERP data through attribute-based access controls at the business process, transaction, and master data levels. Furthermore, our solutions obfuscate any sensitive PII and financial data in user interfaces before only making them visible upon clearing a multi-factor authentication challenge.
Multi-Factor Authentication (MFA)
ERP system security has never been more critical in an age of increasing cyber threats. ERPs contain vital financial, operational, and customer information that could be targeted by malicious actors.
Traditional password-based security measures cannot provide sufficient protection against today’s cyber attacks, with cyber actors increasingly using phishing and password harvesting methods to gain entry. MFA helps mitigate this weakness by mandating additional verification for network and application logins.
MFA solutions may rely on multiple factors for authentication such as one-time codes sent directly to mobile phones, hardware tokens, or fingerprint scans; all of which increase the difficulty of gaining unauthorized access to critical systems even if one layer is compromised. Integration of MFA with single sign-on (SSO) solutions streamlines user login without compromising security or productivity; furthermore some MFA solutions also consider contextual elements like location, device, time of day and IP address to grant or deny access according to best security practices thereby helping organizations meet compliance standards while mitigating risk.
Data Encryption
An ERP solution contains an immense repository of sensitive data, from financial records to customer details and employee details as well as proprietary business intelligence. Protecting this information is vital in maintaining the integrity and security of an organization’s operations.
Implementing access controls and multi-factor authentication are effective strategies for protecting against unauthorised user access to ERP systems. Encryption also protects both in transit and at rest data from potential hacker invasion, and reduces risk.
Encryption also extends to the ERP interface itself, protecting sensitive data from being displayed on untrusted devices or public Wi-Fi connections. Pathlock uses encryption technology to obfuscate sensitive information in the ERP user interface until after a multi-factor authentication challenge or click-to-view prompt has been successfully cleared by its users.
Regular training and awareness programs help promote a culture of security among employees. By informing users on best practices for cybersecurity and the identification of cyber threats, regular training helps reduce human error which remains one of the leading causes of ERP data breaches. Finally, creating a robust backup and disaster recovery plan as well as monitoring and incident response procedures will mitigate any impact caused by any possible breaches that might occur.
Firewall Protection
Firewall protection in an ERP system enables it to monitor incoming and outgoing data traffic to restrict access based on predetermined security rules, helping prevent data breaches and cybersecurity threats that would otherwise go undetected by detecting unusual activity that would go unnoticed.
Complex ERP systems with their ability to meet unique business requirements can make them vulnerable to cyber attacks and insider threats, such as password hygiene, multi-factor authentication (MFA) and separation of duties measures. Regularly reviewing access privileges ensures users only gain access to those parts necessary for fulfilling their job roles or responsibilities thereby further decreasing security risks.
Maintaining an ERP cybersecurity strategy requires keeping it up-to-date with security patches, monitoring network traffic to detect unauthorised attempts at access and other threats, maintaining regular backups of user activities in the ERP system and tracking potential threats through comprehensive logging of user activities logged within it, as well as keeping backups scheduled at regular intervals. All these factors contribute to creating a strong defense against security risks for an enterprise resource planning (ERP) system.
Backup
Backups provide peace of mind in case of cyber attacks or system failure, with full backup copies stored offsite and tested frequently to ensure their integrity.
Preventing Financial Losses
ERP systems store sensitive customer information and intellectual property that could result in costly financial losses due to security breach or hardware failure. Implementing appropriate security mechanisms helps minimize losses while upholding operational continuity.
Multi-Factor Authentication
Providing another layer of security beyond passwords makes it much harder for hackers to gain unauthorized entry to ERP systems. Multi-factor authentication involves verifying several forms of evidence such as password, smartphone, token, biometric data or something associated with an individual (such as their favorite pet). This helps minimize phishing attacks and other common hacking techniques.
