Due to ERP systems’ complex and interconnected nature, a simple data breach can lead to severe disruptions in business operations and significant financial losses.
Avoiding ERP System Data Breaches
Due to ERP systems’ complex and interconnected nature, a simple data breach can lead to severe disruptions in business operations and significant financial losses.
A Real-World Example: Equifax’s 2017 Data Breach
The 2017 Equifax data breach, which affected approximately 147 million people, starkly illustrates the importance of ERP security. Equifax’s failure to secure its network properly caused a breach that not only cost the company millions of dollars but also created millions of victims of identity theft.
Cybercriminals exploited a vulnerability in Equifax’s database, exposing millions of names, Social Security numbers, dates of birth, physical addresses, and other personal information.
The breach resulted in a settlement of at least $575 million, highlighting the critical need for robust ERP security measures to protect sensitive data and maintain public trust.
Cloud ERP and Data Security
Over the years, we have heard increasing concerns about cybersecurity from businesses using and evaluating ERP systems. Our recommendation is often to update to a cloud ERP System.
Here’s why…
Many businesses rely on outdated ERP systems that lack vendor support and updates, leaving them vulnerable to security threats. When cloud ERP was a newer deployment option, an early concern was data security since servers were not considered private in a cloud environment.
This is an outdated perspective on the cloud, and we can now attest to how cloud ERP has changed and improved the security situation.
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