July Risk Revolution

July Risk Revolution

Hi Friends,

We're flying high after an amazing time at ASCEND 2024 and ready to jump into full swing conference season! Join us as we embark on these adventures, share our knowledge, and collaborate with you to gain insight and perspective. This month, we offer some cutting-edge insights and strategies to fortify your ERP System's cyber security approach in our featured article. We have an exciting, discounted program to get you up-to-speed on the latest AI risks & controls as well as critical ERP Cloud control design techniques in our new course releases. Finally, we'll be presenting an opportunity to develop and review your Risks and Controls Matrix (RACM) plus key takeaways for effective risk mitigation practices in our upcoming webinars and live events. Let us help you identify, mitigate, and manage ERP System risks with assuredness and resilience.

Have a Blessed Day,

~ERP Risk Advisors



Spotlight News

Below are hot topic items in the IT audit and cyber security industry. Enjoy the read and reach out with any questions or feedback to [email protected]




ERP Armor: Learning

Below are our July ERP ARMOR: Learning featured courses. Understand how to identify, manage, and mitigate risks from the best in the?business and fulfill your CPE requirements! Check out our Learning Homepage for the full course catalog!

(Cont.) ERP Cloud New Courses Series:

Auditing today’s IT environment necessitates a thorough understanding of how activities can be designed and secured. To help organizations meet this obligation, Grant Disselkoen discusses a variety of pertinent concerns. In these courses, we walk through how to review critical ITAC control design related to key workflows in ERP/HCM Cloud. In addition to the helpful insight provided, 0.5 hours of CPE credit will be awarded upon completion of each course.




Social Impact

At ERP Risk Advisors, we believe in using our resources to make a positive impact on the world around us.? When you partner with us , a portion of that partnership goes toward supporting another community, one person at a time.

Compassion International , our July Featured Social Impact Partner, changes the course of children’s lives with nutrition, medical care, educational support, and Christ-centered guidance. Compassion says, "Jesus cares about children. So do we. We are a child-development ministry dedicated to releasing children from poverty in Jesus’ name. Through sponsorships and donations, we empower local churches to provide individualized and holistic care to children in poverty so they are free to learn, grow, play and dream."



Top 4 Reasons You Need THIS Cyber Security Approach

By: Connor Thompson, CIA CISA


In the Software as a Service (SaaS) world, cyber security risks extend far beyond traditional perimeter defenses and malware protection. Today, a strong cyber security strategy for SaaS environments must encompass a multi-faceted approach. This includes strong authentication methods, user training against social engineering attacks, stringent access controls, and vigilant monitoring of data movements. ERP Risk Advisor’s comprehensive, cyber security offering addresses these needs, ensuring your SaaS ERP systems are secure and compliant against emerging threats.

But what are these threats, and what do they mean for you???

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#1: Authentication Controls

Unauthorized access and account takeovers, mainly due to phishing attacks, have emerged as one of the biggest culprits of fraud. At the heart of ERP Armor: Cyber Security is a strong emphasis on Authentication Controls. By implementing multi-factor authentication (MFA) and single sign-on (SSO) configurations,?where possible, we provide assurance that only authorized users gain access to your SaaS applications. These measures significantly reduce the risk of unauthorized access and account takeovers, providing a first line of defense against potential breaches, compliance issues, fraud, and theft of data.?


#2: Privileged User Identification, Access Monitoring, & Controls

Unfortunately, authorized access is also a huge fraud risk. Over 50% of internal fraud cases occur due to a problem with internal controls*. These cost, on average, $1.7 million each!?Identifying and monitoring privileged users—those with elevated access rights—is essential for maintaining control over sensitive data and critical systems. Privileged Access Management (PAM) is thus a cornerstone of our Cyber Security offering. Our solution helps organizations identify a complete and accurate list of privileged users. Once the population has been identified, we assist organizations in implementing controls and monitoring mechanisms to maintain and track a list of privileged users and their activities on an ongoing basis. This ensures any unusual or unauthorized actions are detected and addressed promptly.??


#3: Sensitive Access Assessment – Including Web Services & APIs

We may dislike rules as much as the next guy, but the reality is we must follow compliance and data protection regulations. However, we’ve found a way to work these regulations to your benefit. Our Sensitive Access Assessment rigorously evaluates access rights and specific security objects, which grant users access to sensitive data and critical functions within your SaaS environment. This thorough assessment extends to web services and APIs, providing a thorough analysis of potential vulnerabilities. This proactive evaluation is essential for preventing unauthorized data access and ensuring stringent compliance with data protection regulations. Unauthorized access to sensitive data, whether financial or personal information, poses significant risks to organizations. Data breaches, financial loss, and reputational damage are only a few of the consequences.??

By identifying areas where users may have unauthorized access to sensitive data interfaces, either for importing or exporting data, our assessment helps management pinpoint and address security gaps effectively. And as a result, enables organizations to maintain a strong security posture and safeguard their most critical assets.??


#4: Embracing a Holistic Cyber Security Approach

In conclusion, cyber security for SaaS environments transcends the traditional focus on securing perimeter networks and combating malware. This is the primary concern for on-premises ERP systems. But in today's interconnected world, malicious actors can target an organization’s data from anywhere and exploit vulnerabilities via the internet facing SaaS applications. Consequently, a comprehensive approach is required when it comes to cyber security in a SaaS environment. This approach includes robust authentication methods, thorough training against social engineering attacks, stringent access controls, and meticulous monitoring of sensitive data risks. ERP Risk Advisors provides a multi-layered security strategy ensuring your SaaS ERP systems remain protected against evolving threats. Our ERP Armor: Cyber Security offering is designed to address these critical areas and more.??

To hear more about our offerings for various ERP systems, such as Workday, Oracle ERP/HCM Cloud, NetSuite, and more, email us at [email protected] .???

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*Source: Association of Certified Fraud Examiners. Occupational Fraud 2024: A Report to the Nations.?

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