Is your ERP data kept safe?

This article is published in partnership with SAP S/4HANA Cloud ERP . On April 23rd, I'll speak at the "Simplify Your Security and Compliance with SAP S/4HANA Cloud Public Edition" webcast. Make sure to register today!

On 6 March, I participated in SAP Data Unleashed. Amazing new capabilities were displayed, including the latest in Generative AI, how Knowledge Graphs are changing the insights game, and how planning and scenario modeling are entering a new era. Read more about SAP's latest capabilities here.

How are you dealing with security and compliance in your company, and what role does the ERP system play??

It’s the CEO’s worst nightmare. Your company is under attack by hackers, and they gain access to your systems. They shut you down, keep your data hostage, and threaten to expose you in public. Meanwhile, you’re unable to do business and are losing money fast.?

I experienced this first-hand in 2017. I was in the middle of a brainstorming session offsite when my laptop suddenly bluescreened, and I could not perform any operations. Soon after that, I understood that my company had been hacked. All global IT systems were down, and our transportation network was incapacitated. It took weeks before all accesses and data were restored and all laptops reimaged. It was an expensive event.?

We can all tell stories like these: scamming, phishing, DDOS, etc. All companies frequently face cyber-attacks, and keeping up with security is a struggle. Moving their IT infrastructure into the cloud has also concerned many business executives. It’s a task that calls for strong collaboration between the CIO and CFO and is a mainstay at the top of their agenda. The critical question is, how can your ERP system help protect your peace of mind with continuous security updates??

It goes beyond cyber-security?

Offhand, you could argue that it’s about creating an unbreakable system. However, protecting yourself from events like these starts long before. It starts with your intent and approach to complying with rules and regulations.?

As all companies operate with digital elements today, we’ve also seen that legislation hasn’t been far behind in demanding that data, infrastructure, and sensitive information be kept safe. This goes mostly towards your customers. For instance, the advent of GDPR (General Data Protection Regulation) in the EU has turned how companies handle data upside down. There’s indeed no more being careless with data. To make matters worse, this has given criminals even more incentive to go after your data.?

Companies can’t single-handedly stay abreast of new and changing rules and regulations and how hackers are trying to exploit them. That’s why having protections built into your systems is crucial. System providers have entire teams or departments working tirelessly to understand and interpret new requirements and find better ways of protecting your data infrastructure against the latest hacking techniques.?

This is not just related to cybersecurity, however. Many rules and regulations target accounting, tax, and other matters. Failing to comply with these could result in significant fines, as we have seen recently. A constantly updated system with these changing regulations is also essential. You will still need to understand these regulations as a CFO for instance, however, you won’t have to build temporary manual controls to stay compliant.?

The benefits of a secure and compliant ERP system?

It should be clear now that while dealing with cyber security threats is a nuisance for most companies, dealing with them also comes with many benefits. Staying compliant with rules and regulations and avoiding financial and reputational damage from data breaches is another. Having an ERP system where these compliance checks are built will further save you a lot of resources and personpower.?

Dealing with cyber security, rules, and regulations can certainly take time and effort. However, modern ERP systems can help you a large part of the way in getting the job done. You will also get the latest security updates from your ERP vendor continuously. This will allow you to focus your time and efforts on other more value-adding activities while sleeping well at night. What’s not to like??

Don’t worry—we’re not looking for you to expose yourself, but sharing best practices with others would greatly benefit!?

On April 23rd, I'll speak at the "Simplify Your Security and Compliance with SAP S/4HANA Cloud Public Edition" webcast, part of the 2024 Cloud ERP Essentials Webcast Series. During the session, I'll have the opportunity to meet with one of SAP’s experts to delve into the topic of simplifying security and compliance for SAP S/4HANA Cloud Public Edition as part of the GROW with SAP offering and learn further how SAP can ensure peace of mind as you transition to SaaS. Together, we'll discover more about it as they demonstrate its capabilities. Make sure to register today!