As cyberattacks become more advanced and damaging, the need for robust cybersecurity measures has become more critical than ever before. Hackers are utilizing artificial intelligence and machine learning to identify and exploit vulnerabilities, while social media scams, including deep fake videos and audio messages, are becoming increasingly difficult to detect.
Cybersecurity risks are further heightened by factors such as geopolitical instability, emerging technologies, talent shortages, and shareholder and regulatory expectations, putting valuable data at risk.
Against this backdrop, many companies are looking to the cloud to enable seamless access to data and applications for their employees, partners, and customers. However, this move also means that a larger perimeter of digital assets is exposed to cyber threats, with data stored in multiple locations and accessed through different channels and devices by a global workforce. As a result, cybersecurity has become a critical factor for companies considering a move to the cloud.
A balance of security, access and agility
As per G2’s projections, the worldwide ERP software market is expected to reach $78.4 billion by 2026. With most enterprises implementing ERP as a central nervous system, it becomes an attractive target for cybercriminals. To counter this, cloud ERP providers have made significant investments in capabilities and experts to safeguard their systems. As a result, their customers can confidently depend on various cybersecurity services and technologies such as disaster recovery, physical security, data encryption, patching, identity authentication, and access management.
The providers also have to demonstrate their capabilities to be compliant with multiple regulations and pass audits conducted throughout the year. However, it is important to note that security is a shared responsibility between the vendors and their customers. Companies need to ensure a secure environment for their sensitive data through their due diligence and accountability.
The critical qualities of cybersecurity
Cloud ERP is becoming increasingly popular as companies recognize the benefits of accessing data and applications through a Web browser or mobile app while protecting their sensitive data. The global ERP software market is projected to reach $78.4 billion by 2026, meaning most businesses will likely implement ERP as their central nervous system, which could be an attractive target for cybercriminals.
To address these concerns, cloud ERP providers have invested heavily in cybersecurity capabilities and experts to protect their systems, offering disaster recovery, business continuity, physical security, data encryption, patching, identity authentication, and access management. Cloud providers must also demonstrate their compliance with multiple regulations and undergo regular audits.
However, businesses must also exercise their due diligence to create and maintain a secure environment for their sensitive data, with accountability being a shared responsibility between vendors and their customers.
To achieve business success, a mutual understanding of the six critical qualities that should be included in the desired cloud environment is necessary. These include business resilience, physical security, comprehensive data encryption, trusted cybersecurity expertise, automated security monitoring and prioritization, and centralized patching, testing, and auditing. Cloud ERP providers offer centralized mechanisms for patching and security administration that can help solve legacy security challenges.