ERP security is more important than ever – the number of cyber-attacks that businesses report has been climbing each year. However, many businesses don’t invest the right tools or enough time into making sure that their ERP information is safe. Most simply don’t realize just how valuable their ERP data is to cyber criminals – and other companies.
There have been a number of notorious instances ERP data breaches in recent years. Corporations have lost tens of millions of dollars when their ERP data was breached and hackers stole customer financial data. But breaches of corporate financial data can have even greater consequences for companies than the loss of their customers’ trust or millions of dollars in settlement fees.
Hackers are after so much more than that – they want company’s financial data too. This is because, as organizations compete for profits, it can be invaluable to know where your competition stands when planning to overtake them in market share.
Hackers can even be hired to take down the competition completely. Hackers can take ERP systems offline, cause systems to crash, cause equipment to fail, and can make important data disappear.
Hackers don’t even need to be hired by a company to make money hacking into companies’ data. If they can access an ERP system, they can download important and sensitive documents like patents and product specs, then sell the information to their competitors – often for large amounts of money.
The worst part is, these vulnerabilities can usually be prevented simply by protecting integration points for applications and equipment. ERP applications today usually have very high quality security options built right into the software. However, companies still need to continually invest time and money to make sure their data stays safe.