You've probably been hearing about frightening incidents of some of the world's biggest brands being victims of cyber attacks, which makes you wonder about the security of your own business. Cyber attacks have increased exponentially over the past few years, and while this isn't good news, it's definitely a wake-up call to tighten protection barriers around your own networks, ERP and otherwise.
It isn't necessarily pleasant to think about the worst that could happen, but assuming the worst possibilities for your organization can help you take the steps you need to increase security at every angle of your ERP network.
So what could potentially go awry, and what can you do to fix it?
You could lose your customers' trust
The moment your customers' data becomes compromised through a cyber attack, it becomes a matter of identity theft. This poses a serious risk of fraud as well, since cyber criminals can use the data to authorize transactions illegally and steal money. Companies who have been affected by such an ordeal are far from recovering even years later, as a breach of this nature causes immense loss of brand recognition and trust, which can make it difficult to convince existing customers and win over new ones.
You could suffer irrevocable financial losses
Once data is compromised, it's not only your customers' money that will be at risk - but yours too. Company funds are bound to be at the mercy of criminals who would've infiltrated your ERP. But that's not all, they will also be able to manipulate equipment that would be controlled by software applications, causing permanent halts, delays or worse yet - a different turnover of outcomes all together.
You will be exposed to your competitors
Cyber criminals don't always work of their own accord; they are sometimes employed by your very own competitors to carry out illegal activities over your ERP network. As shocking as it may seem, corporate espionage is an unethical tactic deployed by businesses both small and large alike, to gain an unfair advantage ahead of its competitors.
So what can you do?
1. Conduct a thorough analysis of the security status prevalent within your network to know what measures you need to take to solidify security even further.
2. Get your IT team involved to scrutinize your networks and take necessary precautions.
3. Speak to your ERP vendor to know what you can do to make your system secure.
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