Enhancing ERP Security

Stay Ahead of Cybersecurity Threats

As cybersecurity threats continue to evolve, staying updated on the latest trends is crucial for protecting your ERP systems. This month, we focus on emerging cybersecurity trends and their implications for Costpoint. Our goal is to help you safeguard your data and operations with practical advice and insights from industry experts.

Recent Data Breaches: What You Need to Know

You may have heard about several high-profile data breaches in recent months. For example, the SolarWinds breach exposed vulnerabilities in supply chain security, affecting numerous organizations, including government agencies and major corporations. Did you know that 55% of breaches involve organized crime groups? These incidents highlight the critical need for robust cybersecurity measures in your organization.

Watch Out for These Emerging Threats

New and evolving threats involving ransomware, phishing, and supply chain attacks are increasingly targeting ERP systems. Ransomware attacks have become more frequent and sophisticated, with attackers demanding higher ransoms and employing advanced techniques to encrypt data. In fact, ransomware attacks increased by 150% in 2023. Phishing remains a prevalent threat, with 80% of data breaches involving some form of phishing. Supply chain attacks, like the SolarWinds breach, show how vulnerabilities in third-party software can expose your systems to risk.

How These Threats Impact Your ERP Security

These cybersecurity trends significantly impact ERP systems, which often store sensitive financial, project, and employee data. Imagine a ransomware attack halting your operations or a phishing attack compromising your user credentials. These scenarios can lead to substantial financial losses and unauthorized access to critical data. Supply chain vulnerabilities can introduce malware or backdoors, putting your entire infrastructure at risk.

Boost Your Security with These Best Practices

To strengthen your security measures, consider these best practices:

• User Authentication: Implement multi-factor authentication (MFA) to add an extra layer of security. MFA can block up to 99.9% of automated attacks.
• Role-Based Access Control (RBAC): Ensure users have access only to the information and functions relevant to their roles. This minimizes the risk of internal threats.
• Data Encryption: Protect data both in transit and at rest with strong encryption protocols. AES-256 is widely recommended for its high level of security.
• Audit Trails: Maintain detailed logs of system activity to monitor and respond to suspicious behavior. Regular audits can help detect and address vulnerabilities early.
• Annual Training: Provide annual training by partnering with companies like KnowBe4 to keep employees updated on cybersecurity trends and potential threats. Regular training ensures that your staff remains vigilant and knowledgeable about the latest security practices.

Leverage New Tools and Technologies

Emerging tools and technologies can help mitigate cybersecurity threats:

• AI and Machine Learning: Utilize AI-driven tools to detect and prevent attacks in real-time by analyzing patterns and anomalies. For instance, AI can reduce false positives in threat detection by up to 90%.
• Advanced Threat Detection: Implement solutions that provide deep visibility into network traffic and user behavior to identify potential threats early. Tools like SIEM (Security Information and Event Management) systems can be invaluable.

Insights from the Experts

We spoke with cybersecurity expert Nathan Bailey, who emphasized the importance of proactive security measures: "Organizations must stay ahead of threats by continuously updating their security protocols and leveraging advanced technologies. Regular training and awareness programs are also essential to prevent user-related vulnerabilities. It's crucial to adopt a multi-layered defense strategy, incorporating threat intelligence, automated monitoring, and incident response planning. Additionally, conducting regular penetration testing and vulnerability assessments can help identify and mitigate potential risks before they can be exploited."

High-Value Resources for You

• Cybersecurity Framework: The National Institute of Standards and Technology (NIST) provides a comprehensive framework that can guide your cybersecurity strategy. Learn more here.
• Training Programs: SANS Institute offers excellent training programs to enhance your team’s cybersecurity skills. Explore their courses.
• Incident Response Plan: Having a robust incident response plan is crucial. The Cybersecurity & Infrastructure Security Agency (CISA) offers valuable guidelines. Read more.

Check Out Our Webinar on Costpoint 8.2 Upgrade

With all these security concerns in mind, staying current with software updates is essential. That's why we're excited about the recent Costpoint 8.2 upgrade. To help you get the most out of this update, we've hosted a webinar where Shirley shared best practices and insights on the new features. This webinar is particularly useful as it covers both the upgrade itself and enhanced security measures. If you haven't seen it yet, you can still watch it and learn how to better protect and optimize your ERP system. Watch the Webinar

Take Action Now

Assess your current security measures and consider enhancements to protect your ERP systems from emerging threats. We encourage you to share your experiences or concerns about cybersecurity with us. Your feedback helps us tailor our support to better meet your needs.

Thank you for reading our July newsletter. Stay safe and secure!

Infotek Consulting

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For more information or to discuss your security needs, please contact us at info@infotekconsulting.net.

Watch our on-demand webinar for highlights on Costpoint 8.2, including improved login options, a redesigned timesheet interface, new expense features, and general interface enhancements for a better user experience.

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