From our Cyber Security technical expert, Connor Thompson, CIA CISA

In the Software as a Service (SaaS) world, cyber security risks extend far beyond traditional perimeter defenses and malware protection. Today, a strong cyber security strategy for SaaS environments must encompass a multi-faceted approach. This includes strong authentication methods, user training against social engineering attacks, stringent access controls, and vigilant monitoring of data movements. ERP Risk Advisor’s comprehensive, cyber security offering addresses these needs, ensuring your SaaS ERP systems are secure and compliant against emerging threats.

But what are these threats, and what do they mean for you?  

#1: Authentication Controls

Unauthorized access and account takeovers, mainly due to phishing attacks, have emerged as one of the biggest culprits of fraud. At the heart of ERP Armor: Cyber Security is a strong emphasis on Authentication Controls. By implementing multi-factor authentication (MFA) and single sign-on (SSO) configurations, where possible, we provide assurance that only authorized users gain access to your SaaS applications. These measures significantly reduce the risk of unauthorized access and account takeovers, providing a first line of defense against potential breaches, compliance issues, fraud, and theft of data. 

#2: Privileged User Identification, Access Monitoring, & Controls

Unfortunately, authorized access is also a huge fraud risk. Over 50% of internal fraud cases occur due to a problem with internal controls*. These cost, on average, $1.7 million each! Identifying and monitoring privileged users—those with elevated access rights—is essential for maintaining control over sensitive data and critical systems. Privileged Access Management (PAM) is thus a cornerstone of our Cyber Security offering. Our solution helps organizations identify a complete and accurate list of privileged users. Once the population has been identified, we assist organizations in implementing controls and monitoring mechanisms to maintain and track a list of privileged users and their activities on an ongoing basis. This ensures any unusual or unauthorized actions are detected and addressed promptly.  

#3: Sensitive Access Assessment – Including Web Services & APIs

We may dislike rules as much as the next guy, but the reality is we must follow compliance and data protection regulations. However, we’ve found a way to work these regulations to your benefit. Our Sensitive Access Assessment rigorously evaluates access rights and specific security objects, which grant users access to sensitive data and critical functions within your SaaS environment. This thorough assessment extends to web services and APIs, providing a thorough analysis of potential vulnerabilities. This proactive evaluation is essential for preventing unauthorized data access and ensuring stringent compliance with data protection regulations. Unauthorized access to sensitive data, whether financial or personal information, poses significant risks to organizations. Data breaches, financial loss, and reputational damage are only a few of the consequences.  

By identifying areas where users may have unauthorized access to sensitive data interfaces, either for importing or exporting data, our assessment helps management pinpoint and address security gaps effectively. And as a result, enables organizations to maintain a strong security posture and safeguard their most critical assets.  

#4: Embracing a Holistic Cyber Security Approach

In conclusion, cyber security for SaaS environments transcends the traditional focus on securing perimeter networks and combating malware. This is the primary concern for on-premises ERP systems. But in today’s interconnected world, malicious actors can target an organization’s data from anywhere and exploit vulnerabilities via the internet facing SaaS applications. Consequently, a comprehensive approach is required when it comes to cyber security in a SaaS environment. This approach includes robust authentication methods, thorough training against social engineering attacks, stringent access controls, and meticulous monitoring of sensitive data risks. ERP Risk Advisors provides a multi-layered security strategy ensuring your SaaS ERP systems remain protected against evolving threats. Our ERP Armor: Cyber Security offering is designed to address these critical areas and more.  

To hear more about our offerings for various ERP systems, such as Workday, Oracle ERP/HCM Cloud, NetSuite, and more, email us at support@erpra.net.   

*Source: Association of Certified Fraud Examiners. Occupational Fraud 2024: A Report to the Nations.