Lumenia Guest Post from Tetiana Rohoza at AcuPower.
Data breaches are costly. In 2023, UK organisations faced an average hit of £3.4 million per breach. This is according to IBM Security’s annual report.
The threat is real and growing. It impacts businesses of all sizes. Older legacy systems often leave companies vulnerable. But there’s hope! Cloud ERP offers the right solution.
This article explores how Cloud ERP will safeguard your company’s future. You’ll learn how to avoid costly breaches and keep your companies’ data secure.
The True Cost of Data Loss
Data loss can have devastating effects on any business. They can impact both your finances and reputation. You feel the consequences immediately, and they can linger for years.
Direct costs strike quickly and can be overwhelming. Under GDPR, regulatory fines can reach up to £20 million or 4% of global turnover, severely impacting your finances.
Recovery expenses add to the burden as companies scramble to fix vulnerabilities and update their systems. Legal fees also accumulate, especially if lawsuits arise from affected customers or partners.
The indirect costs can be even more damaging and last long after the initial incident. A company’s reputation takes a significant hit, leading to a loss of customer trust that can be difficult to rebuild.
Sales can also decline as potential customers hesitate to engage with a brand that has suffered a breach. While companies focus on damage control, competitors innovate and capture market share, leaving you vulnerable.
Recently, the 2023 MOVEit attack demonstrated the far-reaching consequences of a single exposure. This breach impacted over 2,500 organisations worldwide, compromising the data of more than 66 million people. The attack affected various sectors, including government agencies, financial services and healthcare providers. The total cost of this breach can reach £12.15 billion. This sum is based on the average cost of compromised customer data.
As you see, data security is not just an IT concern but a must-have for business survival. Protecting your data means safeguarding your future. Cloud ERP can play a crucial role in that protection.
Why Traditional Systems Are Vulnerable
Outdated software can be a big risk. They often have weak spots that hackers love to exploit.
Imagine it as an old lock on your front door. It could have functioned perfectly in the past, but now it’s simple for thieves to break in. This applies to outdated software too. It wasn’t designed to combat the cyber dangers of the present.
Smaller businesses face extra challenges. They often struggle to afford full-time IT security professionals. It’s like trying to guard a castle with just one person. You can’t watch all the walls at once.
Insider threats are real, too. Sometimes, it’s not outsiders you need to worry about. It could be a disgruntled employee or someone who doesn’t know better!
In short, legacy software, tight budgets and human errors make traditional setups vulnerable. It’s a perfect storm that hackers are all too happy to exploit!
How Acumatica Cloud ERP Enhances Data Security
Acumatica Cloud ERP takes data security to the next level. It uses smart tools to keep your business information safe. Let’s look at how it works.
First, Acumatica uses strong encryption. Think of it like a secret code that only you can unlock. When your data is stored or sent, it’s scrambled using Advanced Encryption Standard (AES) encryption. This is like a super-strong lock. For data on the move, Acumatica uses Transport Layer Security (TLS) protocols. It’s like having an armoured truck to protect your information.
Next, Acumatica controls who sees what. It’s like having a security guard at a high-street bank but for your data. Role-based access means each person only sees what they need to fulfil their role. Multi-factor authentication (MFA) adds an extra layer. It’s like needing a key and a secret handshake to get in!
Acumatica stays up-to-date automatically, constantly guarding against new threats. You don’t need to worry about installing updates—the system does it for you, keeping your defences strong. But if you want, you can switch off automatic updates. The choice is yours.
Acumatica scans for risks around the clock. It’s like having a security guard who never sleeps. This monitoring spots and stops threats quickly. Plus, Acumatica follows strict rules to keep your data safe. It meets important standards like General Data Protection Regulation (GDPR) and Systems and Organisation Controls 2 (SOC 2).
All these features work together to create a fortress for your data. You can focus on growing your business knowing your information is well-protected. It’s not just about keeping hackers out. It’s about giving you peace of mind.
The Benefits of Acumatica Cloud ERP for Growing Businesses
Acumatica Cloud ERP grows with you. As your company expands, Acumatica scales up smoothly. You don’t need to worry about outgrowing your system or compromising security as you add more users or data.
Think of Acumatica as a smart investment. It’s like buying a top-notch security system for your home. The upfront cost might seem high, but it’s nothing compared to the potential loss from a break-in. Similarly, investing in Acumatica’s cloud security is far cheaper than dealing with a data breach.
With Acumatica, you’re not just buying software. You’re investing in growth, savings, and customer trust. It’s a package deal that sets your business up for long-term success.
Conclusion
Data breaches are costly and damaging. But you don’t have to be a victim. Acumatica Cloud ERP offers a strong shield for your business data.
We’ve seen how Acumatica keeps your information safe. It uses the latest encryption, smart access controls and constant updates. It’s like having a high-tech security system that never sleeps.
But Acumatica isn’t just about safety. It helps your business grow, saves you money, and builds customer trust. It’s an all-in-one solution for today’s digital world.
Take a good look at your current systems. Are they really protecting you? Could they handle a serious cyber attack? If you’re not sure, it’s time to consider a change.
Don’t wait for a breach to happen. Explore Acumatica Cloud ERP today. It could be the best move you make for your business’s future.
Come to the ERP HEADtoHEAD event on October 1-2, 2024, Dublin to learn how Acumatica and AcuPower can help you future-proof your business.
Stay safe, stay competitive and stay ahead with Acumatica.
