According to Ponemon Institute, “The average cost of a data breach is $4.2 million, with employee data being the number one target.” Even more notable is that studies show most data breaches are caused by employees. This means it’s not only critical to protect your HR data from the outside in but from the inside as well.
In the 2020 Oracle & KPMG Cloud Threat Report, 92% of respondents said they have a cloud security readiness gap while 87% of respondents said they think artificial intelligence is a must-have for security controls. Security is extremely important to the health and viability of an organization, an issue Oracle has taken seriously and prioritized for more than 40 years. Oracle Cloud HCM's security, risk and compliance solutions take a holistic approach and embrace adaptive intelligence (AI) to help our customers create a cybersecurity super team that can easily quell global HR data privacy compliance violations and prevent fraud.
Oracle Cloud HCM security tools support privacy and help prevent fraud with consent management, location-based access, assignment security, masked sensitive data, transactional and view-only audits, as well as managing erasure with data retention and disposal tools. However, we take it a step further with embedded Oracle Advanced HCM Controls. With this, HR leaders are empowered to digitize and automate many routine, labor-intensive audit, control and compliance tasks. As a result, they can help reduce audit expenses, improve HR process controls, and provide secure compensation and payroll transactions.
Oracle Advanced HCM Controls does the heavy lifting by leveraging AI to enforce separation of duties and support privacy compliance with regulations such as the General Data Protection Regulation. It acts as an extension of the team that continuously audits transactions across jobs, salary, timecards, expenses, and more, alerting when there are anomalies and risk, so HR can manage by exception. Additionally, Advanced HCM Controls monitor HR data for unusual changes to sensitive HCM configurations and master data, helping HR stop insider threats and protect against fraud, misuse, and error.
Are you an HR leader who wants to ensure HR data privacy and security in your organization? Whether you’re strengthening fraud and security controls, preventing fraudulent payments, providing separation of duties enforcement, and lowering the cost of compliance with automated intelligent controls, Oracle Cloud HCM and Oracle Cloud Risk Management can help. Check out our all-in-one leading AI security solutions for your global cloud applications today and gain peace of mind.
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Sherri Bartels is a product strategy director for Oracle, focused on workforce management solutions.