Imagine you’re a VP of Finance and you discover that one of your accountants has made 200 illegal transfers into her personal accounts by using the login credentials of former staff to delete the records or alter them so the transactions appeared legitimate. The company suffered a $30 million net loss and now you have to deal with the repercussions.
While this scenario might seem rare, it happens all too often. Many companies rely on enterprise resource planning (ERP) systems to run their business-critical processes with access to sensitive data, making them very appealing targets for hackers and disgruntled employees. ERP systems are used by organizations to manage day-to-day business activities, such as accounting, procurement, project management and manufacturing, while enabling data flow between them. This shared data provides data integrity with a "single source of truth". And with cloud, mobile, and digital transformations rapidly expanding ERP’s attack surface, organizations must educate themselves and take appropriate action to make sure that their business operations are not disrupted.
The first step is to understand where the cloud service provider’s responsibility ends and the company’s responsibility begins. This division of labor is the shared responsibility model and many companies do not understand their responsibility. According to the Oracle & KPMG Cloud Threat Report, participants shared that “such confusion has led to the introduction of malware (34%)”, “it has exposed them to increased audit risk (32%)”, and it “has also put data at risk, with 30% of organizations reporting that, as a result, data was accessed by unauthorized users.” In order to avoid scenarios like fraud and data theft, companies need to understand their responsibility and take appropriate action.
Additionally, manual processes and archaic tools are not enough to deal with this evolving threat landscape. Organizations must leverage tools such as Oracle Identity Cloud Service (IDCS) and Oracle CASB Cloud Service to help protect their ERP from fraud, data loss, and make sure the right people have access to the right information. By using a tool such as Oracle IDCS with a user life cycle management tool, the accountant would have never been able to use the login of former staff because terminated employees would no longer be able to log in. The company could have also leveraged user and entity behavior analytics (UEBA) to correlate users with suspicious activity and set policies to remediate. With Oracle CASB Cloud Service they would have been able to monitor and detect fraudulent patterns.
With ERP exploitations on the rise, organizations must take the appropriate action so that their sensitive data is not stolen, and that their business critical application is not compromised.
Learn more about the rise of cyber threats and how to safely secure your ERP.