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Is cloud-based ERP right for your business?

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Enterprise resource planning, or ERP, is one of the most powerful types of business software. It’s also one of the most expensive and difficult to implement — over half of ERP implementations fail and most exceed the expected budget. This is one reason why, in the past, only large companies and multinationals that could shoulder the resource investment enjoyed the competitive advantage that ERP offers.

With cloud-based ERP, however, SMBs across industries are able to take advantage of the operational, efficiency, and productivity benefits of ERP software. Cloud-based solutions come with predictable costs that most small businesses can afford. It’s also much easier to get started using the software because your provider handles the implementation process, which is a must for a lot of fast-paced small and medium-sized companies that can’t afford to wait months for deployment.

If you’re considering adopting a cloud-based ERP system but aren’t sure if it’s right for your business, take a look at what you stand to gain from a cloud solution. Also, what types of businesses can benefit the most.

What is cloud-based ERP?

Cloud-based ERP, like an on-premise solution, is modular business software that includes multiple applications and integrates them into one platform. The huge benefit of ERP is this unification — data is housed on one platform, which makes information easier for users to access, and easier for your organization to protect.

When your organization’s customer management, project accounting, financial management, inventory management, and other solutions are integrated into one platform, your business will save time. It will also run more seamlessly, and cut down on wasted time and resources.

Because a cloud-based ERP solution runs on your provider’s cloud computing platform, your business doesn’t have to invest in expensive servers. It also doesn’t have to worry about deployment, managing the software, or handling updates. Also, because the software and data are housed in the cloud, your users can access it anywhere, offering incredible flexibility. 

In addition to the accessibility and flexibility, cloud-based ERP offers:

  • Easier IT budgeting – You only pay a flat monthly fee, which is usually based on the number of users.
  • Performance you can count on – There’s no risk of poor performance due to a poorly set-up system. Instead, you can count on the experts — your cloud-based ERP provider — to ensure the system is well-maintained.
  • Better security – Cloud-based solutions come with advanced security measures and robust access controls.
  • Effortless scaling – With a cloud-based ERP, you can scale your software as your business grows.

Which businesses are well-suited to cloud-based enterprise resource planning?

Small to mid-sized companies that are ready for a more robust software solution and are struggling to unify operations. This is because of the use of separate apps can benefit from cloud-based ERP. Even new businesses are adopting ERP solutions to help them operate fluidly from the outset. Along with marketing solutions, new business owners are prioritizing ERP software platforms over other types of software.

ERP has always been an invaluable asset for businesses in the manufacturing, construction, health care, hospitality, and retail sectors. This is because of the time-saving benefits and business insights an integrated software solution promises. With its huge range of benefits, cloud-based ERP has the potential to completely transform your operations. No matter what industry you’re operating in. Learn more about how a cloud-based ERP solution can unlock your organization’s potential.

How to create a practical cybersecurity framework

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Implementing robust data security measures is the only way to ensure your organization is protected against increasingly prevalent cyberattacks and data breaches. Cybersecurity begins with creating an effective security framework.

A cybersecurity framework is a pre-defined set of proven practices that organizations can follow to keep their IT resources and digital assets safe. Think of a cybersecurity framework as a set of guidelines or instructions towards implementing proactive security measures.

In 2014, the National Institute of Standards and Technology (NIST), a government agency involved in promoting innovation and industrial competence, particularly in the tech sector, released the NIST Cybersecurity Framework to help both private and government organizations realize their data security goals.

Implementing NIST’s cybersecurity framework

Compliance with the NIST’s framework is not a legal requirement, but rather a recommendation for businesses and institutions looking to maintain cybersecurity standards and mitigate the risks associated with weak data and network security. The framework has five main functions that encompass all the crucial data protection processes:

  • Identify
  • Protect
  • Detect
  • Respond
  • Recover

The implementation of the NIST security framework follows five distinct steps.

Set your targets and goals

Before thinking about any data security protocols, you first have to figure out the level of security needed in the organization. Upper management and department heads all have to agree on the acceptable level of risk and the security priorities for the various departments. The hardest part is working out what’s relevant for every department, and aligning the security objectives with the available resources.

Create a detailed profile

Every business has unique cybersecurity needs. The framework’s implementation tiers help you determine your cybersecurity requirements and come up with ways of taking your business where it needs to be.

  • Tier 1 – Partial: describes firms with a cybersecurity strategy that is reactive to the prevailing threats
  • Tier 2 – Risk-Informed: refers to organizations that regularly make plans to mitigate identifiable threats
  • Tier 3 – Repeatable: defines companies with repeatable and consistent cybersecurity practices
  • Tier 4 – Adaptive: these are companies with proactive security measures that prevent threats rather than respond to them

Asses your current position

Conduct a thorough risk assessment to determine your data security status. Doing this helps you figure out what works and the crucial areas that need security reinforcement. An effective way of gauging your security position is to have your employees use tools to score your security efforts. Essentially, this step is all about identifying, evaluating, and documenting vulnerabilities and risk factors throughout the organization.

Examine security gaps and identify the action required

Having identified potential threats and their severity, you can then compare the assessment results to the target scores to see how divergent your security efforts are from the intended goals. From there, you can identify the hot zones that require immediate remedies and decide on how to close those gaps efficiently. Remember, different areas usually require different solutions.

Roll out an action plan

Finally, with a comprehensive risk analysis and a set of proposed solutions to seal off security loopholes, it’s time to implement active measures to strengthen your cybersecurity. Implementation of an action plan is a continuous process; you’ll have to assess its effectiveness and continuously adjust some of the practices, especially during the infancy stages.

Why is a cybersecurity framework important?

Apart from NIST, there are other popular cybersecurity frameworks, including ISO’s, and PCI’s frameworks. But they all follow the same fundamental principles; it really doesn’t matter which path you take as long as you arrive at the desired results. The important thing is to make an effort to create a cybersecurity framework in the first place.

A security framework provides the basic building blocks to support your cybersecurity strategy. It forms the structure that determines your digital security performance.

In the current data-dependent business environment, it’s becoming increasingly important with each passing day to develop a proactive approach to data and IT security. Data breaches and other cybercrimes are growing more sophisticated and devastating, further fueling the need for defensive action. On top of all that, both local and international data laws require organizations to implement acceptable data protection systems, not to mention the monetary cost and business loss implications of falling victim to cyberattacks.

A robust cybersecurity framework is an essential part of any modern business handling sensitive or valuable data over digital platforms. If you’re struggling with formulating a security framework, get in touch with us today, our data security professionals will offer you a helping hand.

What Data Security Means for Your Business Now and in the Future

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The reality is, cyber crime is one of the fastest-growing criminal threats affecting businesses across the US. What does this mean? It’s simple. A failure to properly secure your sensitive company and customer data puts your entire business’ operations in jeopardy. Here’s a closer look at why data security is so vital to every business, and some tips on how to defend your company against this evolving threat.  

Why data security so important to your business 

Cyber crime doesn’t just affect large companies or international corporations. Hackers targets small and medium-sized businesses, too. In fact, recent reports show that around 43% of cyber attacks are aimed at SMBs, and these attacks are costing small businesses around $200,000 a year. 

Alarmingly, however, only 14% of SMBs are properly prepared to defend themselves against cyber attacks. In short, this means that your business may be extremely vulnerable to data loss or corruption. 

The current threat landscape

While there are many cyber threats to watch out for, there are a few that affect SMBs in particular. Let’s take a look at the threats most likely to affect your business in 2020 and beyond.

Email

One of the most common ways for hackers to attack SMBs is through email. A 2019 report showed that 1 in 323 emails to SMBs are malicious and aimed at either corrupting data or harvesting information. 

Employee Negligence

Too often, employees and contractors accidentally cause data breaches. This may be through a lack of training or simple negligence; for example, an employee leaking a password. A 2018 report revealed that employee negligence accounts for over 60% of SMB data breaches. 

Ransomware

Ransomware is a huge problem for businesses. Ransomware programs either threaten to leak data or they prohibit access to files until a company pays a ransom. A 2019 annual cyber crime report estimates that, by 2021, a business will suffer a ransomware attack every 11 seconds.

How to effectively prepare your company for the future 

The simple truth is that data security issues cause downtime which in turn costs your business time, money, and resources. In some cases, this will be enough to cause your company to fail. The good news is that there are steps you can take to prevent your business from falling prey to a data security breach. 

Train your staff 

Preserving data security within a business is a team effort. Ensure your employees know how to spot a malicious email, and help them choose strong, robust passwords that they change regularly. 

Budget for IT

While protecting company data may feel like an unnecessary cost, it’s crucial that you allocate sufficient resources to cybersecurity in your IT budget. Given that SMBs invest on average less than $500 per year in security products, it’s unsurprising that they’re prime targets for hackers. Don’t become a statistic. Invest in cybersecurity.

Outsource your data security needs

The easiest way to protect your company data from hackers is to employ expert assistance. Managed service providers and IT specialists don’t just understand cyber crime – they understand specifically how evolving cyber threats affect your specific business. This support is invaluable in an increasingly threatening landscape.

Conclusion

The future of business is digital, which means it has never been more important for companies to think about their cybersecurity strategies. For more information on how cybersecurity or data security affects your business, contact us now.