One of the most pressing matters in the business market today is how to keep a company’s data secure from third-party actors who would want to use it for the wrong purposes. Each year, many companies are affected by data breaches, with billions of dollars in lost assets and productivity.

This is a great cause of concern for C-suite executives. Financial officers in particular need to be aware of the potential risk, as monetary records and assets are a common target for modern thieves and vandals. Chief Financial Officers must take stock of their procedures and data records in order to protect their interests and that of their customers.

It is fortunate, then, that the technology industry has recognized the need for Security and data management. Cloud services are spreading at a rapid pace, with vendors offering customizable and affordable options. CFOs have unlimited options available. For example, Acumatica, which offers a whole host of cloud services.

The Risks of a Breach

The financial losses that can hit a bottom line in the event of a breach cannot be overstated. Outright theft or ongoing breaches can devastate a company. CFOs therefore need to ensure that their financial software is up to date and is being monitored.

Alongside the financial impact, there can be other intangible consequences for a company that suffers a breach. Reputations can be permanently damaged, losing market share and customer relations that cannot be regained. In addition, legal matters resulting from lost data can further impact a company.

How a CFO can Close Security Gaps

With all that being said, a company can actively avoid the costs and hassle associated with a large-scale data breach by preemptively taking action. CFOs and other executives must work with their IT teams in order to identify potential weaknesses and how to close any security gaps.

The key factor is controlling access to data. Modern systems can be used through cloud services. Vendors such as Acumatica offer programs that include industry-leading security and the training to use it fully. IT units can control access to sensitive data through business applications and financial management systems. Enterprise Resource Planning (ERP) systems are also a solution for security concerns as access is strictly controlled through the company’s workflow operations.

Reducing Security Risks

A company’s CFO faces a lot of pressure in today’s environment. Shareholders are demanding greater transparency, while at the same there is increased risk of disastrous decisions. Having a tried-and-true system can mitigate those risks. A system such as cloud programs for ERP and financial planning software can aid in reducing risk, by providing a single solution for access and management.

Cloud vendors are dedicated to offering a system that is easy for a customer to use and to take ownership over. Acumatica is an industry-leading cloud vendor, whose award-winning ERP programs offer solutions for CFOs and other company leaders who want to adapt to the changing technology field.

Having limited access to data points through a cloud system is a key business strategy, as it closes the security gap and limits availability of data only to those staff members who have the ability and the need to use it. Everything goes through a secure portal setup by the company itself, and is continually monitored.

Wrap-up

If your company is interested in cloud ERP services, contact ASC team with any questions about Acumatica’s cloud ERP software or to request a demonstration.

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