In the early nineties, when the World Wide Web was first introduced, a username and password seemed all but good enough to prevent unauthorized computer access, and it probably was…. back then. Nowadays, the Internet has drastically evolved, and with that come increasingly sophisticated cybersecurity threats. A username and password alone are no longer sufficient protection – you need additional security to protect your data. Multi Factor Authentication (MFA) has been around for about 20 years, and you’ve likely used MFA tools at some point, whether signing into online banking or an email account. What you might not know about MFA though, is that it also should be an important part of your Enterprise Resource Planning’s (ERP) best practices.
An ERP’s centralized database hub has many advantages, like increased visibility and team collaboration, but there’s also an unspoken disadvantage that most aren’t aware of. An ERP solution’s centralized database is often seen as a quick & easy, and vulnerable target to hackers. To them, it’s a one-stop shop for getting access to all your (and potentially your client’s) most valuable data. So how does MFA help?
The Risks
In 2021, the total cost of data breaches was estimated at $4.24 USD million. Out of the last 17 years, that’s the costliest. With more people working out of the office or from home, cybersecurity attacks are becoming increasingly more prevalent and more expensive for businesses. That’s why the market for multi factor authentication is expected to more than double in size in the next few years, from $11.1 USD billion in 2021 to $23.5 USD billion by 2026. ERP companies, like SYSPRO, are realizing the risks involved for businesses owning a lot of sensitive data, and are implementing preventions, like MFA tools, to help mitigate and reduce the widespread cybersecurity risks.
ERP systems are a central database hub that houses a company’s essential, personal and sensitive data, like record numbers, customer names, addresses, and staffing information. Legally, you have an obligation to protect this information. In March 2021, Microsoft engineers said that 99.9% of the account compromise incidents they deal with could have been blocked by a multi factor authentication solution. This shows the value and power of incorporating an MFA tool into your workplace, and that the traditional way of protecting your data just doesn’t cut it anymore.
What is Multi-Factor Authentication?
To deter hackers from compromising systems, organizations employ an MFA tool in their ERP solution.
MFA is an auxiliary authentication service that seeks to further verify a user’s identity beyond than just recalling and typing in a password. There are three simple steps to access provision into an ERP:
- Identify,
- Authenticate, and
- Authorize.
The authentication step is broken down even further. This step uses two or more of the methods below to authenticate a person:
- Something you know e.g.: a previously assigned password or security question,
- Something you own e.g.: an email address or cell phone, and
- Something that is a part of you e.g.: an eye retina or fingerprint scan.
How SYSPRO’S Multi Factor Authentication Can Help You
While you can buy MFA as an add-on tool to better protect your ERP data, SYSPRO has a built-in custom MFA tool that is available with either email or Google authentication. It ensures a user is granted access to SYSPRO after successfully presenting two or more pieces of evidence to the authentication mechanism. SYSPRO MFA leverages your staff’s phone or email account, along with a unique code or action to grant systems access. This provides non-repudiation or irrefutable proof that a valid user gained systems access. Additionally, on new systems and devices, you can’t click “Remember Device” and bypass the MFA because they always require an MFA action.
Employing a multi factor authentication tool in your workplace will help get your business started on a strong cybersecurity program – one you can then build on as you grow. Talk to one of our SYSPRO experts at BT Partners to learn more about this feature or other features SYSPRO has to offer.
