Getting to the Cloud Can Reduce Cyber Security Risks for Professional Services Firms

Business and professional services are the top industries targeted by cyber attackers in the Americas, according to the NTT Security 2020 Global Threat Intelligence Report. This is because these types of businesses retain a significant amount of confidential client data in their computer systems such as financial details, tax returns, identification numbers and intellectual property.

With firms already at risk due to aging IT infrastructures and vulnerable on-premises systems, Coronavirus, with the need for wider connectivity, has only increased the risk of undetected cyber-criminal behavior.

What can be done to reduce your cyber security risk?

Mitigate Cyber-attacks by Getting into the Cloud

The NTT report presents a thorough review of the cyber security threats facing today’s organizations. Traditional security practices are not adequate against modern threats. Organizations must make changes to stay safe. One of the threat mitigation recommendations in the report is to “pursue intelligence-driven cyber security.”

What is one of the most effective and efficient ways to increase security and reduce risk? Make the move to a modern cloud-based technology platform, such as Microsoft Azure Cloud. Microsoft Azure uses a wide variety of physical, infrastructure and operational controls to help secure Azure and identify evolving threats early. Microsoft invests more than $1 billion a year and employs more than 3,500 security experts to protect information on their Azure platform.

Another way the cloud can help secure your business is with disaster recovery. Whether it is infrastructure destroyed in a natural disaster or a lost employee laptop, the loss of important and sensitive data can affect your business.

With data stored in the cloud, you Cloud computing gives you greater security when this happens. Because your data is stored in the cloud, you can access it no matter what happens to your machines.

Make the Move to Cloud-Based ERP

A Velosio client operating an on-premises ERP solution had delayed maintenance for their servers including security software making their systems vulnerable to ransomware and other threats. As a result, they were victims of a cyber-attack and lost 30 years of data over a weekend. They had no way to bill clients, no history records, and no supporting documentation. The only way they had to recreate enough data to bill clients was to cull through months of Outlook calendars and emails just to stay in business.

How did this client resolve its challenges? By making the move to a cloud-based ERP. In this client’s case they chose to move to Microsoft Dynamics 365 Business Central for Professional Services (Business Central).

Business Central for Professional Services is governed by the Microsoft Modern Lifecycle Policy, which means that it gets continuous updates and major updates every six months. The solution has built-in security that protects your database and the information from unauthorized access and includes user-based permissions.