In 2024, the most valuable asset a business could possess is not what most think. If this asset is stolen, it can cause devastating consequences to your business. This asset is the confidential information of a business, its employees and its clients. In the digital landscape of today, the threat of cybersecurity hacks is a relevant risk for business leaders. Data security should be a top priority when selecting an ERP system, not just for your business but for any internal or external stakeholders as well.
NetSuite’s Security Measures and Features
The threat of hackers will always be a risk. However, premier ERP systems like Oracle NetSuite have some of the best data security and compliance functions to protect your business from these threats. NetSuite uses a multilayered security system with both internal and external compliance. Let’s take a look at some of NetSuite’s security measures and features:
- NetSuite employs a security team that operates globally to protect users by enforcing policies, monitoring alerts and investigating suspicious behavior within the system.
- NetSuite utilizes both network and server-based Intrusion Detection Systems (IDs) to detect malicious traffic attempting to access its systems. Security alerts and logs are forwarded to a security information and event management (SIEM) platform for monitoring, and NetSuite’s skilled in-house security team takes necessary response actions.
- If incidents were to occur, a structured procedure would include confirming the incident, contacting the relevant people, sending out alerts, preserving proof and keeping records of the incident and related activities.
- NetSuite also complies with various industry regulations. Just recently, NetSuite announced healthcare organizations can take advantage of their cloud computing, all while adhering to HIPAA privacy and security requirements.
Along with NetSuite’s skilled security team, within NetSuite itself are safeguards for your data. While external hackers are your biggest threat when it comes to security, internal threats within your organization are a reality. However, NetSuite has many protections internally.
- To start, NetSuite uses two-factor authorization for users to log into the interface. The password users’ input is also managed by administrators, allowing rules related to password complexity.
- When logging in, NetSuite users can also be assigned certain roles with specific permission restrictions, to see only the data required for their specific jobs. Admins are also allowed to impose IP address restrictions, allowing them to control where their system is accessed from geographically. The sharing of any potentially sensitive user information or data is encrypted with an industry-standard protocol and cipher suite.
- NetSuite also supports custom attribute encryption.
- Finally, NetSuite performs routine audits and updates on itself. These check-ins ensure the system is performing up to industry standards, updating to the latest security, and removing any potential bugs.
Key Takeaways
While NetSuite has many security features to protect your business, it’s important to recognize that no system can be entirely foolproof on its own and that human error is still one of the most common causes of data breaches. Employees may inadvertently click on phishing emails, share sensitive information with unauthorized parties or fail to follow security protocols. To truly safeguard your business, it’s crucial to implement a comprehensive cybersecurity strategy that goes beyond the ERP system. This includes establishing your own internal security protocols, conducting regular employee training on cybersecurity best practices and maintaining a proactive approach to identify and mitigate potential threats.
In addition to our certified NetSuite Consulting Services Team, our dedicated cybersecurity experts are here to assist you in developing a tailored security framework that complements NetSuite’s protections, ensuring a holistic defense against the ever-evolving cyber threat landscape.
By combining NetSuite’s strengths with a robust internal security strategy, you can significantly enhance your organization’s resilience against data breaches and other cyber risks.
Author: Wendy Lin | [email protected]
Contact Us
For more information on this topic, please contact a member of Withum’s NetSuite Consulting Services Team.
