Businesses face all sorts of threats, and while the focus tends to be on third-party cyber threats, a big area of vulnerability could be your very own employees. Did you know that global business loses 5% of its revenue per year due to employee theft?
Modern enterprises operate in an increasingly risky environment and it’s very easy for employees who have too much access to commit theft. This is why most mid to large sized companies implement some type of segregation of duties (SOD). Managing the risk of internal fraud and error is the building block of internal risk management.
Many companies try to manually monitor SODs when automated SOD analysis should be implemented. Let’s examine the benefits of having your SOD automated.
Superior SOD Analyses
It is estimated that just 30% of businesses have automated their SOD controls. This number is alarmingly small when you consider that an automated SOD analysis can immediately identify key conflicts across both enterprise solutions and the cloud.
Automating this process offers highly detailed analyses on a granular level. Better SOD conflict management through an automated system allows for a balance between granularity and operational requirements.
Ultimately, SOD controls that are automated go even further because security can be monitored not only at the business level but at the application level in real-time.
Real-Time Policy Analysis
Compliance is at the heart of the digital challenges that organizations face. An automated SOD analysis allows for real-time policy analysis.
Why does this matter to your organization and why is it a benefit?
It matters because it prevents users from having conflicting access. For example, a user may have access to record vendor pricing, receive the vender’s money, and send the receipts, which can lead to employee embezzlement.
This real-time analysis approach simplifies operational access control, which also limits oversights. It also makes it easy to stay compliant with data protection regulatory frameworks.
Emergency Access Management
Another reason to automate SOD controls is to manage and monitor access based on employee position.
While temporary access may be required in an emergency, it leaves organizations potentially vulnerable. Automating emergency access management reduces exposure to data breaches because access is offered on a fully time-limited basis, while also offering a high degree of monitoring.
An estimated 27% of all online sales transactions are fraudulent. This presents a major problem for businesses as they incur liability and loss of confidence among end-users. Organizations should automate their SOD analysis to streamline transaction monitoring.
Transaction monitoring helps to streamline auditing and respond faster to unauthorized transactions. With businesses often taking months to find unauthorized transactions, if a problem does occur it can be shut down before serious damage occurs.
While seen as a relatively minor benefit, in an emergency transaction monitoring via automated SOD controls analysis could be critical.
It is awful how many businesses are making life more difficult for by opting for manual or semi-automated SOD controls. As operations expand and grow more complex, identifying security risks and remaining compliant with industry regulations becomes more difficult.
The penalties of noncompliance could threaten the very future of your business. Don’t wait until it’s too late, consider an automated SOD solution to safeguard your organization and streamline your SOD processes.