JD Edwards EnterpriseOne (JDE E1) cloud solutions provide companies with the opportunity to automate business process, increase efficiency, and further their digital transformation journey. When it comes to managing JD Edwards EnterpriseOne security, one often overlooked risk is fraud, including the misuse of access and asset misappropriation. This can be a major security issue for organizations that can be tough to pinpoint.
Fraud monitoring is a key aspect of any enterprise security program. In today’s digital world, it’s critical to safeguard systems from both internal and external threats. It’s no longer a matter of if companies will experience a data breach – it’s a matter of when and how much damage will be sustained.
Your JDE E1 system can easily become compromised if login credentials are exposed. On top of that, anyone who has access to SYSADMIN or Production can potentially make changes to their own employee records, abuse auditor access, and even commit fraud. While there are a number of security practices such as zero-trust models and alerts, it is vital that companies running JD Edwards employ fraud monitoring to ensure on-going data security.
Enterprise Security and JD Edwards EnterpriseOne
Powerful ERPs such as JD Edwards EnterpriseOne are built to organize and make sense of large amounts of data coming from several applications across the business. JDE can reach into every department of an organization and allows applications to access and share data effectively and efficiently. However, this can create a security issue for organizations that aren’t taking the correct precautions and security measures to protect their valuable business assets.
Firewalls, anti-virus, and identity management are crucial tools for organizations that rely on JDE E1 or other enterprise ERP solutions. But employing these tools alone will not prevent all the insidious and damaging data breaches that can occur. In an industry where downtime can cost a company millions if not billions of dollars, a proactive approach to enterprise security including continuous fraud monitoring can help keep organizations running and reduce the potential of costly disruptions.
The Need for Fraud Monitoring
The onset of the COVID-19 pandemic has pushed companies in all industries forward digitally as the world was faced with distancing restrictions that affected how people communicate and perform daily tasks. Unfortunately, the digital evolution also created a wider attack surface for cyber criminals to target.
Scammers have taken advantage of the climate surrounding the pandemic and commonly use scare tactics to elicit information from their victims. Each year more people fall victim to scams of this nature, and in 2020, people in the US lost over $667 million to COVID-19 imposter scams alone.
Businesses are no exception. By targeting high level employees and others with critical access to business systems including ERP solutions, hackers are able to exploit businesses from within. Studies show that proactive data monitoring can reduce business losses by 60% and is the most effective fraud prevention solution.
Syntax’s Fraud ID for JD Edwards EnterpriseOne uses a combined approach to detect and alert organizations of suspicious activity in real time. This fraud monitoring tool specifically designed for JDE E1 monitors transactions, data patterns and analytics, as well as logs mining techniques to notify auditors as soon as any suspicious activity is pinpointed.
Conclusion
The complex structure of JD Edwards EnterpriseOne lends itself to a wide view of data across different business applications. In the event of a major data breach, companies may experience long-term outages causing disruptions at various points in the business cycle.
Fraud Monitoring tools for your mission-critical ERP systems are an essential need as more companies move forward with digital transformation strategies. And with the average cost of a data breach reaching $3.86 million, organizations who fail to maintain proper security monitoring systems have a lot to lose. Deploying a fraud monitoring system that is always working behind the scenes adds a necessary layer of security for your JD Edwards EnterpriseOne ecosystem.