Recent revelations about the Heartbleed virus have put businesses in Canada and all over the world on notice that there are dangers out there we may not even be aware of. This glitch in the security backbone of the Internet is estimated to have cost U.S. brands millions, and the final “expense report” on the debacle from the Canadian perspective is still unknown.
The e-commerce landscape is gradually recovering from Heartbleed, but it does not take a huge security vulnerability before a brand is at risk. For example, the major U.S. retailer Target has absorbed tens of millions in costs in the wake of its unrelated data breach. Some analysts have suggested that the credit card data breach Target suffered may ultimately cost the brand more than $1 billion United States dollars.
The financial data that senior executives work with every day is especially vulnerable to hackers and makes for a soft target for attacks. It is important to arm yourself with every tool possible for the effective review of your business. That includes everything from the average travel expense report through to the most complex financial documentation.
However, as your financial reporting capabilities grow and become more transparent, a threat grows at the same time: The threat that someone within your organisation will become involved in acts of fraud, deception, or even corporate espionage. It is prudent to ensure that, no matter how big or complex your business, an odd expense report is not the first sign of wrongdoing that you are aware of!
Approval Workflow Security Can Help Ensure Your Private Data Stays Private
In the world of information technology, security goes by a simple mantra: Everyone gets the lowest amount of access to data that they need to do their job. This “Principle of Least Permission” can help to prevent millions in potential fraud.
ExpensePoint is built so that your security landscape is based on your organisation and your own view. If you have a strongly hierarchical business or one that is widely dispersed across a large geography, you may wish to follow the “Principle of Least Permission.”
If you have a strong financial control organisation in place where employees are required to take initiative for audits, you can define security appropriately.
Whether an expense report or an annual report, security is key. Review access to your financial data regularly to help protect the integrity of your brand.