SAP for financial organizations - Safe O'Clock

SAP for financial organizations

November 15, 2022

Financial institutions have always been at particular risk when it comes to cybercrime. Attacks on companies from this sector are not uncommon, and among them there are cases in which companies have suffered both large financial and reputational losses.

Why SAP 

There are many among banks and financial institutions who give preference to SAP solutions. With their help, it is possible to work in the cloud securely and flexibly. The work is facilitated by automation elements recreated with the help of artificial intelligence and machine learning. 

In addition, with the help of SAP solutions, banks can use advanced data analytics and easily make reports. This is necessary to meet sustainability and business continuity requirements to meet investor needs and manage regulatory requirements and data gaps.

 In addition, SAP solutions are ideal for attracting new employees and partners, as working with SAP systems is very convenient and guarantees a good working experience for employees.

SAP products for financial sphere 

With regard to specific solutions, often companies from the financial sector prefer the following products. 

SAP S/4HANA Cloud for finance is well suited for risk management as well as regulatory compliance. With this solution, banks can easily control spending and manage financial data. Another popular solution for banks is SAP SuccessFactors solutions. The solution is best suited for organizations that need help with HR management and navigate employee experience assessments. In addition, another useful solution for financial institutions can be SAP Ariba solutions. It helps companies achieve cost transparency and better navigate their global supplier base. With this solution, users can automate procurement and cooperation with suppliers.

Attacks on financial organizations 

However, companies that choose SAP are just as likely to be attacked by intruders as any other company in the sector. Here are some of the most common attacks facing financial organizations today.

Ransomware can perhaps be called the main problem of all financial organizations with their destructive potential. In the case of such programs, access to the victim’s computer (and, accordingly, the system and data) is blocked. Accordingly, all critical data is encrypted using malware. In order to decrypt the data, the victim has to pay the requested amount, otherwise the data is irretrievably lost.

Phishing, alas, occupies one of the leading positions, and no protection in the system is powerless against it. Employees of organizations, as in the past, from time to time become victims of scammers who send fake letters and make fraudulent phone calls. With the spread of artificial intelligence, the schemes have become more and more sophisticated, so it is necessary to always stay on the alert.

Distributed Denial-of-Service (DDoS) attacks have also been in the lead for years. For banks, such attacks turn out to be especially dangerous, since only one successful such attack can cause a huge collapse of the entire system and all work processes, which will bring huge financial and reputational losses.

Precautionary measures

Of course, the security of your SAP system should be taken care of in advance – do not forget to update and check it for vulnerabilities. Since many attacks happen due to user incompetence, you also need to ensure that all users working with the system are aware of the risks. We can also help you provide the necessary level of protection for your SAP system.

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