While you can't control the increasing risk of cyber-attacks, you can take steps to protect your employees' precious personal data. Cyber security is of the utmost importance to organisations of every size, which is why we've identified where the risks lie and how you can best defend against potential attacks.
HR and payroll processes have traditionally been among the most data-intensive activities within medium to large organisations. And in today’s highly-digitised and interconnected business environments, there are unprecedented volumes of information being generated from more sources, more locations and across more platforms and protocols.
For the organisations that are able to properly capture this information and convert it into actionable intelligence, this presents exciting opportunities. However, with these opportunities comes considerable responsibility. As digital technologies become more sophisticated – allowing organisations to trawl and store large banks of personal and therefore sensitive information – the risks of this data being compromised have also increased.
Showing staff that you take the security of their personal information seriously goes a long way to building trust and long-term staff engagement. It also has positive implications for your image externally. Your employer brand is one of the most treasured commodities when it comes to attracting and retaining the best staff. And given the considerable time and effort it takes to cultivate, It's a no-brainer that data security should be a priority.
When managing HR and payroll information, data breaches are usually the result of human error – the risks of which are much greater in organisations still bogged down with manual processes and physical paperwork.
Pay records typically contain bank details, healthcare information, addresses and contacts for staff and next of kin – all of which could be exploited for financial gain. Then there’s the very real risks associated with breaching compliance and data privacy responsibilities, the financial penalties for which can reach as high as $1.7 million for serious and / or repeated interference with a person’s privacy.
With Ascender, you can feel safe in the knowledge that all of your sensitive HR and payroll data is held securely in the cloud, governed by tight authentication policies, while still affording the maximum flexibility for staff seeking more control over their own information.
While it's imperative that you focus on external cyber threats, you can't ignore internal threats either. The Australian Human Resources Institute reports on this equally significant threat.