In looking out across the cyber landscape, employers are apt to consider a range of data security threats, from phishing attacks to malicious attachments. It’s just as important to consider global payroll security when assessing the range of potential digital hazards facing enterprises today. The days of paper are long gone, so it’s no longer enough to lock up payroll files in a secure cabinet. As global payroll technology has migrated to the digital space, a range of new hazards have emerged. In fact, the IRS has issued specific warnings about the cyber risk to global payroll data. A recent Forbes article highlights how organizations need to get assurances from service providers, including payroll, to mitigate the risk against cyber attacks aimed at payroll systems.
Data breaches can come from any direction, beginning with an insider threat. Employees frequently are the cause of breaches, whether through malice or carelessness, and training is, therefore, an essential component in cyber hygiene for anyone engaged in the payroll process. Businesses need international payroll solutions that include a global payroll data security policy to prevent mishaps, and payroll managers also must be ever vigilant about the possibility of electronic fraud.
Then there are the external threats, especially from hackers intent on compromising systems and gaining access to potentially sensitive personal information. Payroll systems, in particular, are an attractive target for this kind of activity, as they often play host to a range of personal and financial details that hackers can exploit. Business leaders need to keep software up to date, apply patches, and back up data regularly.
In taking steps to safeguard payroll data, it’s especially important to consider mobility. Employees are increasingly able to interact with primary business systems, including payroll, via mobile devices. They like the convenience this offers, but mobile networks open up new vulnerabilities. Business leaders must ensure that payroll data available via mobile systems is secure within the environment.
A solid defense of global payroll data includes implementation of all the cyber best practices available, including data encryption to prevent prying eyes from seeing in, as well as secure passwords and other fundamentals of system security on the inside. A strategic backup plan to handle worst-case scenarios is also essential. Businesses need to have a solid understanding of their payroll processes and their deadlines and filing obligations so that the system can be recreated in whole or in part in the event of a cyber breach.
Every aspect of the modern enterprise may be susceptible to cyber threats. When it comes to payroll, however, special attention is required. The combination of financial information and personal data makes payroll a tempting target, one that requires ongoing vigilance.
Please contact one of the global payroll experts at Celergo to learn more about preventing cyber risks to global payroll data.
To learn more about global payroll security, contact a member of our team today. We take the necessary precautions to ensure your team members’ PII is safe and secure, preventing it from falling into volatile hands. We’d love to tell you more about the benefits of working with a secured international payroll provider. Get in touch today!
**This article is for informational purposes only. It is not intended to constitute legal advice.