Making Your Accounts Payable Automation More Secure
Secure Ap Processing
Organize and secure accounts payable processes with automated technology by leveraging the available balance of Softwaresolutions. But with increasing cyber threats, what should Finance Executive consider to ensure security?
From C-Suite perspective, understanding the cyber-risk associated with Accounts Payable (AP) automation is key. UK financial services are estimated to have derived over ?2bn in increased market value through digital transformation and digitalization strategies. Automation initiatives can increase operational efficiencies and reduce costs, however, associated digital risks need to be managed and accounted for. Thus, any effects of cyber intrusion in the AP automation Softwareshould be included in the organizations Cyber-Risk Risk Management (CRRM) plan.
In terms of Softwaresolutions, the most effective solution will be one which can securely and quickly identify and monitor any changes to the accounts payable workflow process in real-time. This can be accomplished through an action-oriented security architecture, using Artificial Intelligence (AI), and Machine Learning (ML) in order to detect any suspicious activity in the accounts payable system.
Data loss, alterations to records, and unauthorized access all have the potential to cause disruption, loss of revenues, irremediable damage to reputation, and slew of compliance concerns. Securing accounts payable information and processes, must be balanced with agility and high levels of functionality. An automated system should enable digital identities, multi-layered security measures and encryption, and help identify and mitigate data loss and breaches.
Certified AP automation Softwareshould provide an integrated approach to data security which is backed by role-based access, track and trace systems, strong passwords, and secure cloud-based solutions. In order to meet the requirements of CFO or Finance Officer, automation Softwareshould protect data via secure firewall solutions, secure customer and vendor fees, and protect against data leakage.
AP automation solutions must continuously monitor and measure the risk and compliance factors, to ensure current and future Softwaresolutions are able to deal with changing cyber threats and datacenter security. certified security application should have the capability to detect anomalies, malware and detected intrusions, examine process logs for fraudulent activity and highlight any changes made to customer payments or vendors.
Finally, organizations should ensure processes are in place which prepare for any cyber-related incidents, giving staff members enough knowledge to recognize the signs of malicious attack or data breach. Relevant processes should include regularly-scheduled patch updates and tests, combating insider threats, and rigorous data security and access protocols such as periodic user rights review.
Making the right decision when it comes to securing accounts payable processes can be difficult. Finding the right balance between security, compliance, and cost, can be challenge. However, with certified AP automation software, organizations can be better prepared and equipped to address secured automation of the accounts payables process. This can enable processes to be quick and free of security breaches, risks and potential losses and enable organizations to maximize the returns on their digital investments.
