Soterion’s GRC Trends Report
A New Era of GRC for SAP Customers – The Road Ahead: Soterion’s Insights and Predictions
Key Takeaways
⇨ SAP security is becoming more complex, requiring advanced skills and proactive strategies for risk management.
⇨ Standard business processes in SAP may lead to increased access risks, necessitating customised role design.
⇨ Cloud adoption blurs risk exposure, calling for integrated GRC solutions that provide comprehensive risk analysis.
There are challenges on the horizon for organisations using SAP according to the GRC Trends Report. An increasing number of organisations are making the transition to SAP S/4HANA with the rapidly approaching upgrade deadline. One source estimates that around 22,000 customers have licensed S4, with approximately two-thirds of those having completed an implementation.
While the move to S4 brings many benefits in terms of speed, flexibility, and analytics power, it also creates greater complexity. This leap forward is more than a simple software upgrade; it represents a major shift in how organisations will secure their data in the face of rapidly evolving business processes. As with many large digital transformation projects, security has traditionally taken a backseat, as organisations focus on configuration and maintaining business-critical processes. The need for robust security is becoming undeniable with a noticeable uptick in security incidents over the last decade, including cyber-attacks and data fraud. Data from a 2023 World Economic Forum study found that 43% of organisational leaders think it is likely a cyberattack will materially affect their own organisation within the next 2 years.
As well as causing reputational damage, these kinds of attacks can have significant financial consequences. A report by Cybercrime Magazine in 2020 forecast that by 2025, global cybercrime would cost USD $10.5 trillion annually – exponentially larger than the damage inflicted from natural disasters, and more profitable than the global trade of all major illegal drugs combined.
Explore related questions
Discover the critical GRC trends for SAP users in 2023 from the full report provided by Soterion.
Premium
