Automating Year-End Bonus Using HRIS
Let’s explore how automating year-end bonus using HRIS can be a great help and how Hurey can help you and your business!
Today, Human Resources Information Systems (HRIS) have emerged as vital tools for managing employee data, payroll, benefits, and other aspects concerning HR. However, with the convenience of digitizing HR processes comes the responsibility of safeguarding sensitive employee information and knowing HRIS security best practices.
Since HRIS security breaches can lead to severe consequences, organizations must prioritize implementing robust measures and staying updated on the latest security protocols.
Read along as we explore HRIS security best practices, aimed at ensuring the utmost protection of employee data.
HRIS security involves a range of strategies, policies, and technologies designed to protect sensitive employee data stored within HRIS platforms. This data generally includes personal information, payroll details, performance evaluations, and more.
The primary goals of HRIS security are to maintain the confidentiality, integrity, and availability of data. It ensures that only authorized personnel can access, modify, and use HR data as needed. Any tampering with this data can actually lead to negative consequences.
In fact, data breaches can have a severe financial impact, as evidenced by the staggering global average cost of $4.45 million in 2023 alone. Beyond the monetary loss, such incidents can inflict undeniably harm a company’s trust and reputation.
This can lead to a loss of customers and business opportunities, as individuals and organizations may be hesitant to engage with a company that has experienced a data breach.
In this loss, 95% of breaches are due to human error, which underscores the importance of employee training and awareness in reducing risks.
HRIS platforms face different cybersecurity threats that continue to evolve and escalate in complexity. Here are the common risks faced:
Malicious software, or malware, is often used by cybercriminals to extract unauthorized access to sensitive information. This acquired data is then exploited for various illegal purposes, such as identity theft or financial fraud. Among the most prevalent forms of malware is ransomware, which poses a significant threat when infiltrating HR databases, compromising sensitive employee information.
In 2020, there was a 358% surge in malware attacks, underscoring the escalating threat posed by malicious actors targeting HR infrastructure. Additionally, ransomware attacks, which encrypt HR data and demand payment for its release, have become increasingly prevalent.
Derived from “fishing,” phishing is a cybercrime tactic that involves using deceptive emails or websites to obtain sensitive data illicitly. This can include personal or account information from unsuspecting individuals. Cybercriminals specifically exploit the trust and credibility associated with legitimate communication channels to trick users into divulging confidential details.
Given the significance individuals place on their professional lives, phishing emails with HR-related subjects have become increasingly common. When users fall victim to these schemes and unknowingly interact with fraudulent content, their personal information and access privileges become compromised. Then, this exposes them to potential data breaches and security risks.
The widespread adoption of cloud services has also introduced new challenges, with 45% of businesses failing the cloud-based data breach audit. These challenges stem from the complex nature of securing data in a cloud environment.
Moreover, IT professionals and businesses find it difficult to keep up with developing security measures. This is mainly due to the rapid advancements in technology and the constantly changing tactics of cybercriminals.
There are different practices that aim to fortify data integrity and safeguard sensitive information within the HRIS framework. These are the measures usually undertaken:
Role-Based Access Controls (RBAC) are important for managing access to HRIS functionalities and data within organizations. It operates by assigning access rights and permissions according to the roles as well as responsibilities of individual users. This method effectively mitigates the potential for unauthorized access to sensitive information.
Through RBAC, administrators assign distinct access levels and permissions to various user roles. For instance, while HR managers may require full access to employee records and payroll data, team leaders may only need access to certain sections for performance evaluations. By tailoring access rights, businesses can uphold data security standards while facilitating seamless workflows.
Authentication serves as a critical component of HRIS security. It helps to verify the identity of users or entities seeking access to system resources. Also, it ensures that only permitted individuals or systems can access sensitive HR data or perform specific functions. Typically, authentication involves users presenting credentials, such as usernames and passwords, which are then validated against stored records within the system.
However, modern HRIS systems are strengthening security by incorporating multi-factor authentication (MFA). MFA requires users to provide multiple forms of verification, including something they know (password), something they possess (security token or cellphone number verification), or something inherent to them (biometric data). This layered approach significantly enhances security by mitigating the risks associated with compromised passwords or stolen identifications. This further safeguards HRIS platforms against illegal access and potential data breaches.
Encryption serves as a defence mechanism that shields HRIS platforms from different cyber threat. It preserves the confidentiality of the information stored. In a way, this measure is an added layer of protection to your data because it helps to keep HR data safe and secure.
When data is encrypted, it gets scrambled into unreadable text, making it impossible for unauthorized people or malicious entities to access it. Moreover, encryption reduces the chances of hacking. Even if there is a security breach, encrypted data stays safe because unauthorized users cannot read or understand it without the right decryption tools.
Vulnerabilities in HRIS systems pose significant risks to businesses, potentially leading to virus penetration. To effectively alleviate these risks, organizations must regularly update their HRIS software. These updates normally include patches aimed at addressing known security vulnerabilities and enhancing the system’s resilience against emerging threats.
Through this, businesses can strengthen their defenses and decrease the likelihood of exploitation by malicious actors. However, failing to apply timely updates leaves HRIS systems vulnerable to potential attacks, as vulnerabilities remain unaddressed and susceptible to exploitation.
Conducting security audits and risk assessments is important for organizations wanting to fortify their cybersecurity posture, identify vulnerabilities, and maintain compliance with regulatory standards. Through audits of the HRIS they use, businesses can identify areas for improvement. They can also implement targeted strategies to enhance the resilience of their HRIS against potential threats and unauthorized access.
Consequently, employees play an important part in maintaining HRIS security and should receive sufficient security awareness training. Thus, organizations should endeavor to educate employees on best practices, common security threats, and their responsibilities in safeguarding sensitive data.
Data Loss Prevention (DLP) solutions help prevent unlawful disclosure of sensitive data. This is done through monitoring, detecting, and blocking attempts to infiltrate data from HRIS systems. DLP solutions are designed to identify and prevent the transmission of sensitive information via email, file transfers, or other communication channels.
But in times where the worst-case scenario happens, the organization must have an incident response and a disaster recovery plan to mitigate the impact of the breach. These plans commonly outline procedures for detecting, containing, and remedying security incidents, as well as protocols for data restoration and recovery.
Modern HRIS undoubtedly provides convenience. However, maintaining vigilance is still essential to protect your organization from potential vulnerabilities and security risks. By implementing robust security measures as well as adhering to best practices, you can mitigate data breaches successfully. Your business can even undoubdtedly safeguard sensitive information and ensure the confidentiality and integrity of employee data.
In reality, HRIS security is a continuous commitment, not a onetime fix. It requires proactive vigilance, ongoing improvement, and prioritizing data security across the organization. By having Hurey as your HRIS, you will never have to worry about the security of your system!
Our team of experts regularly update and enhance our security measures to stay ahead of emerging threats. With our robust security protocols in place, you can focus on other important aspects of your business, knowing that your HRIS data is safe and protected.
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Let’s explore how automating year-end bonus using HRIS can be a great help and how Hurey can help you and your business!
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