Blog / Protecting Your Business: Exploring the Importance of Data Security Features in Business Central

Protecting Your Business: Exploring the Importance of Data Security Features in Business Central

In today’s digitally driven world, data security is vital for businesses of all sizes. With the increasing reliance on technology and the proliferation of cyber threats, safeguarding sensitive information has become a top priority. This is particularly true for businesses utilizing enterprise resource planning (ERP) systems like Microsoft Dynamics 365 Business Central. In this blog post, we’ll explore the importance of data security and the dynamic features that Business Central offers to protect your valuable assets – from data encryption to multi factor authentication and more.


Data security can be defined as practices, technologies, and policies designed to protect digital data from unauthorized access, corruption, or theft. For businesses, data is among the most valuable assets, comprising sensitive customer information, financial records, intellectual property, and more. Therefore, ensuring the security and integrity of this data is critical for maintaining customer trust, complying with regulations, and mitigating risks.


Cyber threat numbers have increasingly grown over the years. According to a report by Cybersecurity Ventures, cybercrime was expected to cost the global economy $6 trillion annually by 2021, up from $3 trillion in 2015. Cyber threats, ranging from malware and phishing attacks to ransomware and data breaches, pose significant risks to businesses. These threats can result in financial losses, reputational damage, and legal liabilities. By implementing tough data security measures, businesses can strengthen their defenses against such threats and minimize the likelihood of a successful attack.


A variety of business industries must also meet strict compliance requirements. Failure to comply with these regulations can lead to hefty fines, lawsuits, and tarnished reputations. Businesses must adopt security measures that align with relevant regulatory requirements to avoid legal ramifications. By leveraging the features, capabilities, and best practices provided by Business Central, businesses can enhance their compliance posture and mitigate the risk of regulatory violations or data breaches.


Defending your business data and access with the powerful security features available on Microsoft’s Dynamics 365 Business Central can give you and your team piece of mind with role-based security, data encryption, (MFA) multi factor authentication, automated back up, and disaster recovery.


Role-Based Security with Dynamics 365 Business Central:


According to the 2021 Verizon Data Breach Investigations Report, 80% of data breaches involve compromised credentials. Business Central employs role-based security, allowing organizations to restrict access to sensitive data based on users’ roles and responsibilities. Administrators can define access permissions and privileges for each user, ensuring that individuals only have access to the information necessary for their job functions. This granular approach to security minimizes the risk of unauthorized access and data breaches. For example, a sales manager may have access to customer data and sales reports, while an accountant may only have access to financial records. This role-based approach minimizes the risk of unauthorized access and data breaches, enhancing overall security posture.


Data Encryption:


A report by IBM Security revealed that the average cost of a data breach is $4.24 million in the United States, highlighting the financial impact of data breaches. Encryption is a fundamental component of data security, and Business Central leverages advanced encryption techniques to protect data, both in transit and at rest. This means that sensitive information stored within the system, such as customer records and financial data, is encrypted to prevent unauthorized interception or tampering. The platform employs advanced encryption techniques to protect data. This means that sensitive information stored within Business Central, such as customer records, financial data, and intellectual property, is encrypted to prevent unauthorized access or interception. By encrypting data, Business Central ensures that even if data falls into the wrong hands, it remains unintelligible and unusable, providing an additional layer of protection against cyber threats.


Multi Factor Authentication (MFA):


Microsoft’s Security Intelligence Report found that enabling MFA can block over 99.9% of account compromising attacks. Multi factor authentication adds an extra layer of security by requiring users to verify their identity using multiple factors, such as passwords, biometric scans, or one-time passcodes. Business Central supports MFA, reducing the risk of unauthorized access in the event of stolen or compromised credentials. By implementing multi factor authentication, businesses can significantly enhance the security of their ERP environment and protect against credential-based attacks.


Automated Backups and Disaster Recovery:


The 2021 Cost of Downtime study by ITIC and Zerto found that 98% of organizations reported that a single hour of downtime costs over $100,000, highlighting the financial impact of disruptions. Business Central includes automated backup and disaster recovery capabilities to safeguard data against unexpected events such as hardware failures, natural disasters, or cyber attacks. By regularly backing up data and storing it in geographically dispersed data centers, Business Central ensures that businesses can quickly recover from disruptions and minimize downtime.


Preventing Cyberattacks:


Along with the continual growth in cybercrime, the COVID-19 pandemic accelerated the shift to remote work, leading to increased security challenges. According to Bitdefender, remote workers are three times more likely to encounter malware than on-premises employees. The security measures in Dynamics 365 Business Central are designed to protect against data breaches, ransomware, phishing, supply chain attacks, and other cybersecurity risks. By implementing comprehensive security protocols and staying vigilant against emerging threats, businesses can mitigate the risk of cyber incidents and safeguard their sensitive data and operations effectively.


Dynamics 365 Business Central stores a wealth of sensitive information, including financial data, customer details, and proprietary business information. Ensuring the security of this data is essential to prevent unauthorized access, breaches, or data theft, which could have severe financial and reputational consequences for businesses. Security breaches can erode customer trust and damage reputation irreparably. By prioritizing security with Dynamics 365 Business Central, businesses demonstrate their commitment to protecting customer data and maintaining confidentiality, integrity, and availability. Business Central offers a comprehensive suite of security tools to help you mitigate cyber risks effectively, protect sensitive information, and maintain your business continuity in an increasingly digital world.


If you are looking to learn more about how Business Central can offer you a centralized, all-in-one accounting, equipment rental management, and operational software solution with the highest level, contact our team at hi@opendoorerp.com.