Don’t pay the wrong people with eftsure Connector for NetSuite

Keep your business safe from becoming a victim of cybercrime

eftsure connector for NetSuite eftsure assists by verifying supplier data and validating changes when they occur. With many consumers believing that the companies they do business with provide the essential elements of digital trust and customer data – and when a business doesn’t meet their expectations, they will take their business elsewhere. All companies are more and more focused on providing the best possible services to their customers, but this may not be enough. They sometimes don’t take into account what is really important – data protection and internet privacy.

Cybersecurity is everyone’s responsibility – what you need to know

As the Optus data breach shows, cyber attacks can have far-reaching consequences for businesses and their employees. In a public statement, Optus CEO Kelly Bayer Rosin stated that it is still unclear who is behind the breach and what their motives are. However, if the attack was motivated by financial gain, the stolen data is likely to spread quickly across the dark web. This underscores the importance of taking steps to protect your business and its data from cyber threats.

It is believed that the people behind the cyberattacks were able to access an insecure API that required no login to access customer data. This is due to a lack of security in accessing the API. The hacker was able to to understand what the API provided and download all the customer data without any authentication.

Given the sensitivity of the data, many criminals will be interested in acquiring a copy of this database. They’ll use it to improve their own fraudulent activities and make money by selling it to other cyber-criminals. Over the next few weeks, months, years you can expect a spike in phishing emails. Some of these may use stolen ID numbers and personal information from individuals whose accounts were breached.

Optus claims that no corporate information was at risk when its network was compromised. However, as we all know, just one click from a person in your company can give cybercriminals access to their personal devices and emails. Therefore, the need for cyber prevention is essential so that everyone in your organisation is vigilant about potential scam emails either to their personal or work email.

More importantly, CFOs and specifically Accounts Payable staff must have an even higher degree of caution to minimise the risk of fraud in vendor details and payments.

Traditionally, fraudsters have targeted so-called “push payment redirection scams” where they use a legitimate email address from one of your suppliers and change the payment details on an invoice before sending it over to you for approval. Once you approve it, the money gets transferred to their account instead of the supplier’s. It’s up to Accounts Payable Managers and Finance Teams to have the right controls in place to prevent these types of scams.

Australia’s online hacks shows need for solid security systems

Optus’ data breach will change the way Australians pay for things. Their payment information could be used to purchase goods and services in Australia or overseas, which increases their risk of identity theft.

A recent McKinsey survey shows that many consumers will only buy from companies with a reputation for protecting consumer data. If a company violates customer trust, 40% of respondents report they’ll take their business elsewhere. This rate increases among frequent online shoppers, B2B purchasers, and Gen Z respondents. In the past year alone, 14% of all respondents stopped doing business with a company because they disagreed with how it protected personal data.

The latest research indicates that Australia’s SME businesses, particularly manufacturing and wholesale distribution business are the next targets as they have the most vulnerabilities and least security systems in place.

To build digital trust for your business, eftsure offers the CFO a robust system and tools to protect payments from identity errors, payment fraud empowering you with confidence to approve and release funds. eftsure provides finance teams with accurate vendor payment information by onboarding and manage vendors from one single place. eftsure provides continuous control monitoring to protect your eft payments from cybercrime and fraud, helping you achieve operational efficiency.

What to do next to protect your business

Setting the right controls to measure performance and monitor risks is a challenge. Good business decisions are critical to protecting a company’s reputation, financial security, and future. Internal controls help you achieve these goals. The use of internal controls can help reduce your chances of committing accounting errors that might lead to fraud and losing money.

Don’t rely solely on internal controls to protect your data, because they won’t. If a fraudster can get access to your system, you don’t want them to be able to send money out of your business. eftsure sits on top of your accounting processes and verifies outgoing payments in real-time, ensuring only approved funds are being sent to the intended recipient. When internal controls fail — as they sometimes will — you really need something like this.

The eftsure connector for NetSuite is a powerful tool, developed by the OneKloudX team, that integrates NetSuite with the latest industry security standards, ensuring that your business data and financial are well-protected. eftsure gives you the freedom to focus on your organisation’s financial health and strategy, ensuring peaceful nights.

Learn about the Eftsure Connector for NetSuite