Cybersecurity threats and attacks are on the rise. Each year, cybercrimes keep increasing and targeting individuals and companies, with the average number of cyberattacks rising 31% yearly since 2021. Because of this, there’s been a high demand for cybersecurity professionals. In 2022, the industry recorded an all-time high of an estimated 4.7 million cybersecurity workers in charge of protecting computers and networks from cyberattacks and threats.
One way for companies to heighten their defenses is by using electronic data interchange (EDI). This is a system-to-system exchange of documents between business partners rather than using paper, email or fax. Below, we’ll discuss how this can boost cybersecurity.
EDI provides a more secure communication link between parties
One of the most successful ways cybercriminals access sensitive information is through third parties, like e-mail platforms. Although e-mailing is an electronic approach to sending messages, it still requires human interaction. Consequently, there can be cases where someone accesses your computer or hacks your e-mail account—or does this to a business partner, like a fellow supplier or buyer—placing your conversations at risk.
When you and your business partners use EDI, you communicate directly with one another over a Value-Added-Network or other secure, direct and private method where no one can access your files unless authorized to do so. Professionals within the supply chain can exchange business documents like Purchase Orders and Invoices with more confidentiality and are assured that transactions are safely sent and received between parties. In addition, EDI produces a complete audit trail, a detailed record by which accounting, trade information, or similar data can be traced to their source. Therefore, you can monitor who sends, receives, and accesses client information and other sensitive data.
EDI helps protect client information
Aside from company information, cybercriminals target client data. This includes their suppliers’ and buyers’ names, addresses, and financial details for identity theft and fraudulent purchases. EDI helps keep client information secure by having all data encrypted and hidden within EDI maps/documents that can get integrated within the receiver’s backend system without manual intervention.
EDI improves company resilience
The world is unpredictable. Recessions, inflation, and tensions in international relations can happen, affecting economic processes and placing businesses and supply chains at risk. This is why resiliency is key now and going forward. Being flexible, agile, and prepared for unexpected circumstances will keep you afloat.
Switching to EDI helps you stay resilient by protecting you from unforeseen events—especially supply chain attacks, like what happened to authentication services provider Okta in 2022 when hackers accessed their customers’ information and performed administrative actions. By using EDI, you may be able to prevent incidents like these and keep business running as usual. Through its inherent automation, EDI allows the critical processes involved in the procurement cycle to keep moving so merchandise can keep filling retail shelves, giving consumers access to the goods they need.
In this age of countless cyberattacks on companies, EDI helps boost cybersecurity. It provides a more secure communication link between parties, helps protect client information, assists in tracking transactions, and improves company resilience.
exclusively written for ecgrid.com By Ellen Robbins