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Why Payroll Is a Prime Target for Cyberattacks

The digital space is continuing to grow and evolve every day. With so much of life conducted online, it’s more important than ever to protect your personal information from vulnerability.

Payroll systems, however, have become a prime target for cyberattacks. They contain some of the most confidential employee information that a business manages—including Social Security Numbers, tax identification numbers, addresses, salaries, and direct deposit information. A single breach can expose hundreds of records—if not more—leading to financial fraud, identity theft, and compliance violations.

Cybercriminals may not even need to break into a company’s system to gain information. They may simply trick an employee into handing over credentials or clicking on a malicious link, making payroll fraud prevention crucial for any business. It’s essential for business owners, HR managers, and IT directors to know how to protect their employees and prevent data breaches.

Let’s dive into the types of threats facing payroll systems today, what businesses risk without proper security, and how PEOPayGo prioritizes cybersecurity in payroll services.

Types of Threats Facing Payroll Systems Today

There are many types of threats facing businesses that may not even require a hacker to gain access to their payroll system. Let’s take a look at some of the most common cybersecurity threats.

Phishing

Phishing scams occur when cybercriminals trick individuals into providing sensitive information. Many attackers will impersonate someone from the HR or IT department and send fake emails to employees to steal their login credentials.

Ransomware

Hackers may use malicious software to lock payroll systems until a ransom is paid. If the company chooses not to pay the ransom, the cybercriminals may leak the stolen data.

Insider Threats

Insider threats come from the organization itself rather than someone outside of it. Unhappy employees or contractors could misuse their access to payroll data.

Insecure Integrations

In some cases, attackers find poorly secured third-party apps connected to the payroll systems and take advantage of those vulnerabilities to get the information they want.

Weak Passwords

When employees create weak passwords or fail to use the multi-factor authentication, it makes it far easier for hackers to guess their credentials and break in.

What Businesses Risk Without Proper Security

A lack of security can have a major negative impact on a company. Here are some of the things that businesses risk when they don’t have proper security in place.

Financial Loss

Companies can face significant financial losses during an employee data breach. From incident response and legal fees to lost revenue and reputational damage, the impact of financial loss on a company can be drastic.

Employee Trust

When personal information is compromised, employees may lose confidence in their employer. When trust dwindles in the workplace, employees tend to walk away.

Operational Downtime

The financial loss and legal consequences that stem from compromised payroll systems could result in payroll delays and operational downtime.

How PEOPayGo Prioritizes Cybersecurity in Payroll Services

Professional employer organizations (PEOs) take on the administrative tasks of businesses like payroll, workers’ compensation, benefits administration, and risk management. Because they’re regularly handling sensitive employee information, cybersecurity is essential. Here’s how PEOPayGo prioritizes security in their payroll services.

End-to-End Encryption

This is a security method that ensures when messages are sent via their platform, only the sender and receiver can read them.

Multi-Factor Authentication

By requiring more than one form of identification, multi-factor authentication ensures only verified users can access payroll systems.

Regular Security Audits

Trusted PEOs want to make sure they’re in compliance with industry regulations and best practices. PEOPayGo undergoes third-party security audits in order to maintain that standard.

Role-Based Access Control

Ensuring permissions are granted based on user roles means a lower possibility of security threats from within the company.

Employee Training and Awareness

PEOPayGo implements training programs that help keep employees educated on how to spot phishing attacks and manage payroll securely.

Secure Your Payroll Data with PEOPayGo’s Trusted Protection

A payroll breach can be detrimental to your company. When you partner with a trusted PEO like PEOPayGo, you can rest assured that your systems are secure. If you’re ready to secure your payroll data with PEOPayGo, reach out to their team of experts today.

Contact us today to get the coverage and support you need!