The importance of security in Oracle EPM Cloud

Protection of sensitive financial data

Financial records are among the most sensitive information an organization possesses. They include details of revenues, expenses, profits and other critical statistics that, if exposed, can lead to significant financial losses and damage to the organization's reputation. Oracle EPM Cloud security is essential to protect this data from unauthorized access, breaches and cyberattacks.

Complying with regulations

Organizations must comply with various regulatory requirements, such as GDPR and SOX. These regulations require strict data protection measures to ensure the confidentiality, integrity and availability of sensitive information. Oracle EPM Cloud provides features that help organizations meet these compliance requirements, but compliance requires a proactive security approach.

Preventing data breaches

Data breaches can have serious consequences, including financial losses, legal repercussions and reputational damage. Oracle EPM Cloud's security measures are designed to prevent unauthorized access and protect against cyber threats. By implementing strong security practices, you reduce the risk of data breaches and ensure that your organization's financial data remains secure.

Key security features of Oracle EPM Cloud

Oracle EPM Cloud provides several built-in security features to protect corporate data. Understanding and using these features is critical to maintaining a secure environment.

Identity and access management (IAM).

IAM is a critical component of Oracle EPM Cloud security. It ensures that only authorized users have access to the system and data. IAM features include:

• User Authentication: Oracle EPM Cloud supports several authentication methods, including Single Sign-On (SSO) and Multi-Factor Authentication (MFA). These methods ensure that only authenticated users can access the system.
• Role-based access control (RBAC): RBAC allows organizations to define roles and rights based on job responsibilities. This ensures that users have access only to the information and functions needed for their roles, which reduces the risk of unauthorized access.
• User provisioning and de-provisioning: Automated processes for adding and removing users ensure that access is granted and revoked in a timely manner, minimizing the risk of unauthorized access.

Data encryption

Data encryption is essential for protecting sensitive information both "in transit" and "at rest. Oracle EPM Cloud uses robust encryption techniques to ensure data remains secure:

• Encryption "in transit": Data sent between the user and the cloud is encrypted with Transport Layer Security (TLS), preventing interception and unauthorized access.
• Encryption "at rest": Data stored in the cloud is encrypted with advanced encryption standards (AES), keeping it unreadable even with unauthorized access.

Security monitoring and auditing

Continuous monitoring and auditing are essential for detecting and responding to security threats. Oracle EPM Cloud has several features for this:

• Security Monitoring: Real-time monitoring of system activity helps detect suspicious behavior and potential security incidents. These reports are generated automatically within Oracle EPM Cloud.
• Audit logs: Detailed audit logs track user activity and provide a record of access and changes to the system. These logs are critical for investigating incidents and demonstrating regulatory compliance.
• Alerts: Automated alerts inform administrators of potential security issues, enabling rapid response and mitigation.

Data backup and recovery

Data backup and recovery capabilities are essential for ensuring business continuity in the event of a security incident or data loss. Oracle EPM Cloud provides:

• Regular backups: Automated backups of critical data ensure that it can be restored in case of inadvertent deletion or corruption. Backups are created automatically during the application's "maintenance window. We recommend implementing a routine to archive multiple days of application snapshots, as Oracle only stores the backup of the last day out-of-the-box.
• Disaster Recovery: Oracle EPM Cloud includes disaster recovery features that allow organizations to recover data and quickly resume operations after a major incident.

Best practices for improving Oracle EPM Cloud security

Although Oracle EPM Cloud provides robust security features, organizations should implement best practices to further enhance their security. Here are some key recommendations:

Implement strong access controls

Strong usernames & passwords: Use complex usernames and passwords. In addition to strong passwords, it is also wise to use complex usernames. In practice, we see that many companies use e-mail addresses as usernames. Of course, these usernames are quite easy to guess by any malicious person.

Limit access: Grant access based on the Principle of Least Privilege (PoLP), so that users have only the rights needed for their roles.

Regular reviews: Conduct regular reviews of user rights and permissions to ensure they are accurate and up-to-date. Oracle EPM Cloud provides standard reports for this purpose that can be generated at the touch of a button.

Use MFA: Implement multi-factor authentication to add an extra layer of security for users. The use of different "authenticator" applications is supported.

Educate and train users

• Security Awareness Training: Organize regular security awareness training to make users aware of common security crises and best practices for protecting data.
• Phishing simulations: Use phishing simulations to train users to recognize and respond to phishing attempts.

Conclusion

Securing Oracle EPM Cloud is essential to protect sensitive financial data, ensure regulatory compliance and prevent data breaches. Use Oracle EPM Cloud's built-in security features and apply best practices. This will help you maintain a secure environment and protect critical data. Remain vigilant and proactively address security challenges as the threat landscape of Enterprise Performance Management systems continues to evolve.

Worried about whether the security of your Oracle EPM Cloud application(s) is in order? Feel free to contact us. We would be happy to help you identify any risks and mitigate them.

About the author

Gerrit Haan is a passionate Oracle EPM specialist. He has in-depth knowledge and experience in automation of EPM Cloud solutions and also has extensive experience in implementation, integration and management of Oracle ERP and EPM solutions.