What’s the risk
of being unsupported?
Why the time is right to move to Software as a Service
We live in a time of cyber-attacks and security breaches. When regional Victorian hospitals and health services were hit by a ransomware attack in late 2019, it forced a shutdown of critical systems – including patient records and financial management – until the issue could be resolved. It also left users without email or internet access for weeks and required manual workarounds for wage and invoice processing, causing untold disruption and threatening patient privacy.
Service interruptions aside, privacy breaches have serious ongoing effects, as Sydney property valuation and consulting business, LandMark White (LMW) discovered throughout 2019. When 137,500 valuation records were stolen from LMW’s database in January and posted on the dark web, banks and other property sector businesses were forced to inform customers about the breach. LMW was suspended from the Big Four bank panels until adequate cyber security measures were in place. The reputational damage was devastating and LMW lost an estimated $7 million in revenue. A forced three-month trading halt eventually resulted in a declared a full year loss of $2.3m, rather than the $2.8 profit it was expecting.
As the number of cyber-attack instances continues to grow, even tech companies are vulnerable, with online graphic design service Canva experiencing a ‘security incident’ in May 2019 that saw personal details of 139 million customers worldwide accessed.
An assessment of our previous MSP environment resulted in a lot of red flags. In a world of hackers and cyber security, we needed to make a change and moving to SaaS has erased all of these issues for us.
Moving to TechnologyOne’s enterprise SaaS has given us a more robust platform, and allowed us to deliver a cloud-first, mobile-first experience.
We've now addressed a really important risk factor, moving from outdated, on-premise systems to an integrated SaaS solution.
Despite the increasing frequency of this type of attack and the fall-out they induce, we’ve noticed that certain myths persistently prevail among businesses yet to transition to SaaS; that an on-premise environment is somehow more secure than the cloud and that all cloud-hosted offerings are equal.
In truth, most organisations are ill-equipped to deal with increasingly sophisticated cyber-attacks in-house and using a third-party Managed Service Provider (MSP) is no guarantee either. Security considerations are a current concern for many organisations, as support for Windows Server 2008 was officially withdrawn early 2020. Users will now pay for security updates under an annual fee structure which applies to a point no later than 2023. If you’re now considering a major server upgrade – either on-premise or via a third-party MSP – then it’s time to investigate alternatives.
When G&C Mutual Bank decided the time was right for an upgrade, several options were investigated. G&C Chief Information Officer, David Chapman said security was a chief concern.
“An assessment of our previous MSP environment resulted in a lot of red flags. In a world of hackers and cyber security, we needed to make a change and moving to SaaS has erased all of these issues for us,” he said.
We’ve built our offering in partnership with market leader AWS, so you know you’re getting the best security available. As well as maintaining the highest level of security accreditation and certification, we conduct compliance audits and independent intrusion testing on a continual basis. This not only assesses our ability to protect and defend against threats, but also how we dynamically respond when challenged.
Data privacy is built into everything we do. Our solution is delivered from local data centres, via a single tenant database, ensuring your data is secure and compliant with sovereignty requests.