A new report shows that most businesses don’t have confidence in being able to protect payroll data from cyber threats.
Data security is number one concern for firms all across the world
Automation and AI are becoming increasingly used within payroll; however, with this, data security is now the number one concern for businesses globally.
These latest findings from CloudPay show that while this concern is shared by 31% of midsize firms and 36% of enterprise organisations, the majority of businesses are still missing the tools, processes, or expertise to address this growing threat.
Just 37% of midsize organisations and 39% of enterprise firms say they are ‘very confident’ in their ability to protect payroll data, leaving most exposed to escalating risks.
Organisations must prioritise investment in secure, integrated payroll technology
Commenting on these findings, Tim Grieveson, Chief Security & Risk Officer at CloudPay, commented, “Payroll data is among the most sensitive information a business holds, and yet our research shows that confidence in protecting it still needs some work.
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“With cyber threats increasing in scale and sophistication, this gap represents more than a technical challenge, it’s a major compliance and reputational risk. The challenge for payroll in addressing this is two-fold. The sheer pace of sophistication in cyber attacks means that many are in a permanent state of playing catch-up, while budget restrictions are also creating a barrier.”
“Businesses cannot afford to treat payroll security as an afterthought. The cost of a breach goes far beyond financial penalties; it impacts trust, employee wellbeing, and brand integrity. Organisations must prioritise investment in secure, integrated payroll technology and adopt proactive measures to mitigate risk.”
Tim added, “I’d urge companies and payroll leaders alike to take immediate steps to strengthen data security, including investing in secure, integrated payroll platforms that reduce reliance on manual processes and fragmented systems and conduct regular audits and penetration testing to identify and address vulnerabilities before they are exploited.”
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