The report discusses the challenges of data security for enterprises and how traditional on-premise applications lack the necessary security framework to combat sophisticated cyber threats. The cloud offers a more effective alternative, providing a flexible and secure solution for managing both core and non-core business processes. The paper highlights the key security benefits and advantages of a cloud-based procurement technology solution over on-premise applications and why enterprises should consider moving all their procurement processes to the cloud. The increasing complexity and persistence of cyberattacks have far-reaching impacts on businesses, including reputational risk, revenue losses, theft of trade secrets, and loss of intellectual property. The regularity and targeted nature of these attacks have increased in recent years, with 90% of large organizations and 74% of small organizations experiencing a breach in 2015.
