Ensuring Payroll Security: 6 Best Practices to Protect Confidential Data
Payroll data is one of the most sensitive assets your company manages, containing a wealth of confidential information, from bank routing numbers to personal employee details. Unfortunately, this valuable data often becomes a prime target for cybercriminals. As per a 2024 ACFE report , 27% of businesses experience payroll fraud, and shockingly, these breaches often go undetected for an average of 36 months. The financial repercussions of such incidents can be devastating, with losses often reaching tens of thousands of dollars per event. Beyond the monetary impact, organizations also risk lawsuits, criminal charges, and irreparable reputational damage. For smaller teams or companies with lean margins, a single breach could be catastrophic, making payroll data security a non-negotiable priority. As organizations increasingly rely on digital platforms to manage sensitive data, ensuring payroll security is no longer optional — it has become essential. Hackers continually evolv...