Security risks Along with the implementation of new technology comes the risk of security breaches, which employers / agents need to be mindful of when introducing new systems. Looking at the issue of cyber security and the fact that payroll departments hold a great amount of confidential data, makes them an appealing target for those wanting to exploit vulnerable systems. Additionally, with cloud-based software now a commonplace service evolution, there has been a notable increase in cyber security attacks.
At the CIPP, we don’t feel the payroll profession should be afraid of AI, and should instead embrace it. We don’t believe that technological advancements will replace jobs but that they will change and enhance the positions available, opening up more time to be strategic within your roles. Embracing AI is therefore something that we would encourage, or you’re at risk of being left behind. Now is an exciting time to be in the industry, with new doors opening along with new developments. When asked if there were mechanisms in place to ensure that any AI advancements in payroll processes / departments were handled ethically and responsibly, just 18% said yes, while the remaining 82% answered no. These results suggest there is still work to be done in this area. AI needs to be managed in a responsible and ethical way to help employers / agents innovate quickly, safe in the knowledge that the governance they have in place is effective, so they can handle risks and ensure they are compliant. ARE THERE MECHANISMS IN PLACE TO ENSURE THAT ANY AI ADVANCEMENTS IN YOUR PAYROLL PROCESSES / DEPARTMENT HAVE BEEN HANDLED ETHICALLY AND RESPONSIBLY?
Fortunately, fewer than one in ten ( 9% ) organisations surveyed had been victim to an attack which impacted payroll, while the vast majority ( 91% ) hadn’t.
HAS YOUR ORGANISATION BEEN VICTIM TO A CYBER SECURITY ATTACK WHICH HAS IMPACTED PAYROLL?
9% Yes
91% No
18% Yes
82% No
Also reassuringly, nearly three in four ( 74% ) had measures in place to deal with an attack of this nature should one arise, while around one in four ( 26% ) didn’t. Strong governance is key to security, as it can help mitigate legal and financial risk, as well as safeguard a company’s reputation, ensure personal data is secure and reduce errors.
In most cases percentages have been rounded to two decimal places for clarity and may not add up to 100%. Graphics may have been rounded to whole percentages.
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FUTURE OF PAYROLL REPORT 2024
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