The digital world today is filled with all sorts of schemes to steal data from device, service, and platform users. As a company, there are many hazards that you need to prevent, and you will need to keep up to date with risks as well as how to best combat them. So how does one defend against these online security risks? Here are a few ways to help save you time and best protect your company’s data, especially when it comes to payments.
Time Saving and Secure Online Payments
Credit cards are an especially secure option for small business owners. This is because they are regulated by PCI and must be compliant. Credit cards are a recognized and trusted form of online payment and it is comforting to clients when this is an option on your site. There is an additional level of security and comfort as the payment comes from the credit card company and not from the customer’s account. This means that any issues are easily remedied.
Debit cards are also governed by PCI compliance. Clients are protected from irregular purchases and can even be alerted to theft when a card makes a purchase from an unfamiliar IP address. There are multiple verification measures in place and service providers, such as Visa and Mastercard don’t hold customers accountable for payments that they did not authorize.
Digital wallets are becoming the way of the future. They are extremely time-saving for both the company and its clients. Apple Pay and Amazon Pay are widely accepted as one of the most secure methods of online payment out there. Customers benefit from these pay forms as they mask card details, and your company will benefit from these types of payment as they require a client to use biometric authentication to verify a purchase. This eliminates the issues of fake credit cards, as digital wallets can’t function unless linked to a real debit account.
Now that we’ve gone through what saves time and is safe for you and your clients, here’s how to protect your company’s data so that you can keep things growing and running smoothly.
Two-factor authentication is incredibly important. This is especially important and a cause for concern when linked to social media accounts. If someone has been able to gain access to one of your accounts, and that account is linked to any financial information at all, they have access to all of your financial payments attached to that account. Two-factor authentication acts as an additional security measure to secure every login you make.
Third parties for storing sensitive information
Storing credit card numbers is a very high-risk activity. It is important that you use a third-party transaction partner if you are going to be storing payment details as this removes the significant risk of theft.
Secure e-commerce platform
Shopify is an example of a secure e-commerce platform. It is difficult to track, detect and treat threats as a business owner. With a secure e-commerce platform, a third party will be able to keep your data safe and help you out in the presence of any issue.
Cyber liability insurance
More and more personal data is being collected across the various platforms we use. This is a growing concern, especially when it comes to collecting personal information and payment information online. Cyber liability insurance coverage, in addition to other proactive security measures, helps to lessen the financial impact of a potential breach and helps to offset exorbitant legal costs that may arise from it.
Customer payment data
One of the best ways to improve your online security is to delete payment data as soon as a transaction has been completed. If it is your policy to store payment data, protect it by storing data on a private network.
Small businesses typically overlook security, as they think that they are not a target. However, small businesses are more likely to be targeted than bigger ones, especially when it comes to credit card breaches. An SSL certificate protects your site and your customers and makes your site seem more legitimate and desirable.
Returning to what we covered briefly in the beginning, it is important that you are PCI compliant. SSL certificates reduce the risk of data exposure by cyberattacks, but being PCI compliant adds an extra layer of protection. When you are compliant with Payment Card Industry Data Security Standards (PCI DSS) you are secure and as such are able to establish trust with clients.
Make Use of VPNs and security software
When you use a VPN, security software, and an updated browser, you limit the possibilities for data to be lost or stolen. Make sure to educate staff as well as clients about the importance of using these additional types of security.
Be sure to implement these responsible strategies to protect your company’s data and to save both you and your clients time.