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Online data theft is a massive problem these days. And as a small business, you won’t recover from the fallout. For example, the average cost to recover a data breach is around $108,000 for a business in the United States. So, here are some ways to boost customer data security.
Use a Reliable Payment Processor
Don’t overlook the importance of a reliable payment processor. These companies handle the transactions between your business and the client’s bank. But some are not as reliable as others, and there are even some corrupt ones out there. Payment processing for your eCommerce store should provide a secure payment gateway. There are obvious ones like Stripe. But companies like Humboldt specialize in eCommerce retail processing services.
Don’t Store Sensitive Data
People often think that cybercriminals like to steal money, but that’s not true. But that’s not really true. Data is what they steal instead. They want personal financial data so they can offload it on the dark web. This includes information about customers from companies that need it for paying or credit searches. Examples are names, addresses, and bank details. So, you shouldn’t store this type of data, and it’s against the law to do so. Your payment processor handles this data.
Boost Customer Data Security with SSL
Securing your website is a vital tool to stop criminals from taking advantage of online transactions. All online transaction systems require you to put a Secure Sockets Layer (SSL) certificate on your eCommerce or business site. If your site is SSL encrypted, your URL will start with “HTTPS,” and a padlock icon will appear. Ask your web hosting provider or the people in charge of your site about this. Having a secure site can also help boost your organic traffic.
Offer Multiple Ways to Pay
Even though digital wallets are a modern convenience, they are very safe. With PayPal, Venmo, and Stripe, you can move money from your bank account to an eWallet. Digital wallets are another way for customers to pay you. By only taking digital wallets, you can give your customers more security. Digital wallets are encrypted, and there are many ways to make sure a transaction is safe. Not the least of which is having a smartphone that is registered.
Allow Access to Authorized Employees
People who have access to sensitive information aren’t perfect, but they aren’t always bad. So, instead of giving all of your employees access to all of your customer data, it’s better to restrict what they can see. You should make sure they can get the information they require to complete their jobs. Aside from that, though, there is no incentive to provide them more. If financial data needs to be seen, only qualified people should be able to see it by means of access control.
Summary
You can and should find ways to boost customer data security at your business. If you don’t, the costs can be unrecoverable financially and reputationally. So, use a reliable payment processor, never store private data and restrict employee use of sensitive data with user access control.
