Since the start of the Covid-19 pandemic, many companies have decided to start operating remotely. This trend has led to some positive improvements in the well-being and productivity of employees, but it also brought extra security risks for the companies and their customers.
In a remote or hybrid environment, workers are free to use their personal devices for work. Many such devices don’t have the necessary security software, and the employees aren’t as educated on cybersecurity.
Poor security practices can lead to companies losing the data of their customers. With the latest privacy regulations, such as GDPR and CCPA, it would be wise to start implementing better security protocols at your company.
Yahoo was one of the companies that had a large data breach that impacted more than 500 million accounts. Over the years, this company was fined and suffered heavy losses to its reputation.
1. Fraud prevention software
Fraud prevention software is an automated way of improving the security of your transactions. No matter what type of website you’re running, if the customers leave their credit card details, you need to do what’s in your power to protect that data.
Software in this category works by flagging or completely blocking transactions that seem fraudulent. For example, software such as Seon can help you to prevent fraudulent chargebacks by analyzing the digital footprint of the customer.
If you, for example, have an online store created using Shopify, you’ll be able to use its security plugins. Shopify has a built-in fraud prevention system but paired with third-party software such as Seon, you’re significantly increasing the security of your online store or website.
2. Limit your employee’s access to data
All employees should have regulated access to the data of both the company and its customers. Even though only on rare occasions do workers have malicious intent to take advantage of the user’s data, this situation shouldn’t be excluded.
If someone takes such action, he should be suspended and potentially fined. However, an employee with access to the data of the company’s consumers can get hacked. Even though this isn’t his fault, he’s the one responsible for letting that happen.
To prevent such things from occurring, it’s crucial to create multiple levels of authority throughout the company.
For example, a content writer in the company shouldn’t have access to the purchase history of customers. This practice lessens the chances of someone misusing customer data.
3. Regularly update software
Maybe you’ve wondered why are programs on your computer constantly releasing new updates. Bug fixes don’t change the functionality of the program, so why should one care? Well, these small updates can be quite crucial to install.
Every software comes with flaws, and hackers are there to try and exploit them. Companies update their products to minimize the chances of someone using the shortcomings of the software to steal data or have financial gain. Older versions of programs can be more vulnerable to security breaches.
However, you should avoid downloading updates marked as unsafe by the community or the company. It’s a rare occurrence, but you should still do research before making the updates.
While there are helpful bug fixes and security improvements that should be downloaded regularly, some updates bring in considerable improvements or changes in the software. Such changes might lead to data loss for your users or your employees.
4. Eliminate data that’s no longer used
Unnecessary data that’s stored on your servers can be a security weakness. Data that doesn’t exist can’t be compromised. That’s why you should delete data that’s not being used. This is especially the case with important personal information.
If you’ve used data such as ID numbers to confirm the identity of the user, there is no need to keep it stored if you have no further need for it. You can delete old data from your system using file-shredding software, and you set up an automated procedure that deletes specific file categories.
This is one of the requirements of the General Data Protection Regulation, which we will get to later in the article. Deleting unnecessary data also clears up storage on your system, which is another advantage.
Remember that data isn’t only stored in one place. If you’ve performed backups in the past, there might be leftover information on your cloud or on external hard drives.
For future transactions, consider whether you actually need all the data that you collect. The less information you collect, the less you will have to worry.
5. Educate employees on cybersecurity
Spending money on advanced anti-virus software and firewalls won’t be efficient if an employee clicks on a “You’ve won a free iPhone!” ad while browsing the internet. It’s frightening how dangerous a single click can be.
Running education sessions on cybersecurity threats will help your company establish security standards and protocols. On top of this, every employee will be more mindful of their internet activity both at home and at work.
Every employee should be familiar with the following:
- Phishing scams
- Ransomware
- Malware
- Email and internet fraud
They should be able to notice these types of cybercrime.
Making cybersecurity training programs can seem like a large investment, but it’s still a better alternative than being at risk of getting hacked. Poor awareness of employees can result in fines that are much larger than the price of educating them.
Password training
There are straightforward rules to creating a strong password. Just like with cyberattacks, you should increase awareness about having a strong authentication practice for work-related accounts and computers.
Long passwords are always a better alternative to short passwords. With each new character present, the password is more secure against brute force attacks. The diversity of characters also increases the strength of a password. A combination of uppercase and lowercase letters, numbers, and symbols is an effective security practice.
Passwords should be changed often, and the usage of real words shouldn’t be practiced. People love to use words that are easy to remember, but passwords that include common words are susceptible to what’s called a dictionary attack.
Reasons to protect customer data
It’s easy to tell that it’s important to protect the data of your customers. However, you should be aware of the specific reasons why you should increase your security practices.
Privacy regulations
Regional regulations such as CCPA and GDPR have brought important changes to how businesses should treat customers’ data. I’ve mentioned this term throughout the article, and you might wonder what is GDPR?
GDPR is a privacy regulation that was adopted in 2016 and came into effect in 2018. It has set some important security standards and practices that many countries have followed. Another vital privacy regulation is the California Consumer Privacy Act which regulates how businesses should treat the consumer data of Californian citizens.
According to GDPR, the users have the right to be informed if their data is being collected and how it’s used. If you’ve spent some time browsing the internet, you’ve probably encountered websites that allow you to choose which cookies you want to allow. This is one way of increasing transparency.
One rule that’s connected to one of the tips mentioned in the article is that the user’s data must be erased within 30 days if the user requests that. GDPR is an extensive document that needs to be studied thoroughly and followed.
If you’re doing business with citizens of the European Union, we strongly advise you to research this document and take action to comply with it.
Protects brand reputation
Doing what’s in your power to protect the customer’s data can go unnoticed by the majority of customers. However, a data breach will impact the company’s reputation negatively. Fraud prevention measures and increased data security protocols are a great way of protecting your company’s brand reputation and long time revenue.
Protecting your customer’s data is crucial in 2023
Companies that aren’t taking the necessary measures to protect the data of their customers are risking serious consequences, and they vary from reputation to financial loss. Businesses should do what’s in their power to protect their customers.
There are many ways through which this can be achieved, but I focused on some of the most straightforward methods to implement. Hiring security specialists and creating a budget for improving cybersecurity is helpful, but you should first handle the basics.
Hopefully, with the right implementation of the methods from the list, you’ll do what’s best to protect your customer’s data and avoid the negative consequences of data breaches.
About Writer
Veljko is a student of information technology that paired his passion for technology with his writing skills. He enjoys researching topics such as robotics and programming and cultivates his knowledge in philosophy, classical literature, and fitness. Veljko’s favorite writers are Borislav Peki?, Miloš Crnjanski, and Ernest Hemingway.
Website: writerveljko.com
Linkedin: https://www.linkedin.com/in/veljko-petrovi?-699ab0201/
