For SME Businesses: 8 Measures to Secure Company and Customer Information

Customers are slowly increasing their reliance on online shopping, especially with the ongoing pandemic.

While some countries have started to ease on safety protocols, other parts remain under strict lockdowns, making it more difficult for consumers to go and purchase goods themselves.

EMarketer.com reports that top retailers in the US accumulated over $648 billion in sales and are only expected to grow there.

However, this growth in sales also means an increase in fraudulent activities. In 2020, a Global Newswire article stated that around 86% of consumers had fallen victim to identity theft and fraud as online shopping increased.

With more people relying on the internet to do their shopping, they put their information in the hands of these eCommerce sites.

Some websites don’t always have the best security for data protection, which allows fraudsters to access sensitive customer information, including credit card details and other personal information.

One of the integral parts of a business checklist is its security. With the rise of eCommerce today, it’s important to ensure that all transactions and processes done by your business are secured to benefit both you and your customers. Ensure 100% secure transactions with these few tips we’ve listed for you below.

8 Measures to Secure Company and Customer Information

1. Stay updated with cybersecurity best practices

Cybersecurity is a constantly growing and evolving discipline, and it involves constant reviewing and studying to ensure that you’re adapting these best practices in your business. This is an excellent way to keep all your data safe from prying eyes and fraudsters.

2. Scan for vulnerabilities

Vulnerabilities are gaps or loopholes in your security system. Unfortunately, there is no perfect software, and all require an update of some sort.

By scanning your system for vulnerabilities, you can check your software stack for any suspicious loopholes or recognizable security gaps that a hacker might be able to access and use to do damage.

3. Store passwords properly

Storing passwords in one place can be risky because all your passwords become visible if hackers access that storage. If you must keep your passwords, use a reputable password manager to ensure your safety from hackers.

4. Control who has data access

Ensure that you have complete access and visibility over your data network and file storage as an owner. You can bring in a trusted employee to help you manage the data and serve as an extra pair of eyes to look after your guarded information.

5. Integrate cloud software

Cloud software will benefit your business, especially since everything is stored and easily accessible online. Cloud software also allows you to manage your reports, accounting, payroll, and even inventory in one place.

The majority, if not all, cloud software solutions incorporate security safeguards to ensure your company data are protected.

6. Have a plan for how to respond to data breaches

Always plan for a worst-case scenario. Think and prepare for how you will respond to a data breach. No matter how big or small the data loss is, it’ll hurt the company financially.

So, to minimize any further damage, knowing how to react and reduce extensive damage is crucial to your security strategy. Make sure that you incorporate the following in your plan.

• Close any holes. Disconnect and shut down your compromised computers and stop using the programs you used.
• Notify the parties involved. No matter what kind of information was stolen, make sure to notify the parties involved. You may also need to let law enforcement know about it.
• Make an investigation. Do an internal review to find out what, where, and when it went wrong so you can avoid it in the future.

7. Ensure that you and your employees are on the same page

If you’re dealing with highly sensitive information, it should be a standard to ensure that every piece of information you collect, process, and store remains confidential.

Healthcare, finance, telco, and even legal industries will benefit the most from this, but all companies should take the proper precautions when dealing with critical information.

Employees of small businesses also handle customers’ credit card information during payment transactions, so it’s important to establish a clear set of rules when dealing with these types of information.

8. Outsource services from professionals

Outsourcing from professionals who have the proper equipment and security measures allows business owners to continue business development while ensuring that their data is protected by agencies that understand the importance of data security.

Moreover, you can have more time to focus on more crucial tasks. Instead of implementing all the policies in the company and training your cyber security team from scratch. You can hull this workload over to professionals who have already figured it out.

To protect customers’ data, outsourcing companies provide tools and systems to ensure the confidentiality of the information you give to them. An outsourcing provider has data security protocols, certifications, and tools like call center fraud prevention to ensure the safety of their clients’ customers’ data.

Start Securing Your Business Today

Security is one of the most important aspects of a business that keeps customer trust intact. A solid data protection system will ease your customers’ minds and strengthen their confidence in your company.

This trust that you build with your customers is essential to keep your business going and raise your brand’s reputation so you can grow and scale in size.

Security is a process. Behind every certification, software, and tool are permanent changes to the company structure.

They require regular maintenance, monitoring, effort, and upkeep, but they give incredible and worthwhile results in customer loyalty and trust.

Great customer relationships can secure your business’ future, and you can start by updating and implementing the best data security practices for your company.