5 Best Practices to Help Protect Customer Data and Your Profits
by Amy Collett
Following major scandals like the Facebook/Cambridge Analytica ordeal in 2018, many consumers are increasingly concerned about how online companies handle their data. One report from SlickText found that over 75 percent of online consumers said they were "moderately or significantly concerned" regarding their data when interacting with online brands.
Although small businesses aren't typically the ones causing this public distrust, they are still impacted by these scandals. It's clear that customers are becoming more aware of how -- and with whom -- they share their personal information. Optix Communications invites you to look at some strategies that can help keep your customers' data secure while also maintaining your profits.
Encrypt the Data
Encryption is one of the fundamentals of data security and protection. When it comes to managing your customers' sensitive and personal information, it's important to ensure would-be hackers -- both internal and external -- can't access data your business is in charge of protecting. Forcepoint notes that through encryption, you can successfully transform this information into an unreadable code that can only be unlocked with an encryption key. This means only intended parties would have access to customer data, limiting the chances of a breach and associated costs for your business.
Limit Access
There's a direct correlation between the number of people with access to sensitive information and the likelihood that this data will be misused. As the owner of a small business, you're responsible for handling data for hundreds and maybe thousands of customers. You must be deliberate about who gets access to this data in your company. It's always better to err on the safe side and limit access except for a few trustworthy individuals. Whenever an employee leaves the company, be sure to change the passwords accordingly and lock or disengage access to any associated accounts.
Comply with Industry Standards
One of the most effective ways to protect customer data and your profits is to comply with industry standards. More specifically, the Payment Card Industry Data Security Standard (PCI DSS) is a set of regulations put forth by credit card companies to ensure businesses keep customer data secure. Credit card companies are just as protective about sensitive information as customers themselves. While PCI compliance isn't required to run a business, customers will be more likely to trust a company with this seal of approval. Furthermore, your company will be better off in terms of protecting customer information.
Protect Your Computers
Since computers are the primary method your company uses for handling and organizing consumer information, it behooves you to take the necessary precautions to protect them from cyber-attacks. Antivirus software can work wonders to help keep your company protected against hackers. You don't have to spend a fortune on these programs as many are affordable or even free. It's important to speak with an IT specialist to see which program works best for your company.
Hire an Expert
You don't have to be a tech expert to protect your customers' data from hackers or other potential issues. However, there may be times when professional help is required. If your company experiences a data loss due to a phishing attack or other email scams, you'll need to quickly hire professional tech support in order to recover your data. Since many small companies don't have an in-house IT team, it may be necessary to hire professionals. These experts can help get your company back up and running with minimal downtime, productivity and damage.
Of course, if you want to handle your business's cybersecurity on your own, you can always go back to school. Getting your BS in computer science may be something you've always considered, so why not do it to help safeguard your business from hackers and viruses? These days, you can take classes in your spare time to provide you with all the skills you need.
Online consumers care about what happens to their personal information during and after a transaction. Small businesses need to take preventative measures to ensure that this data is organized and protected. This effort helps to secure the profits for your business as well.
Optix Communications uses communication and coaching to help position your workforce with an ownership mindset. Email us at info@optixcommunications.com to learn more.