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Commerce Security: Easy and Effective Ways to Protect Your Online Customers

Consumer Protections that e-Commerce Businesses Should Provide

By Emma WilliamsPublished 4 years ago 4 min read
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Whether you make a good portion or all of your income from an online business, protecting that business and your customers should be inherently part of your everyday practices. For both you and your customers, being the victim of online security threats and attacks can have grave consequences.

Hackers can get a hold of confidential and sensitive data, including customers' credit card information, personal details, or business data. This will cause multiple risks for everyone involved. Not only will customers lose trust in your business, you could ultimately hurt your brand's reputation.

Luckily, there are quick and simple ways to bulletproof your business and protect it from potential threats.

Let's get into them.

Encryption software for protection of customers' financial information

MasterCard International Inc. And Visa USA require most businesses that operate online for verification that they’ve taken a number of steps, including encryption of data, to protect customers from theft during transactions when they use their credit cards. Once you meet those requirements, you’ll have fairly secure online operations.

Complying with those standards might prove to be challenging for small businesses, which generally don’t have the security expertise or additional resources of larger corporations. In this light, outsourcing payment processing to a company such as the PayPal unit of eBay Inc. can be a good idea. Outsourcing also costs less compared to in-house payment processing compliance.

Additionally, encryption is crucial in protecting a company’s internal information such as financial accounts, product information, personnel files, and other confidential data. Encryption can foil cybercriminals who have hacked into a company’s computer system because they won’t be able to decipher any of the information.

Limited access of sensitive information

According to the Nucleus Cyber 2019 Insider Threat Report, conducted with Cybersecurity Insiders, more than 70% of organizations are frequently seeing more insider attacks. Each year, attacks from insiders are steadily increasing and they are reaching alarming levels.

Reviewing who has access to what type of data, deciding who can make changes to master data, and controlling those access rights is crucial to the security of your website or online store. For e-Commerce businesses, this means setting up access controls for admins, sellers, and even customers.

There is also special software available that can detect unusual activity patterns in your company's computer system. You can also install software that monitors outbound communications to ensure sensitive information doesn't leak out. For businesses with employees who require remote access to the company's computer system, they'll need more than just a username and password to gain access -- for example, a token that shows a second password that regularly changes.

Enabling Two-Factor Authentication

Aside from using strong and unique passwords, enabling two-factor authentication (2FA) for your accounts and your customers’ accounts is a great line of defense against hacks.

Two-factor authentication adds an extra layer of authentication to any account login. By enabling 2FA, you'll be required to provide a unique, one-time code (provided through text message, email, or a desktop or mobile app) each time you log in. This way, even if a hacker manages to get a hold of your username and password, they won't be able to access your account without the authentication code or one-time password.

This results in:

· Decreased probability of a hacker gaining access to your account and customers' accounts, resulting in fewer breaches in online security

· An additional level of protection that you can advertise to account holders; having this option will reduce the reputation risk that follows a breach in security

· Reduced costs of disruption

For complete list of services that offer two-factor authentication, check out the Two Factor Auth List.

Don't Forget the Physical Side

As the bulk of transactions today are conducted over the cloud, it's easy to exclusively focus on digital or online security. However, it's equally essential to invest in security measures when it comes to the physical premises of your business. Not only do many companies, even a digital marketing or SEO company, keep customer data in hard copies, but burglars who company electronics such as laptops can access all the sensitive digital data you tried so hard to secure online. Keep your company's physical holdings safe with the following strategies:

· Secure all customer data access points, such as smartphones, laptops, and USB drives. Require employees to protect their devices with passwords and to secure them in a safe location before leaving the office at the end of their shifts.

· If you store physical files that contain confidential customer data, shred these documents the moment they're no longer needed for verifications of transactions. Until they're shredded, keep them under lock and key.

· If you have an on-site server, access should be restricted only to employees who absolutely need it and make sure it's always secure behind locked doors.

· Secure your building's physical premises by installing a comprehensive security system that includes live and recorded cameras, alarm capabilities, mobile app integration, smart lighting, and so on.

Conclusion: Make Consumer Protection a Priority

The best protection you can provide your customers is a strong defense against cyber attacks. Maintaining the loyalty and trust of customers depends on how you make data privacy a daily priority. Taking the necessary steps to secure your business and the data of your customers both digitally and physically will pay off in the long run. You don’t run the risk of fractured customer relationships and financial losses.

Start with the steps listed above. If you want your customers’ trust and patronage, they need your promise of a safe online shopping experience

how to
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About the Creator

Emma Williams

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