If adequate protection against them is not put in place, data breaches can result in identity theft, which may result in lawsuits that shut the business down. According to a 2021 study by SecureLink and The Ponemon Institute, 51 percent of companies in the US experienced a data breach in the past year. Companies can move toward keeping customer data safe and out of the wrong hands in a variety of ways.
Encryption
Being aware of the most recent malware might also help keep your machine clean. Due to the unencrypted and public nature of client passwords and other sensitive data, there have been far too many data breaches and leaks. All client information, regardless of how sensitive, needs to be encrypted using at least one password. We should only give management and specific personnel access to those passwords, which brings us to our second piece of advice.
Restrict Access
Depending on the kind of information involved, restricting the amount of individuals who can access the data is another crucial step. Your startup should only allow one or two people to have credit card details if it utilizes its own payment system rather than a third-party provider. While not as crucial as credit cards, names and addresses still need to be secured.
Additionally, this is a great way to use software for employee monitoring such as Controlio. While management should place a high value on employee trust, it’s equally critical to have an additional layer of protection to stop employees from gaining unauthorized access to company data. If a breach occurs, the investigation time will be reduced by knowing who has recently accessed the database.
Examine the Use of a Third-Party Payment Gateway
Giving a payment processor a set proportion of each transaction cannot, on the one hand, be fun for an e-commerce firm. Every dollar matters until the business takes off. It can appear beneficial to be able to process payments instantly on-site rather than relying on the processor’s servers to remain unavailable.
On the other hand, the business might ultimately save money by taking a modest amount of each transaction. Outsourcing payments allows staff to focus on other projects and relieves them of the liability of not having credit card information stored on corporate computers or data breaches.
Reduce the Volume of Data You Have Access to
An e-commerce firm will be less likely to be the target of hackers, con artists, or other cybercriminals if they restrict the client data they save. If all these folks get is a person’s name, address, phone number, and order history, they could be able to avoid years behind bars.
Ensure that Staff Members Are Trained
Effective data security training for employees involves more than just reminding them not to access certain files until absolutely essential. Workers should be trained to spot common scams such as phishing attempts via email, con artists calling and posing as tech support workers asking for credentials. Even the best workers occasionally make mistakes, but if everyone has the right training, the likelihood of this happening will decrease.
The Value of Continual Security Audits
Frequent security audits are crucial for new businesses in e-commerce. These audits make sure that all security measures are current and assist in locating weaknesses in the system. Businesses can identify risks early and take corrective action before serious harm is done by performing routine inspections. Finding vulnerabilities is only one aspect of maintaining and strengthening the organization’s security posture. Explore the extensive tools and professional guidance offered on eCommerce Fastlane for further knowledgeable insights and tactics to protect your online store. The most recent developments and industry best practices in e-commerce are covered in-depth in podcasts and blog posts available on this platform.
Conclusion
Massive volumes of consumer data protection are a difficult challenge for e-commerce firms. Underlined are the significance of conducting frequent security audits, comprehending privacy regulations such as GDPR, fostering consumer trust, resolving internal and external risks, and taking a proactive approach to security. E-commerce firms can create a safe atmosphere for their customers and encourage loyalty and trust by putting these methods into practice.