Shopping online has become the norm, and most customers probably don’t even think too much about their data. Unfortunately, the same can also be said of some businesses. According to Statista, data breaches accounted for over 6 billion in damages for 2023 alone. Data should be the safest resource of any company, and that’s what makes it such an appealing target.
Principles need to be followed, and it’s especially true for customer safety. Cybersecurity shouldn’t be mere guidelines, they should define the company’s direction. If customer safety isn’t number one for an e-commerce platform, then any other goal will inevitably be affected. That’s why securing your customer’s journey is crucial for success.
The Best Ways to Secure Customer Data
The following methods are tried-and-tested ways to secure customer data. Every security network needs a foundation of proven success. From there, it can adapt and innovate with the constantly evolving monster of malware and hackers.
1. Strict Authentication Requirements
A door is only as strong as its lock, and the same applies to passwords. The standard security protocol of strong passwords (a mix of lower and uppercase with numbers and symbols) must be complemented by two-factor authentication. When it comes to sites that use transactions, it’s doubly important to have secure barriers of entry.
The same should apply to employees. Every account that comes in and out of the website should have a strong password and 2FA. Otherwise, sites run the risk of having one account compromised, and potentially spreading itself on the closed virtual ecosystem.
2. Stay Updated on Regulations
Regulations may look overly long and complicated, but these policies define the legal requirements every online business needs to meet. Make sure the IT team is always up to date with the latest compliance laws and policies to ensure data safety.
These policies can significantly mitigate the risk of fraudulent activity, malware attacks, and corporate espionage. It outlines not just the standards set, but the punishments that await those who sabotage or steal from companies through virtual means.
3. Customer Service
Inform employees and customers to report suspicious activity. Even if it turns out to be nothing, it’s always better to have an eye out for potential breaches. A social media team could establish a 24/7 hotline where users can report account breaches. In addition, be transparent with customers about how you protect their data. For example, inform them of any real-time customer data so they have the option to customize it to their liking.
A financial institution might send a detailed email explaining new encryption technologies and offer tips for customers to secure their accounts. If a breach occurs, providing prompt updates and a clear plan of action reassures customers and shows accountability.
4. Employee Training
The strongest door is no match for someone who just leaves the door open every time they leave. Educate your staff on cybersecurity best practices. A retail company might run monthly workshops to teach employees how to identify phishing emails, securely handle payment data, and respond to suspected threats.
IT teams should also inform staff of major security changes. A new security program may require new permissions or processes that require a guiding hand from the experts. These sessions keep employees prepared to combat common security challenges.
5. Competitive IT Recruitment
Invest in IT experts who can navigate complex cybersecurity landscapes. Cheaping out on security doesn’t just hurt the business, it hurts the industry overall. It’s very important to keep security standards high and keep companies competitive with each other in safety.
For example, a tech startup might hire a team of ethical hackers to test its systems and uncover vulnerabilities before attackers can exploit them. These professionals bring invaluable expertise to ensure systems remain secure.
6. Monitoring and Detection
Continuing the door metaphors, there will inevitably be a time when someone enters. It’s crucial to know who or what unlocked the door, and that’s where detection tools come in. Deploy advanced monitoring tools to detect unusual activity, especially if it involves customer data.
A bank might use AI-driven tools to flag transactions that deviate from a customer’s normal spending patterns, alerting both the customer and the fraud team immediately. Early detection minimizes damage and preserves customer confidence.
7. Data Backups and Recovery
When the worst-case scenario happens, businesses need to be able to recover. One of the benefits of virtual data is that backups are easier than ever to back up. Ensure regular backups and test recovery plans to guarantee data is safe and accessible after an incident.
If a ransomware attack occurs, the platform can restore its systems without paying a ransom, maintaining continuity and trust. Keep these backups in multiple secure locations, both virtually and physically.
Final Thoughts
Cybersecurity is the singular quality that every e-commerce platform should strive to have. Even if companies are in competition, everybody should agree that customer safety means everyone gets their due. When companies remain steadfast with their security goals, it makes them less likely to be a statistic in the next data breach attack.
By following the methods listed above, businesses can assure their customers their data is safe. That cultivates a culture of safety and trust among customers and employees, ultimately benefiting the bottom line.
