Are you worried that your company might be at risk of a security breach? Is your business’ internet security at the highest level? In the past few years, the frequency of small business cyber attacks has increased dramatically. A recent study shows that 65% of the breaches are targeting the payment data of small businesses. Here are our top 5 essential security tips for business.
1. Invest in a Standard PCI Compliance System
Essentially, PCI compliance is a basic, must-have protection system for your business. Many consumers will avoid entering credit card numbers unless your business is PCI compliant. But how does PCI compliance provide security to your system and customers?
The (PCI) stands for “Payment Card Industry”. It is a set of security requirements for businesses that process, store or transmit credit card information. It is designed to maintain a secure environment for your customers and allows them to purchase your products without worrying that their personal information might get stolen.
By introducing a PCI compliant system, you will earn the complete trust of your clients and customers. This will, in turn, lead to a better reputation and therefore more profits. Also, keep in mind this system is enforced by the industry and your business could face penalties if you don’t implement it.
2. Update POS Systems
Are you staying up-to-date with the latest POS Systems? The goal of your company is primarily based on selling a product or a service, and all markets are moving towards chip-based payment cards. Therefore, updating your POS systems also means making your POS device compatible with EMV technology.
Basically, EMV technology is designed to read embedded microprocessors or chips that have been created for the device. This means, you will get technology that has more robust cardholder verification and a higher level of protection against EMV transaction frauds.
Additionally, EMV is helpful in preventing the use of stolen cards, analyzing sales data, maintaining a sales history, improving pricing accuracy by integrating bar-code scanners and credit card authorisation. Your business will gain a new level of security and many aspects of your company will be improved as a result.
3. Store Data in the Cloud
Among the many benefits of updating your POS systems is the ability to store your data in the cloud. Moving your data to the cloud is both convenient and more secure than any other data storage method. Also, both you and your staff can access the data at any time, from anywhere in the world; all you need is an internet connection.
More importantly, the risk of data breach when using the cloud is very low, as you’ll be provided with access by reputable providers that have invested a lot of time and money in security. Using cloud storage will drastically improve the capability to access and protect your data as well as manage on-site resources.
Additionally, a cloud storage provider will include the option to back up data, including your business information and valuable data from your customers. Should an IT disaster occur, you’ll be able to recover lost data in no time.
Lastly, find a cloud provider that is focused on business-centric offerings. You need a provider that doesn’t cost a fortune and gives you unlimited storage space for your business data. It’s the best way to share files with your employees while using a computer or smartphone, 24/7.
4. Layer Encryption and Tokenisation
By layering encryption and tokenisation, you will be minimising the security weaknesses of your company, and locating any authorisation vulnerabilities. There are two points in the transaction process you should be aware of when it comes to data vulnerability: pre-authorisation and post-authorisation.
Pre-authorisation is the point when a company has customer authentication data that is yet to be processed for payment. The time between collecting the data and processing it is measured in seconds, and includes acquiring the cardholder name, primary account number, expiration date, and CVV2/CVC2/CID2.
Post-authorisation is the process in tokenisation that protects the cardholder data in the transaction life cycle and during recurring transactions after the card has been presented to the system. In addition, tokenisation is an efficient solution that raises the level of security around payment card data without having to change anything regarding that data.
The layers of encryption and tokenisation are crucial because they protect the cardholder’s personal data after the payment method and the consumer have been validated in the system. Ultimately, encrypted data has no value to cyber criminals because they will only find meaningless and unusable characters that do not reveal any personal data.
5. Hire an Internet Security Advisor
Even if you make the most out of these internet security tips, you should still strongly consider hiring a skilled IT advisor. A smart business owner knows they need a trusted internet security advisor who can learn their data security responsibilities and find ways of optimising the level of security.
Businesses of all sizes should have access to valuable, efficient solutions that will help them improve the level of customer and client data protection. There are many reputable IT companies that offer these services at affordable rates, Inspired Techs being one of them. Our work is primarily focused on protecting your customer data and providing high-quality protection and maintenance at all times.
At Inspired Techs, we also do our best to improve the productivity of your employees by introducing quality IT solutions within your company. Additionally, we can improve the morale of your employees by investing in your IT infrastructure on a regular basis. By improving the IT infrastructure, the risk of cyber attacks will be reduced, while your overall internet security will be greatly enhanced. All of this will lead to your business having better profit margins and becoming even more competitive in your market.