3 Ways to Secure Your Customer’s Data | Financial Buzz

3 Ways to Secure Your Customer’s Data

With fraud cases on the rise year after year, costing the US economy billions of dollars, it’s no real surprise consumers have growing concerns about their privacy online. Sadly, upon looking at the facts, they have every right to be worried. In 2019, according to research carried out by Parks Associates, around 35% of US broadband households encountered some kind of data security or privacy issue, including identity/data theft.

It’s estimated that almost half of all cyber-attacks involve the targeting of small businesses. The main reason for this is the hacker knows the company doesn’t have sufficient defence systems in place to stop them. Dealing with a data attack or leak on your customer’s data is not nice and can ruin a business instantly.

Luckily, there are ways to prevent this from happening, and not all will cost the business a huge fortune, but all will help to secure your customer’s data, giving them the peace of mind they deserve.     


#1 Automated ID Verification

Don’t leave things to chance – get your customer’s ID verified the smart way by using some form of Automated ID Verification system. Having been designed specifically to verify ID both quickly and efficiently, programs such as IDnow’s Autoldent are simply fantastic. These apps assess your customer’s identity in a matter of minutes, providing a very seamless and uneventful onboarding process.

One major advantage of using this kind of system is that once the data has been verified, you no longer need it. If you’re not storing customers’ personal data after verifying, the risk of an attack is lower, as is the amount of damage that can be caused. Another huge benefit is that they help to detect fraud, more efficiently than any human ever could. A big benefit for any operating business.  


#2 Keep Up-to-Date

Never delay inundating or patching your software. If you notice a problem, get on to it right away. If there’s an update ready for your software – update it. The new version has been created for a reason. For many, it may seem obvious, but there are some companies that choose to delay these things to do in a quieter period. Then, wonder why they get attacked. 

The importance of updating your software and fixing any bugs you encounter is paramount to keeping your customer’s data at risk. Hackers are looking for these vulnerabilities and won’t wait around for your business’ quiet time.  


#3 Test, Test, and Test Again

Another place where some companies fall down is that they don’t carry out regular stress testing on their site to ensure there are no vulnerabilities. Whether you hire cybersecurity experts on a per-job basis or take them under your wing as an employee, the importance of locating and eliminating your weaknesses could mean the difference between your business surviving or not.

Protecting your customer’s data and ensuring their privacy is paramount. Go beyond your customer expectations when protecting their data, and you will create a timer experience that will never be forgotten. 

Opt-into our eNewsletter NOW! For the Latest Trending Financial News Topics in Cannabis, Tech, Biotechs, Precious Metals, Energy, Renewable Energy and much more!