National Small Business Week has
come. While this event provides tribute to the successes of small business, it
likewise reminds people of the essential role of small businesses in the
economy. To maintain their key influence on commerce, small businesses must
perform in ways that make clients feel welcome, served personally and secure.
Whereas marketing and promotional programs can do the first two, can small
businesses bear the burden of sufficiently protecting their customers’
information and reassure them that their personal data are secure?
Considering the growing occurrences
and cleverness of cybercrimes in the present environment, it has become more
imperative than ever for small businesses to appreciate the high costs of an
information theft and to take measures to reduce the risks. Data breach is very costly and disastrous for
a small business. The lost income and accompanying liability from such an
affair can produce great financial damages, while the damaged business
credibility could end up being very hard, if not almost impossible, to restore.
A new research from Ponemon
Institute reveals that 90% of data breaches gravely affect small businesses.
Since payment data is the prime target for 65% of these attacks, small business
owners should be convinced of the potential susceptibility of crucial payment
information used to undertake transactions daily, in various ways — in person,
through the Internet and also by smartphone or tablets.
Small business owners can provide
security to their clients and themselves, even if there is no assurance of
total protection against any threat. By remaining aware and comprehending
possible security measures and available best practices, they can mitigate the
dangers of data breaches with cost-effective solutions. Here are five essential
measures you can undertake:
Ascertain PCI compliance: PCI
compliance is the basic, required standard level of security. Non-compliance is
unwise if small businesses want to remain viable through accepting the primary
credit and debit cards for their clients’ convenience. More essentially,
adhering to the stipulated security policies is a continuing process intended
to reduce the risk of a data theft. The PCI DSS continuously improves to assist
retailers in establishing the most sensitive safeguards to protect their enterprises
against the rising threat of cyber crimes. But complying with PCI standards is
only the start.
Upgrade POS systems: As more
markets graduate upward into EMV, which is the technical rule to attain which
assures chip-based payment cards and terminals are synched, a plethora of
gadgets on the market allows choices for enhancing or substituting POS systems.
A POS device which is compatible with EMV technology can process cards that
have embedded microprocessors, or chips that communicate with the device. Smart
chips allow more proficient cardholder confirmation to prevent consumer-level
fraud for EMV operations. EMV can prevent stolen cards from being used. No
businesses, big or small, can afford to neglect these crucial measures.
Move to the cloud: The latest POS
and management systems not just combine various business functions, but they
also store information in the cloud. The cloud has greater efficiency and
security than former data storage solutions – businesses can access data
anywhere they are at any time, and there is a lower danger of data breach by
using reputable providers because of their emphasis in investment security.
Moreover, enterprise owners can also obtain data backup, which is crucial in
case the business encounters a major setback.
Layer with encryption and
tokenization: By using layers of encryption and tokenization with EMV and POS
compatible systems, business owners can reduce security vulnerability and
address confirmation weaknesses. The two points that data are most vulnerable
in the transaction cycle is in pre- and post-authorization. Encryption and
tokenization secure the cardholder information once the payment method and
client are confirmed. In addition, encrypted and tokenized information has no
value to cyber-fraudsters. It is merely a jumble of useless characters.
Look for a trustworthy advisor:
Small entrepreneurs need a dependable advisor who can aid them to understand
their information security duties, evaluate present options and then execute a
plan to assure long-term business security. Business owners are not the only
ones who require their clients’ data to be safe. When dealing with a payment
technology company, make sure they place a great importance on information
safety, can provide proper guidance and institute the measures to reduce the
risk.
Small business owners can certainly
avail of world-class protection for themselves and for their clients in order
to maintain their business integrity and viability. The ones who undertake
multiple levels of security precautions are more prepared to handle and
mitigate risk and fraud, assuring the success of their overall business — and
our economy at large.
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