It seems we hear about more incidents every day – a company’s data is breached, putting customer information and privacy at great risk. From banks to retailers to phone cellular providers, those who rely on digital resources are continually challenged to keep data both secure and private. Integrating both into your overall business plan is a strategic move which will resonate with consumers and may give you a competitive advantage.
There has been a significant shift in the way in which businesses engage with consumers. Rather than looking for a one time sale, organizations of all kids are looking for ways to incentivize their customers to return for upgrades, add-ons, or enhancements.
This requires that the organization store personal customer data, such as addresses, credit card numbers, or past product purchases. This information is highly desirable to cyber criminals with nefarious plans – so how should a merchant in 2019 respond?
Security Priorities for 2019
Did You Know? According to a 2016 study, 32 percent of Americans were worried about how cyber risk would affect them, whether in the financial arena, or in the areas of personal safety and identity theft protection. The same survey reported that 54 percent of businesses are concerned with cyber, computer/technology risks and data breaches, yet many feel unprepared to deal with these risks. Of course, risks and threats have only intensified in the last several years.
In fact, according to data from Juniper Research, in 2019 cybercrime will cost businesses over $2 trillion — a four-fold increase from 2015. So how can you respond to be proactive and remain competitive?
- Integration of Privacy & Security Concerns into your Business Plan: The structure of your IT department, the monitoring against cyber threats, and the protection of your customer data can no longer be an afterthought. These areas require attention, budget and integration, and will result in a better security environment for you, your customers, and your provider partners.
- Fortify Physical and Digital Barriers: In 2019, every company who deals in consumer data and private information should have a firewall in place. (If you need assistance choosing the best digital firewall for your organization, call a professional managed services company). You can also partition data on your servers in a “need-to-know” manner, so that only employees with a specific need to see data to perform their job can gain access. Physical protections such as card key or biometric access to sensitive areas will also provide you with a competitive edge.
- Multi-Level Authentication: Advanced (or multi-factor) authentication technologies have resulted in more secure online transactions, which in turn has given consumers more confidence to do business online. By your utilization of these protocols, you show consumers that their data security is important to you, increasing their confidence in you and building your reputation as a secure place to purchase online. A common and well-known example of multi-factor authentication is the use of a debit card and PIN number at an ATM. The user must have something, as well as know something, in order to gain access.
Approximately 7 % of people have been victims of identity fraud, costing society over $16 billion dollars; and an increasing number of people are concerned about how companies share their data. By instituting a business security and privacy policy, you can reassure clients that you have proactively taken measures to protect them. This will allow them to have a comfort level about doing business or partnering with you, and should give you a competitive edge.
In 2019, all companies should be engaging in comprehensive cyber security planning. If you need to get started, call Alliance IT today. We not only have the expertise and knowledge you need to protect your company, your data, and your customers – but we take a genuine interest in your success overall.
