February 1, 2016 E-Commerce & Retail en_SG In a time where cyber attacks are only becoming more common, businesses are now legally obligated to protect customer data. Here are 5 ways to do it. https://quickbooks.intuit.com/sg/oicms_sg/uploads/optimized-render/cache/2f6d50ce9e4977db1830ac80cbffc8f11.jpg_x1.jpg https://quickbooks.intuit.com/sg/r/ecommerce-retail/why-businesses-cant-afford-to-ignore-data-security Why Businesses Can’t Afford to Ignore Data Security
E-Commerce & Retail

Why Businesses Can’t Afford to Ignore Data Security

Elizabeth Low February 1, 2016

In a predominantly digital world, protecting your customers’ data and personal information is no longer just important – it’s your legal obligation. Here are a few simple ways you can secure your online portals and create a bulletproof online payment system so customers have peace of mind with your firm.

  1. Call in the Experts 

Independent and reputable third-party service providers can be an invaluable asset in helping you identify weak spots in your online security. For instance, HCL Technologies is one example of a company that works with businesses to identify cyber threats and develop cost-effective solutions to protect customer and business data.

  1. Limit Personal Devices at Work

In order to prevent sensitive personal and commercial data from being stolen or misused, many businesses are turning to a new mode of governance.

By creating rules and restrictions on the use of personal computing devices at work, businesses are able to gain better control over any shared information.

Examples of such controls may be an inability to transfer data from work to personal devices, remote data-erasing capabilities or having a company policy that requires the owner of a lost or stolen personal computing device to promptly report the incident to management.

  1. Keep Encryption Up to Date

Using up-to-date encryption methods is crucial. Virus software is constantly finding ways to infiltrate even the most secure systems, so it is important to have the latest possible version of available antivirus software and encryption. Some examples of such encryption services are TrusticoVerisign and Symantec.

One area commonly overlooked by SMEs is the encryption of hard drives and devices – not just internet banking and transfer services. Make sure you find out about and take steps to adequately protect against data theft from saved information on computer devices.

  1. Have an Emergency Action Plan in Place

What if the worst does happen? Don’t panic. If you do suspect data has been lost, stolen or misused, it’s important to have a response plan in place and to take immediate action.

For your employees, this can be a reporting process as part of the company policy. Business owners, on the other hand, should take action by informing the appropriate authorities and take steps to prevent against future occurrences with a good governance plan.

The Personal Data Protection Commission (PDPC) is a good place to start. You can find toolkits and resources here to help your business develop a plan for the management of data breachesnotification processes and securing personal data generally.

  1. Use a Secure Shared Platform

An additional step you can consider taking to prioritize data security is to use a trustworthy shared platform, such as QuickBooks Online. The accounting software is not only encrypted for your protection – it also allows employees to access and share data within a secure network. All users can access the platform at any time from any mobile computing device, as data is automatically and securely synced across all devices.

Whether you’re invoicing, receiving payments or logging customer details, your data is secure and protected with QuickBooks Online. Try our 30-Day free trial now.