Online Insurance - 8 Tips for Safeguarding Your Data

If your business handles, transmits, or stores card data, compliance with the Payment Card Industry Data Security Standards (PCI DSS) is mandatory. The easiest way to ensure PCI compliance is by refraining from accessing or viewing your customers' card data. Although PCI compliance can still be achieved with basic security measures, additional measures must be implemented to protect the data, and more extensive and intricate forms need to be completed during the annual PCI DSS assessment.

To secure confidential files and folders effectively, setting up a password is often considered the quickest approach. However, relying solely on passwords is insufficient to prevent unauthorized access by cybercriminals. Combining passwords with encryption offers a more efficient solution.

Encryption acts as a safeguard, preventing unauthorized individuals from reading or stealing data without the decryption key. You have 2 easy ways to encrypt your data. If you are the site owner, use an SSL connection. The second is to use a VPN. Also, you need to verify VPN working, since it may be active in the application, but in reality - the server is not available and you have a direct connection. Make sure that you have a reliable provider that is resistant to various cyber threats and that prevents direct connections. You can use VeePN with its huge list of VPN servers.

Companies should limit the collection of personal information to what is directly relevant and necessary to achieve a specified purpose, a practice known as data minimization. They should retain the data only for as long as it serves their goal. When gathering personal data, only request the information that is needed. For instance, if someone requires access to a specific medical service, there is no need to ask for their title or level of education.

To ensure compliance with data privacy laws and adhere to the principle of data minimization, evaluate your company's current data collection, retention, and management practices. Implementing a data retention schedule will streamline the process and automate it.

Mistakes often lead to numerous data breaches. A study discovered that negligent contractors or employees were responsible for 63% of cybersecurity incidents within a year. Therefore, business owners must educate their workers about implementing robust online payment security practices.

Workers should avoid sharing customer payment information with unauthorized individuals and refrain from clicking on unfamiliar email links. They should use a VPN extension when connecting to the company’s servers, but another form of VPN will do. The main condition is a reliable provider such as VeePN with strong security features. Additionally, they must not leave their work computers unattended.

Business owners can enhance their online security by exclusively accepting secure forms of payment. The most secure options include credit cards, which are regulated by payment compliance standards and funded by credit card companies. Debit cards are subject to the same strict standards as credit cards. Electronic checks undergo verification through the Automated Clearing House system, ensuring privacy for account numbers. Digital wallets, requiring user authorization for each transaction and efficient encryption, offer another secure payment method.

However, business owners need to exercise caution when it comes to accepting cryptocurrency. In 2021 alone, Americans reported losing an estimated $680 million due to cryptocurrency investment scams. Furthermore, the lack of customer support makes it challenging to address any payment-related issues.

Merchants can utilize Card Verification Value (CVV) as a security measure for online transactions to authenticate cardholders when they are not physically present. Most Visa, Mastercard, and Discover credit cards have a three-digit CVV code on the back, while American Express cards have a four-digit code on the front.

During online transactions, cardholders input their card details at checkout, and the merchant or payment processor requests the CVV. A CVV response code indicates whether the purchaser has a physical card. Since the CVV is not stored on the card's magnetic stripe or chip and isn't embossed, it is unlikely to be compromised in a data breach.

Adding an extra layer of security to a website, MFA requires users to enter a temporary PIN and their password for logging in or making a payment. Typically, the code is received through a text message or email.

Despite stealing a user's login credentials, hackers still face the challenge of accessing their phone or email account to obtain the one-time login code, making it considerably more difficult.

Keeping software current is one of the most effective methods for ensuring online payment security. Software updates frequently include patches or bug fixes that address any loopholes. While most e-commerce sites and antivirus software update automatically, it is still wise for business owners to periodically check for updates. Up-to-date networks present a far more formidable challenge for threat actors to breach.