The risks are usually more substantial for companies that accept online payment methods like credit cards.

Cyber attacks have become more common, so small business owners must prioritize keeping their customer data safe.

Therefore, securing your portal is important to protect your business since customers expect that their sensitive data information is safe in your hands. Here are some basic online payment security tips every digital entrepreneur should know.

Comply with PCI-DSS standards

It’s worth noting that all businesses that accept, process, and transmit card data should comply with PCI-DSS standards, ensuring their customers’ confidential payment details are safe and secure.

Despite this, PCI-DSS compliance is a major headache for companies, particularly those lacking IT specialists. Complying with these standards means regularly conducting security assessments such as SSL authentication on your website.

You may consider working with independent experts to audit and test your business for PCI-DSS compliance.

Use a secure eCommerce payment platform

Malicious hackers can access your payment info due to security loopholes in your eCommerce platform. Examine your existing site for security risks and research previous breaches before migrating to a new platform.

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Update your systems

Hackers often succeed by exploiting software vulnerabilities to steal your private information. Therefore, you should keep all business software up-to-date to fix bugs and protect your brand.

It helps to install antivirus applications, so feel free to consider this. Outdated software can make you vulnerable to cyber attacks; consider turning on auto-downloads so you don’t miss important updates.

Don’t store your customer data on your site

There are strict industry standards regarding how businesses should store customer data, like CVV details. A whopping 95% of credit card data breaches arise from small businesses. One way to minimize these risks is to dispose of sensitive information when a transaction is complete.

It would be best if you took steps to protect confidential information using private networks or cloud platforms to encrypt your data, giving intruders no chance to read it.

Solutions like hosted checkout pages can enable your eCommerce business to accept online payments without the security risks of keeping your customer data on your website. They secure sensitive information while offering customers a seamless checkout experience. 

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Activate 2FA

Two-factor authentication should be a core part of your business cybersecurity measure. Activating multiple-factor authentication is essential for businesses dealing with financial organizations, vendors, social networks, and online accounts.

Your business’s private data and customer personal information could be in danger if cyber-criminals access your password. As a tip, allow all your vendors to use 2FA, as it is an extra security layer alerting you when nefarious actors try to log in to your account illegally. 

Buy cyber liability insurance

No matter how hard you try, savvy hackers and dishonest employees can make your business vulnerable to cybersecurity threats. But you don’t have to sit around without a plan- Investing in cyber liability insurance can help cover your business.

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These insurance policies normally cover data breach costs, loss of income, and repair costs for damaged equipment. Emerging fraudulent activities are on the rise in the multi-billion dollar eCommerce space, so start defending your brand with these payment security tips.

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