Data Security Tips For Businesses To Follow In 2023

The verdict is out. Data is the fuel for modern businesses. Is your business following the latest data security tips to keep business data safe?

However revolutionary your business idea is, you must educate transforming it from hypothesis to validation needs backup. Hard data works as this foundation for solidifying your idea. However, with the world experiencing the digital-first movement, the way you obtain and use data isn’t the same. 

Be it data that you data extraction activities about consumer buying behavior, transactional details, social behavior, or a digital footprint, everything underwent a complete makeover. 

Your consumers are hypersensitive about how you use their data. Perhaps, more sensitive than ever. A recent Gartner study revealed that 8 out of 10 buyers have chances to withdraw their interests from a brand, using their data without prior consent. 

This makes access to complete knowledge of how you can work your way with the changing landscape is critical for your business survival.  

This post reveals it all. 

By the end of this article, you will not only be able to understand the changing behavior of the data privacy landscape but make confident decisions towards protecting your business from hefty fines. 

Data Privacy and Security Explained

The data privacy landscape experienced new privacy laws and policies mushrooming each day. From GDPR to CGPA guidelines, multiple laws restrict you from performing specific actions with consumer data. But, this doesn’t mean your access to consumer information is lost forever. You just need to get creative about it. 

If you stand any chance to leverage data, there are two primary things you need to have a clear understanding of. The primary goal of the new rules is to ensure your consumer’s safety, and you need to play by the rules every time. There are a few areas where online businesses suffer heavily. Osano’s guide to personal data gives a deep dive into this. 

Here are the top data security tips to follow to keep your business safe from data breaches:

Tip #1- Create a Secured Transactional Landscape

Finance is any day the spine of your business. Losing data is perhaps the most significant blow to your business. In the internet world, hackers are always on the lookout for vulnerabilities like a weak firewall or working loopholes to get hold of sensitive information.  Your consumer’s information, like credit card number and CVV code, bank account details, are always at the brink of getting compromised. If you have to create a sense of trust and dependability with your customer, you need to facilitate a secured transactional landscape. 

Related: How to Make Website Trustworthy?

Here are the steps to take to create a secured transactional environment:

Securing the payment gateways is your first step to establishing trust

If you are still holding back your customer’s sensitive data like credit and debit cards on your database, you are doing it all wrong. One successful security infiltration and your consumer data being compromised. This unfateful incident not only can tamper with your existing relationship with the customer but create an unrecoverable chasm between the brand and the customer. Your customer can sue you legally, according to FACTA. Along with that, you suffer a bad reputation and your goodwill shunned in one strike. 

But this is just one part of the game. Curbing risks doesn’t equal zero risks. Staying updated on the compliance factors does. PCI DSS is one such crucial payment gateway policy. As a data security tip, you can make use of third-party vendors like Paypal, Paytm, or Skrill to stay protected.

Encryption technology is the new cool

If there is one way to secure your customer data, it is encryption technology. But to make full use of this, you need to restrict the authorized access of the data. This way, you can ensure the data is less exposed to lesser vulnerabilities. If you truly see this, it is a lot like covid-19. The lesser exposure, the higher the safety. Tools like cryptographic keys, certificates, and encrypted passwords are huge assets. 

Security is the first element of pleasing web experience 

In a virtual environment, if your site isn’t secure, it is not worth the time. This is the perception that modern buyers have while scouring the web. This means establishing a secured site is your first move towards curbing the vulnerabilities of your brand. 

SSL (secured socket layer) and HTTPS server network ensure complete security without making you sweat. 

Related: Free SSL Certificate Generators

The security-first platform is your first choice.

Your venture success depends upon your vision. While that is true, that is just the half-truth. Your partnerships create a massive impact in driving your business forward. This holds for your payment service vendors. Before settling for your ideal match, scour through the options well. It will give you a better understanding of which one is ideal for you and which one is not. If you are an e-commerce startup, going for eBay might sound like a good option. But, if you are a B2B startup, Wix might be the go-to solution. 

Related: What is an SSL Certificate and Why Do You Need It?

Robust security design

Multi-layered security designs are the first thing to consider when you are thinking of robust security. Widespread ContentDelivery Networks (CDN) and two-factor authentications are a way to apply this. Additionally, deploying security plugins like Astra is a smart move to keep you covered from 360 degrees. 

Tip #2- Have A Data Security Binding Contract

Sharing is caring. You might have come across the phrase a lot. But today, your consumers see the situation oppositely. Data sharing gets them conscious. So what can you do to make them feel comfortable around your brand? Can you create an atmosphere where they can freely share their details?

Here’s what you can do to make customers trust your brand.  

Establishing transparency goes a long way

Your audiences are reluctant to share their details only from the fear of abuse. But what if you come clean with your intentions about your data collection? What if you use it to create a better experience for them?  Studies reveal that your customers would trade-in details for optimum user experience any day. Leverage this. Make powerful use of customization and personalization. 

Promote strong password hygiene

While you are engaging your audience, you must educate them too. One of the best data security tips is creating awareness about data theft risks brings massive value in building robust security. Also, it places you as a security-conscious brand. Promoting efficient password hygiene can be an enormous movement towards this. 

Stay clear on terms of accessibility

At first blush, data compromise can look like an effect of in-house systems. But look closely; your collaborator and partners are an equal source of this threat. This means ensuring your in-house is leakproof isn’t enough. You need to keep your stakeholders watertight too. You can start by limiting data access and putting them under a data security binding contract. Having an NDA ensures you establish confidence amidst each collaborating party.  

Related: Ways Website Usability Affects Business Growth

Tip #3- Create a Secured Infrastructure To Keep Your Intellectual Property Safe

Hackers using your brand name for malicious activities aren’t new. This makes safeguarding intellectual property a critical element for your business. 

Here are the steps to take to safeguard your intellectual property:

Is anyone abusing your identity? 

Another useful data security tip is keeping track of your baking statements and credit is the first step to curb identity fraud. You can use monitoring software to make this task easy. Make heavy use of encryption technology to safeguard sensitive consumer data like usernames, pin codes, passwords, and financial details. You can make this furthermore complex by putting access criteria. Escrow groups are great at achieving this task. 

Are your customers getting misled 

Collecting data is a lot easier for whom your audience already trusts. Hackers understand this and leverage your brand name to get hold of your customer’s information. Stealing information by impersonating your brand makes it a cakewalk. To put an end to this internet attack, educating stakeholders just isn’t enough. You need an infrastructure that demotes the system. Stay vigilant of spoofing sites. If the threat is on your owned web presence, encryption can take care of this. But if it’s on the open web, you need a phishing strategy—the faster the detection, the better the damage control. 

Tip #4- Use Firewalls, Strong Passwords, And Backups

Infiltrating secured networks is nothing new.  But, what is, are the tactics that reduce its impact.

A firewall is your protecting wall

A firewall system is the most budget-friendly method to secure your network in the long term. Using a filtering mechanism regulates the populated traffic of your site. This lets your space stay clean of potentially corrupted networks. 

Password protection 

Switching to secured servers and admin panels is the answer to all your password theft woes. The first step to do is set up complex passwords. Follow it up with 120 days regular updates. Keeping the notifications of your admin panel is an advanced way of doing this. This means the next time an unknown IP address attempts to log in; you will be posted. 

Internet ransom can cost you your business

If you are hit by ransomware, ideally, you will lose either of the two a lot of money or a lot of data. This means whichever way you go, you cannot win. But you can turntable with the hackers. Here’s the thing. 

Have backup storage of all your data synced in a completely different server and account. Another tactic here is to use diversified networks. Also, stay clear of email links that look like spam. These are the most vulnerable points. Create a company culture where your team is well aware of the situation. 

Tip #5- Upgrade Your Data Collection Strategy

Building high ROI campaigns is still the top goal for any marketing venture of a business. This makes data the missing piece of the puzzle. But to ensure you get that fast, you need to rethink how you collect user data. Here’s how?

Related: Metrics To Calculate Your Digital Marketing ROI

Today, quality triumphs over quantity. What is more valuable to you? Gaining 10k unique eyeballs with 1% conversion or 1k unique eyeballs with 60% conversion? My guess is the latter. Focusing on qualitative data, your marketing campaigns get access to rich insights to drive the next high-performing campaign. Also, you can use permission marketing to collect valuable data. 

Parting Notes

Taking your business online exposes you to a massive audience base. But where opportunities lie, risks are natural to exist. To ensure you do not fall prey to such risks, hackers, you need to keep your online supporters at the heart of your business by following the above data security tips. 

Keep their demands as your primary goal. Be it data privacy or product requirements, your audience is your Northstar metric to success. Soon enough, you will successfully manipulate the restricted data usage landscape in your favor.