Online businesses and digital trade are growing exponentially every year. According to data shared by Statista, global digital transactions are predicted to value about $8.3 trillion by 2024. While this will have several benefits for businesses across industries and markets, it also adds a higher risk of cyberattacks.
A forecast by Cybersecurity Ventures valued losses to cybercrime at $6 billion in 2021. This is more than double the losses less than a decade ago in 2015. As technologies advance, cybercriminals and their methods have become even more sophisticated. Every online business today must take appropriate steps to ensure their business accounts, personal data, and customer details are secure. Integrating payment gateway security practices within your e-commerce platform is a great way to safeguard your business and your customer’s interests.
7 Tips for Improved Payment Gateway Security:
Use multi-factor or two-factor authentication:
Having multiple levels of security and authentication is critical for online businesses, especially those that reach you through social media. If a bot or third-party user gets access to your accounts or breaches your network security, they can access pretty much all of your finances, accounts, and data. Integrating two-factor authentication or MFA makes every login and access attempt more secure.
Use third parties to store sensitive data:
Storing data related to customers’ credit cards is one of the riskiest actions a business can take. However, this is an essential part of ensuring ease of transacting. Experts suggest that you use a third-party partner to store credit card information to reduce your liability.
Choose secure e-commerce platforms and payment gateways:
Having a secure platform for e-commerce will provide additional layers of security to your efforts. You won’t be the only one liable for losses or attacks and threat detection prevention. You should also ensure you have a secure payment processing system that provides a high level of encryption.
Get insurance for cyber liability:
Online transactions are collecting an increasing amount of personal information from customers. This increases the risk to businesses that collect this information and payment data. If you invest in cyber liability coverage while implementing proactive security protocols, it will help mitigate the impact of any data breach, both financially and legally.
Use a personal verification system:
Businesses need to set up a personal identity verification system for larger products with a higher billing value. This will help you identify whether the party placing the order is legitimate or fraudulent.
Add an SSL certificate to your digital platform:
Many businesses, especially small-scale ventures, ignore web security as they don’t think anyone will target them. However, small businesses face more credit card breach incidents than any other business. Ensure your business site has an SSL certification to keep you and your customers safe.
Ensure PCI compliance:
An SSL certificate indicates that all the customer data on your website is encrypted and is at a lower risk of cyberattacks. Additionally, ensure your secure payment processing system complies with PCI-DSS regulations to ensure higher security and brand trust.
With greater security for your online business, you can significantly increase brand trust, loyalty, and profitability.