The Internet allows online transactions to take place, but they must be properly protected so that hackers and cybercriminals don’t make off with your sensitive data. Here are some simple ways you can ensure that your business is protecting its online transactions.
Encrypt Your Data
Powerful encryption protocols will be crucial to protecting your data, especially while it’s in transit. From a technical point of view: SSL/TLS (Secure Sockets Layer/Transport Layer Security) protocols are commonly used to encrypt communication between a user’s browser and a website. With encryption, it’s less likely that the data cannot be stolen and used for nefarious purposes.
Use Tokenization
With tokenization, you can replace sensitive data like payment card numbers with a unique identifier or token. This token is then used for transactions while the actual data is stored safely away in a secure encrypted vault. The token cannot be used or reconstructed if it is intercepted, making it effectively useless for a hacker.
Implement Multi-Factor Authentication
If you require more information to verify a transaction, you’re going to make it more secure. The method for doing so usually involves asking for more than one method of authentication, also known as MFA. This extra layer of security is often enough to prevent data and security breaches, as it effectively becomes twice as difficult to hack an account if another credential is required.
Detect and Monitor for Fraud
You also need to have solutions in place that can help you spot fraud from a mile away. These same systems should also be monitoring for suspicious activity and putting a stop to it in the process. They can then continuously improve through the use of machine learning algorithms, analyzing patterns and blocking transactions that don’t fit with what it normally sees. These systems are intelligent and robust on their own, but you must also make sure they are adapting to change and the ever-increasing number of threats out there.
When all these measures are implemented as part of a full security strategy, you’ll really start to see the return on your investment. Get started today by calling us at (610) 683-6883.