Keeping customer data secure in today's business world

Whether you are the CEO of a big corporation or running one of the smaller businesses around, you likely have a number of things on your plate of responsibility.

First and foremost, keeping your customers happy is something you know that should never be taken for granted. If you slip up in this area of the business world, you can see a quick and major downfall in your company revenue, something that in some cases can be catastrophic depending on the size of your business.

In a day and age when more and more business is being done online and in-person via credit cards, customer data is rising to the forefront of importance.

Protecting information is a necessity

If you find your business handling a sizable amount of customer financial data, there are several steps you can take to make sure it is being handled as carefully as possible.

Those steps include:

1. Review procedures – If your business accepts online and/or in-store purchases which involve credit card transactions, review the process regularly to make sure there are no loopholes that identity thieves can exploit. Whether you’re customers are doing business with you online or in person, make sure those credit card transactions are protected. Remember to update the protection features in place, especially given the fact that hackers are always trying to stay one step ahead of you;
2. Know your employees – As some business owners have discovered over time, it is not outside thieves but those under their under nose who demand the most attention. When hiring employees, make sure that they do not have any criminal records, especially in the areas of finance. With many people struggling in today’s economy, it is not unheard of for employees to try and sometimes successfully steal from their employers. One area they can target is customer transactions. All it takes is getting ahold of a customer’s credit card info and they could run up quite a bill before anyone suspects there is any issue;
3. Keep customers informed – In the event there is a credit card breach or even if there isn’t one; keep your customers in the know on how they and your business can protect their personal financial data. Whether through emails, newsletters, blog posts or social media, update them periodically on the fact (without revealing information that hackers can benefit from) that you are doing everything possible to keep their personal data safe with you when they make transactions.

As Jeffrey Weber of SmartBalanceTransfers.com notes, “It is important for credit card companies to monitor all purchases. In the event a purchase does not seem right, customers should be alerted via email, phone or text. It is very important that the customer never be labeled responsible for an unauthorized purchase.”

With all the credit card transactions being done worldwide on a daily basis, make sure your business is on top of each and every purchase so that your customers have no reason to doubt you.

Dave Thomas writes for a variety of websites on topics such as human resources and running a small business.