How to Keep Your Online Business Secure

If you own a business, whether it’s small or large, chances are that you have an online presence. Most of the world has moved online by now, and businesses are no exception. On the internet, you can reach a much wider customer base from around the world and engage in business with them. 

However, the internet has its dangers as well. Neglecting your online security can be a major mistake for your business. According to one study, hackers attack every 39 seconds, typically randomly attacking large numbers of computers. Many site owners are unaware that malware has been added to their website, impacting their users, marketing efforts, and their business.

One of the major issues of poor security is that your customers’ personal information and data might be at risk. Some malware redirects potential users to other websites, while others simply slow your website down to a crawl. In any case, your customers are suffering and so is your business. 

Use Security Plugins

Most eCommerce sites are on platforms like WooCommerce and Shopify, each of which offers a measure of native security. However, depending on the platform, this security might not be very robust and can have vulnerabilities that could be taken advantage of.

So, it’s recommended to fill in these gaps and reinforce the native security with plugins. 

Know Your Customer

Many organizations follow the “Know Your Customer” (KYC) guidelines to increase security, both online and offline. These guidelines are designed to encourage businesses to verify the identity, suitability, and risks of their customers. A customer identification program can make sure that your customer is who they say they are.

This program will at least identify the name, date of birth, address, and identification number of the potential customer. From here, the organization can follow further steps of the KYC guidelines.

The KYC guidelines were developed to prevent financial crimes such as money laundering, although they have since expanded to accommodate other potential threats. Any company with exposure to client risk must develop a KYC strategy, and it’s a good idea in principle to make sure that you know who you’re dealing with, even over the relative anonymity of the internet. 

Secure Your Passwords

54% of Americans admit that their password habits are poor and 59% of brands reuse passwords. This creates a huge security risk, as once someone cracks one password, they may have access to all kinds of sensitive information.

One way to protect against this is to use a password manager to generate passwords from an encrypted vault, which ensures that unique passwords are generated for each of your systems. If you suspect that there’s been a breach, change your password immediately.

Two Factor Authentication

There are two ways to implement two-factor authentication. First, you can set it up for yourself and your employees. This means that, even if your password is compromised, you will have to confirm your login via another channel or by providing additional information.

You can also help your customers to be more secure by offering two-factor authentication for their accounts. While you’re at it, encourage or require them to use more sturdy passwords.

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