Posted By 
By Gloria Martinez
Special to the Financial Independence Hub
When it comes to running a business, trust is key. If a customer cannot trust your company with the information they provide, they will eventually stop coming back, and your reputation will suffer.
Data protection is one of the most essential qualities of any successful company, whether it’s a small online clothing boutique or a Fortune 500 company. Though keeping data safe can be challenging in a time where cyber crime is rampant, there are practices you can implement in your business that will decrease the likelihood of an attack. If you’re a small business owner, these 5 tips will help you protect your customers’ data while ultimately benefiting your profits:
1.) Understand your obligations
While keeping your customers’ data safe is a key element of building and maintaining your company’s success, there’s another important reason you should prioritize it: you could be legally obligated to do so. Take the NYDFS Cybersecurity Regulation, for instance, to which many companies in New York must adhere. One of the requirements of the regulation is that certain businesses operate with an infrastructure that protects customers from cyber security threats. If you’re not sure whether or not your state has regulations like this, this article may provide you with more information.
2.) Use encryption
A lot of cyber attacks happen through emails. This is because a company’s email account is a prime target for hackers, and you need to make sure that any emails that are exchanged between your company and another party (including promotional ads) are protected from these attacks. That’s where encryption comes in. Using a modern email encryption service should work seamlessly into your email platform, and will help keep the business information contained in your emails (including customer data) from getting to anyone but the intended recipient.
3.) Develop a security policy
While software is indispensable in the battle against cyber crime, your efforts can’t stop there. Your business also needs a data security policy in place, whether you have one employee or 1,500. It’s critical that employees become familiar with the policy, as well as the roles played by all people and systems involved. Also, ensure that each employee completes any necessary training with software and/or security professionals. That way, everyone will understand how to adequately handle company data.
4.) Scrutinize your cloud providers
When a business is hacked, their data is usually compromised. Backing up your data on the cloud is an efficient way to ensure that vital information is not lost for good in the event of a cyber attack (particularly, one from ransomware). It’s important, however, that you choose carefully what companies store your data. When selecting your cloud providers, or even if you already have them in place, find out the details of how they conduct their security measures, as well as how often they update their protocols. If their services seem inadequate or they are unwilling to explain what they do, walk away, and find another provider.
5.) Say yes to updates
This is the easiest tip on the list, yet it’s often the most neglected. When you get a pop-up notification on your computer that there is a software update available, do it. This may seem inconvenient when you’re busy, but think of it this way: updating your antivirus software and operating systems will help protect you from cyber attacks, because the older versions are what hackers are familiar with.
Cyber crime abounds in this day and age, and it’s essential for any small business to take the proper steps to ensure their customers’ data is protected. Start by looking into any regulations your state or province has established, and make sure you are using email encryption. Establish a company-wide security policy, and be selective with the cloud providers you use for storing your data.
Finally, be sure to keep your systems and software up to date. Earning your customers’ trust will ultimately protect your profits.
Gloria Martinez loves sharing her business expertise and hopes to inspire other women to start their own businesses. Her brainchild is Womenled.org. Gloria’s vision is to help all women advance in the workplace and celebrate their achievements.
