Protecting customer data continues to be one of the top priorities for businesses of every size. As cyber criminals become increasingly sophisticated, it’s vital that business owners understand how to keep up with their changing tactics in order to continue to keep customers’ data safe.
Some merchants are already aware of the challenge. A Barclaycard study revealed that three in 10 businesses say online threats such as data breaches and hacks are a major concern, with 35 per cent also saying this has prevented them from introducing online services.
However, given that £1 out of every £4 was spent online in 2015, staying off the digital high street often means missing out on a significant revenue stream. Thus the challenge is learning how to balance data security whilst creating a smooth customer experience for all your shoppers. Fortunately, payment providers are helping by deploying a growing range of tools to help prevent threats.
Through our experience of working with ecommerce businesses, Barclaycard has developed a series of recommendations to equip you with knowledge that will help your business make the most of online payment opportunities, without sacrificing security.
- Regularly review security and fraud measures
- Prioritise CNP fraud prevention
An HPP hosted by a reputable third party provider will also simplify the payments process for your business, therefore cutting down on the hours you spend on admin and allows you to focus on what you do best.
- Stay vigilant against growing eCommerce fraud
- Understand your security
- Be safer by being compliant
Ultimately, the most important thing is getting the basics right – being aware of what data you are storing and where. Once you are clear on this front, it will be much easier to understand which additional measures will be most effective to protect your business and customers from attacks, and the best ways to implement these so you don’t disrupt the customer experience. By striking this balance you can capitalise on the popularity of the digital high street and see your business grow.
By Paul Clarke, Global Payments Acceptance at Barclaycard