Cyber threats have become increasingly sophisticated, especially those targeting businesses. Customers’ financial data, including banking and credit card details, has become a prime target. To improve customer experience (CX), companies must develop a strong position on cybersecurity. Simple and verified cybersecurity strategies can secure your company’s financial data for the long-term.
Cybersecurity Vulnerabilities for Businesses
As new technologies emerge, organizations must change to offer more incentives to entice customers. Many organizations aim to deliver multi-channel experiences to attract client. Although artificial intelligence (AI) and the Internet of Things (IoT) make shopping and interacting more convenient, they introduce new vulnerabilities.
New digital touchpoints create a larger attack surface. With businesses utilizing different channels to interact with customers, cybercriminals have more ways to target them through phishing scams, malware attacks, and data breaches. A successful cyberattack can have devastating consequences. Your business can be hurt not only by financial losses but also by losing customer trust.
Although businesses understand the need for cybersecurity measures, budget constraints sometimes limit what companies can implement. Luckily, many best cybersecurity practices are low-cost and can provide long-term protection.
Cybersecurity Best Practices for Businesses
The following are the top strategies that businesses can rely on to keep customers safe from cyberattacks:
Educate Employees
Employees are often the weakest link in cybersecurity. Provide regular training on identifying phishing scams, changing passwords, and relying on a virtual private network (VPN) while performing remote work.
Employees should also be aware of the company’s cybersecurity policy, which will outline resources and procedures for responding to incidents. Although cybersecurity is important, CX leaders report that only 28% of their teams have advanced knowledge about cybersecurity best practices.
Keep Software Updated
Regularly update all software, including operating systems, applications, and security tools. The software updates will include patches for security vulnerabilities that cybercriminals could exploit. Enable automated updates to make it easier to implement.
Use Strong Passwords
All staff members should have strong passwords for each company account. The passwords should be at least 12 characters long and include a mix of letters, numbers, and symbols. Keep passwords saved in a secure location. Password managers, such as LastPass and 1Password, simplify storing and generating unique passwords.
Enable Two-Factor Authentication (2FA)
With two-factor authentication (2FA), you can add an extra layer of security by requiring a second form of verification and a password. Options typically include a text message code, email link, or fingerprint scan. With 2FA, hackers have a more challenging time infiltrating accounts.
Social Media Hygiene
Social media accounts can allow hackers to gather information about your business. Be careful about what your company shares online with the public. Never share any private details like customer names or contact information. Review privacy settings regularly.
Virtual Private Network (VPN)
A VPN encrypts your internet connection, protecting your data as it travels between your device and the internet. VPN for Mac and Windows will stop cyber criminals from intercepting and stealing data. Some VPNs also include additional security features such as malware protection and ad-blocking.
Antivirus Software and Firewalls
Install reputable antivirus and anti-malware software on all devices. These tools act as a first line of defense against malicious agents. A firewall monitors incoming and outgoing traffic on your devices and can block unauthorized access from an external source.
Secure Backup Solutions
Develop a system to regularly back up financial and any other sensitive data. If any data is lost due to a cyberattack, you need a backup to recover it. Use secure and encrypted backup solutions that are off-site, like cloud options.
Physical Security
Physical security is often overlooked. However, ensure all hardware is stored in a secure location with restricted access. You may need alarms and security cameras to protect the area from criminals.
Incident Response Plan
Despite relying on preventive measures, cyberattacks can still occur. It would be best to have an incident response plan that will make every effort to minimize damage and recover operations as quickly as possible. Most importantly, the plan will protect customers from as much harm as possible.
Communication with Customers
Although companies may hate admitting an attack, acting transparently is crucial. Customers want to know the nature of the incident and how it may impact them. Make sure to include what steps are being taken to protect them. If your response is timely, then customer trust will be recovered.
Creating Cybersecurity Partnerships
Depending on your company’s size and budget, consider utilizing the expertise of managed security service providers (MSSPs). These organizations can develop a cybersecurity plan tailored to your business model and provide advice on the latest cyber threats and how to best protect customer data.
Securing the Future of Customer Experience
When companies prioritize protecting sensitive data and proactively address security challenges, customers will view them as more trustworthy. Customers are more likely to remain loyal to a company that makes every effort to protect their data. Studies have found that even the most loyal customers will lose trust in a company if the business doesn’t react quickly to a data breach.
Cloud computing and machine learning can help organizations better anticipate and mitigate security risks. Tools like predictive analytics, automated threat detection, and secure cloud-based platforms can secure data while improving CX.
A company’s cybersecurity strategy should also include plans for business continuity in the case of cyberattacks. A response plan should consist of confirming that customer interactions can continue even while you attempt to resolve any cybersecurity issues in the background. Trust and loyalty will only build if customers are not faced with delays or poor communication while you’re handling the fallout from the data breach.
Customer Trust Leads to Revenue Growth and Improved Productivity
Organizations with cybersecurity tools can allocate more resources to focus on their customers. Employees can deliver exceptional customer service instead of dealing with cybersecurity issues. It is estimated that companies lose an average of 182 days of work annually due to cybersecurity problems.
When customers trust that their data is secure, they are more likely to engage with a business without fear of their private information getting into the wrong hands. They will become more loyal to the brand and refer new customers to the company.
Securing a business against attacks requires daily cybersecurity best practices and the implementation of tools like malware protection and a VPN. Remember, cybersecurity is an ongoing issue, and your customers will expect you to remain vigilant against all the latest threats.
