The Danger of Identity Theft in a Digital Age
The pandemic has produced a few interesting side effects: a rise in delivery services, for instance, and new business-via-Zoom protocols. While some of these effects are positive — like an increase in digital awareness and use — others are unquestionably negative — like the troubling rise in identify theft.
Recently, a comprehensive report by GBG revealed that cases of identity theft were at “a tipping point,” likely due to the worldwide increase in digital services. This is a problem not only in terms of money lost, but in terms of trust. As identity theft increases, consumers may be less likely to see businesses as credible or trustworthy.
What Can Your Business Do to Safeguard Against Identity Fraud?
Consider this: Approximately a fifth of the European public may be impacted by identity fraud this year. Yet over a quarter of organisations neglect to prioritise security, accepting high levels of fraud as a mere byproduct of doing business.
At Newtec, we believe that, just as individuals must protect their personal information from being misused, businesses have a responsibility to keep sensitive data out of the hands of cybercriminals. To do so, they need to establish policies to protect any data it collects from customers. Here’s how:
(1) Use Multiple Layers of Protection
Keeping up-to-date protection on your database is just step one. You also want to limit access to sensitive information, use firewalls and encryption to protect customer data, and train your employees on proper cybersecurity procedures.
(2) Limit the Amount of Customer Data You Collect
When it comes to retention of customer data, use discretion. Only retain personal information if it’s absolutely necessary to a transaction. And, unless a customer requests that credit card information, for example, be kept on file, delete information once a transaction is completed.
(3) Cooperate with Credit Card Companies and Legal Entities
If possible, be proactive rather than reactive in the case of a data breach. If you suspect identity theft, cooperate with credit card companies as early as you can. Naturally, you should also make sure you’re in compliance with any established privacy laws. This includes keeping your data up to date and obeying the laws that govern the privacy rights of each individual you do business with.
This Holiday Season, Confirm That Your Customers’ Information Will Be Protected
It’s the holiday season. That means more digital shopping — and more chances for security lapses that can harm your customers and reduce your credibility. We encourage businesses to double and triple check to make certain they have the right security protocols in place.
Unsure? Newtec Services can help.
We can help you develop a fool-proof security plan. We know that the success of any security plan depends on how infrastructure — including networks, software, and applications — is connected and maintained.
Our dedicated team of professionals can help you help your customers — by keeping their data safe and keeping you prepared for cyber attacks. Feel free to contact us at any time for more information.