To reduce risk and ensure the security of your company’s payment processing and performance bond, you should take steps to limit the risk of fraudulent activity. These steps include reviewing your company’s payment processing and performance bonds, as well as your company’s internal systems and processes. That said, as long as you take the right steps to ensure the security of your company, it is unlikely that your company will fall victim to a data breach.
A security breach occurs when an attacker gains access to confidential data that belongs to a company. A hacker may gain access to a company’s payment processing system, or the company may be hacked. Either way, a security breach can result in sensitive company data being accessed by the attacker. Here are 5 ways you can ensure your company’s payment processing and performance bond are secure.
Make sure your payment processing and performance bond is updated
Your payment and performance bond should be updated on a regular basis. In fact, it should be updated at least once a year. This ensures that any changes in your industry, new laws and regulations, as well as any new security threats are taken into consideration. You can do this by conducting a periodic review of your company’s payment processing and performance bond documentation. Your company may also have its own policies, procedures, and standards that need to be followed. You should make sure that your company’s payment processing system is in line with this documentation.
Encryption of sensitive data
You should encrypt all sensitive data stored in your company’s systems, including payment processing and performance bond data. This protects the data from unauthorized access, whether the data is in transit or at rest. If you do not use encryption, specific data types, such as payment card numbers, should be transmitted in a “blocked” format.
This means that the data cannot be read in transit, or once it is at rest. Encryption helps to prevent a data breach by making it difficult for an attacker to access the data. You cannot encrypt data that is not in a “blocked” format. That includes payment processing data as well as performance bond data.
Use a risk-based checklist before you approve a transaction
Before you approve any transaction, you should complete a checklist that includes a review of the customer’s payment source. This includes the type of payment source, the customer’s address, and the customer’s phone number or email address. It is also a good idea to review your company’s policies and procedures, including what types of transactions your company does, and does not, approve.
Install fraud detection software
You should also install fraud detection software on your payment processing and performance bond systems. This software helps to identify suspicious activity, such as unusually high or low payment amounts or repeated authentication failures.
Fraud detection software can help to detect fraud across all your company’s systems, including your payment processing and performance bond systems. This helps to prevent a data breach by reducing the risk that an attacker will gain access to your payment processing and performance bond data.
Bump up your security training and maintenance
Finally, you need to choose your permanent team members carefully. Regularly update your security training and maintenance schedule. This helps to ensure that all employees are up-to-date on your company’s security policies, practices, and protocols. Training is an often-overlooked way to address data security. The average cost of a UK data breach is £2.99bn. By training your staff on positive cybersecurity behaviours, you can help protect your data and reputation, as well as ensuring employees are receiving productive compliance training.
This can come in many forms, from a one-time class to a regular session. It can cover the importance of data security and how to protect it, as well as the specific applications and procedures you use. It can also include hands-on training, and practice scenarios that address the way your employees handle data.
When employees are informed, they may notice potential security issues – or they may be able to help you mitigate them. Security training should cover the latest security threats, as well as best practices for securing your company’s systems. You should also update the training schedule at least once a year to ensure that your employees remain up-to-date on your company’s security policies, practices, and protocols.
Data breaches are common occurrences, and many companies are not prepared for them. While it is impossible to prevent every breach, there are several steps that you can take to reduce the chance of a data breach happening to your company. One of the most important steps you can take is to keep your payment processing and performance bond up to date.
If an attack does happen, your updated payment processing and performance bond will help to identify any issues quickly so that you can take action to mitigate the risk as quickly as possible. By keeping your payment processing and performance bond updated, your business will be more secure from potential attacks and data breaches.
Be safe out there.
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