Even seasoned entrepreneurs sometimes forget that business longevity and customer trust go hand-in-hand. This principle isn’t just true for traditional businesses, but also e-commerce stores. To earn trust and long-term success in the digital sphere, Philippine-based SMEs and startups need to take serious steps to secure their customer data against online scammers and other criminal elements. To that end, here are ten important steps that e-commerce businesses should take:
1) Only Use PCI DSS Compliant Solutions
Payment Card Industry Data Security Standard (PCI DSS) compliance is a non-negotiable requirement for any business handling credit card transactions. Ensure that your online payment processing service and online payments gateway adhere to the latest PCI DSS standards to better safeguard sensitive financial information. Compliance with PCI DSS assures your website’s visitors that any credit card transactions done on the site will undergo internationally recognized security protocols, helping earn their trust.
Users of Maya Business solutions like Maya Checkout don’t just get the best online payment processing and widest breadth of online payment solutions but they also enjoy effortless PCI DSS compliance. Using Maya Checkout and Maya’s other online payment platforms greatly reduces your compliance scope as it will be Maya Business that manages and secures your customers’ payment cardholder data. All in all, this makes Maya the online payment processing company best suited for startups and SMEs with limited resources for PCI DSS compliance.
2) Use Two-Factor Authentication
Two-Factor Authentication (2FA) adds an extra layer of security by requiring customers to provide authentication other than their regular password—usually by proving possession of a phone number linked to their account. While implementing 2FA can seem like a burden at first, you can mitigate the risk of unauthorized access, even if passwords are compromised. Encourage your customers to enable 2FA for their accounts, and consider implementing it for your employees' access to critical systems as well.
3) Discourage Weak Passwords
Weak passwords are one of the primary entry points for hackers. This makes it important to require your customers and employees to create stronger passwords. Strong passwords use a combination of uppercase and lowercase letters, numbers, and special characters that help mitigate the risk of “brute force” attacks from hackers. Also, implement password strength meters during the account creation process to guide users toward better password choices.
4) Apply Proper Cybersecurity Practices to Your Data Storage
Protecting your customers' data requires secure data storage practices. Use encryption to safeguard sensitive information like credit card details, addresses, and contact numbers. Regularly back up your data and store it securely, preferably in an off-site location or on the cloud. Limit access to customer data to only essential personnel, and implement strong access controls to prevent unauthorized access.
5) Don’t Collect Data You Won’t Use
Contrary to common practice, you should always be aiming to minimize the collection of unnecessary customer data. This is because minimizing the amount of sensitive data in your database reduces your exposure to serious data breaches.
Only gather information that is essential for order processing, delivery, and customer support. Additionally, regularly purge any data that is no longer required to reduce the risk of data breaches. The less data you have in store, the smaller the potential attack surface for hackers. As a bonus, not collecting unnecessary data can go a long way in building positive long-term relationships with customers.
6) Choose Tried and Tested Checkout Solutions
For startups and SMEs, reputable prepackaged internet payment solutions tend to be more secure and more affordable than custom platforms. As far as data security is concerned, Maya Checkout has gained an excellent reputation in the Philippine startup and SME communities, thanks to its robust features and regular security updates.
In particular, Maya Checkout’s easy-to-implement plugins make it the preferred third-party payment gateway Shopify and WooCommerce users trust. No matter how your customers want their online payment processed, Maya takes steps to ensure convenience and security for businesses and customers alike.
7) Use HTTPS
Secure Socket Layer (SSL) encryption is essential for secure data transmission between your customers' browsers and your e-commerce website. Always use HTTPS on your website to encrypt sensitive data during transit, making it significantly more challenging for malicious actors to intercept or manipulate the data. It’s also worth noting that SSL encryption or better is a basic requirement for PCI DSS compliance.
8) Keep Your Solutions Up-to-Date with Security Patches
Regularly update your e-commerce platform, plugins, and any other software you use to the latest versions. Cybercriminals are constantly looking for potential exploits and using older software can put your customer database at risk. By staying up-to-date, you reduce the risk of falling victim to known security issues.
9) Periodically Review Employee Access
Review and audit employee access to sensitive customer data. Restrict access to only those who genuinely require it to perform their duties. Avoid giving blanket access and regularly review and update access permissions based on the principle of least privilege. Additionally, promptly revoke access for employees who no longer need it due to role changes or departures.
10) Train Employees on Security Risks
Lastly and most critically, educate your employees about cybersecurity. The majority of successful cybersecurity attacks are not conducted through backend system exploits but by taking advantage of human flaws through phishing and social engineering. As early as possible, you’ll want to promote a culture of security awareness that also encourages employees to report suspicious activities.
Build a Secure Payment Experience with Maya Checkout
Prioritizing data security not only protects your customers but also strengthens the foundation for your business's long-term success. By protecting your e-commerce customers' data, you can also foster trust, enhance customer loyalty, and safeguard your reputation as an online merchant. By choosing Maya as your online payment processing service, your venture will be well placed to earn its customers’ trust and long-term patronage.
Create a Maya Business Manager account today to enjoy Maya Checkout and access Maya’s plugins for Shopify and WooCommerce. Also, sign up for the Maya 1-2-3 Grow to give your cash flow a boost. Joining this promo lets you save on QR Ph payment processing with a 1% MDR (merchant discount rate) for 3 months from promo onboarding. Opening a Maya Deposit account and using it as your payment settlement account also gives you one extra month of 1% MDR and boosted cash flow. You’ll also qualify for a no-collateral Flexi Loan offer in only 3 months, giving you access to up to PHP 2 million in extra funding. Protect your customers and grow your venture sustainably with Maya Business.
