Why & How to Prioritize Security Compliance

Keeping your ecommerce website up to date on the latest best practices in security compliance protects your business in many ways. Your data is safe, and so is your reputation with customers – who trust you with their personal and financial information. If you experience a breach because you didn’t have the proper security measures in place, you may face fines and legal penalties. As an example, Target Corp. settled claims over its 2013 holiday season data breach where they agreed to pay Visa issuers up to $67 million. There are multiple financial incentives for maintaining strong site security.

However, according to a Verizon 2012 Data Breach Investigation Report, 92% of data breaches were discovered by third parties. In addition, 97% of those attacks were “easily avoidable.” Not only did most companies learn about security holes well after they had been exploited, but they could have been fixed beforehand. To keep your business from ending up as another statistic, use these tips to prioritize security compliance and stop problems before they start.

  1. Conduct a compliance risk inventory and assessment. Find out what risks your website could potentially face. A good place to start is to find out how other companies in your industry have either been breached, or prevented breaches. Third-party security vendors can also be used to guide your security decisions.
  2. Train your staff. By training your employees in security Best Practices, you increase the chances that security issues will be identified before they get out of hand.
  3. Stay ahead of the industry. Security and fraud are in a constant arms race. To make sure your security efforts are effective, stay up-to-date on the latest trends in fraud, as well as fraud-fighting technology. Apply this knowledge when you train staff members.

 

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