Now that you have an online business, your primary responsibility is to oversee day-to-day operations and reduce liabilities. As an online entity, it is vital that you put in place policies that cover cyber threats, vendor partnerships, and customer sales and returns so that your staff knows how to handle the most common reasons why businesses tend to fail in the first six months. Here are three important steps you can take to protect your online business.
1. Safeguard Your Business Against Cyber Threats
According to research, 77 percent of businesses, both brick-and-mortar and online, lack a cybersecurity plan. Data showed that 69 percent lacked even an informal response plan even though their businesses depended on the internet and Wi-Fi systems to conduct duties. It is surprising that most online businesses disregard cyberattacks believing them to be isolated events even when knowing the average loss was $1.3 million in 2017. It is now more important than ever to protect your business online with policies that prevent attacks as well as legal issues that arise after a compliance failure.
Purchase Antivirus Software and Malware
Protecting your business from data breaches is critical as your business will most likely come into contact with malware when engaging with spam, pop-ups, email phishing schemes or using Wi-Fi that does not have a secure connection. When your computer becomes susceptible to cyber attacks, the malware will capture keystrokes, log-in information, social media access and financial information that makes your company responsible for the data breaches. Your cybersecurity plan must also include software updates.
Use Encryption Tools
You must always use encryption tools to protect your sensitive data including financial data, employee personal information, and customer data as it is the type of information hackers want. Experts agree that a full-disk encryption tool will protect your operating system. Moreover, your employees need to understand its features to use it whether engaging in business duties, checking email or accessing cloud-based services.
Secure Company Hardware
Depending on how complex your financial risk, securing your hardware is advisable. It is also recommended that you use tracking software in case your smartphones, laptops or iPads are stolen or lost.
2. Set Policies for Returns and Chargebacks
Companies who accept credit cards must be aware of chargebacks. While it was meant to protect customers from corrupt business practices, it has led some consumers to use chargebacks dishonestly. An overabundance will affect cash flow as well as your company’s credibility with credit card processing providers. Learn more about chargebacks from experts like https://www.simpay.net/prevent-credit-card-chargebacks/ so that you the right policies in place to protect your financial interests.
3. Set Clear Policies on Payment Processing
It is critical that you decide on how you will process customer payments. As a new merchant, you will most likely choose a payment processing company. It is a cheaper option than starting a merchant account, and the PPC will protect cardholder data.
The more you know about the online threats that your company is exposed to, the better prepared you will be in overcoming the risky behaviors that will eventually lead to failure.