Navigating data security to protect customer information

With business operations and transactions increasingly being conducted online, customer data protection has become a top concern. Data breaches not only result in financial losses, but can also severely damage your company’s overall reputation and trustworthiness with your customers.

Recent statistics reveal an increase in the frequency of cyber incidents, ranging from phishing scams to advanced ransomware attacks. According to Cybersecurity Ventures, cybercrime costs are estimated to hit $10.5 trillion annually by 2025. So, it’s imperative for your organization to stay one step ahead.

At Radius Global Solutions, we empower businesses to strengthen their data protection strategies effectively. Read on to find out the best steps to take to protect your customers’ data and build their trust along the way.

Essential compliance and data security standards

In order for your business to properly adhere to compliance regulations, leadership and employees both need to understand what they are. Staying informed about these and other relevant data protection standards is critical for maintaining compliance and customer trust.

Regulations like the General Data Protection Regulation (GDPR), the Health Insurance Portability and Accountability Act (HIPAA), and the Payment Card Industry Data Security Standard (PCI DSS), are designed to hold businesses accountable for the personal information they collect. Here’s a breakdown of what these regulations entail:

• General Data Protection Regulation (GDPR) was introduced in 2018 and mandates that businesses must be transparent about their data practices. These guidelines give individuals much more control over their personal data.
• Health Insurance Portability and Accountability Act (HIPAA) for the healthcare industry focuses on safeguarding patients’ data while still allowing for the flow of health information needed to provide high-quality healthcare.
• Payment Card Industry Data Security Standard (PCI DSS) is designed to secure credit and debit card transactions against data theft and fraud. It requires businesses to maintain a secure network environment and a vulnerability management program.

As regulations evolve and new standards are regularly introduced, it’s critical for your business to stay vigilant. Make sure to adapt your data protection strategies to meet requirements as they change over the years.

Remaining compliant with industry standards reflects your company’s commitment to data protection. As a result, your customers can feel confident about doing business with you, helping to enhance the customer experience (CX).

Understanding common cybersecurity threats

Data security is a concern that customers have become more aware of in recent years. By understanding the most common cybersecurity risks, your organization can tailor your defenses to be more resilient against the specific types of attacks you’re most likely to encounter.

Let’s explore some of these common threats:

• Phishing attacks: These are deceitful efforts to trick individuals into revealing sensitive information. They’re often conducted via email, leading recipients to fake websites that closely mimic real ones. It’s estimated that 3.4 billion phishing emails are sent every day.
• Ransomware: This form of malware takes control of a victim’s data or systems and demands payment for their release.
• Insider threats: Employees, intentionally or unintentionally, can pose a significant security risk when they misuse their access to sensitive information or systems.
• Advanced Persistent Threats (APTs): These long-term targeted attacks infiltrate systems to establish a foothold, allowing cybercriminals to move through a network undetected for extended periods.

Small to medium-sized enterprises (SMEs) may believe they are less likely to be targets for cybercriminals. However, they’re often more vulnerable due to their limited cybersecurity resources. The consequences of such threats can range from financial loss to reputational damage, and in severe cases, can even threaten a company’s survival.

Large corporations, on the other hand, have more substantial data assets. This makes them attractive targets for sophisticated cyber-attacks. Cybercriminals are often motivated by the prospect of large ransoms or direct financial theft.

Regardless of size, a successful breach can lead to immediate financial repercussions. That’s why taking proactive measures to avoid them is so critical.

Essential data security best practices

Seeing all of the potential data security threats out there can be intimidating. But knowing how to proactively combat them will help safeguard your business and customer data.

These fundamental data security best practices can help defend your customer data and systems from potential attacks:

• Data encryption: Encrypting sensitive information transforms readable data into an encoded format that can only be accessed by individuals who have the encryption key.
• Regular software updates: Ensure that all software — including operating systems, applications, and security tools — is regularly updated to significantly reduce the risk of cyberattacks.
• Secure access controls: Robust authentication methods like multi-factor authentication (MFA) add an additional layer of security by requiring more than one piece of evidence to verify a user’s identity.
• Employee training: Regular training sessions equip your workforce with the knowledge needed to identify and react to potential security breaches.
• Data backups: Consistently maintaining up-to-date data backups ensures that your organization can quickly restore lost or compromised data in the event of a security incident.

Be aware that hackers are continuously devising new methods of exploiting vulnerabilities within businesses’ systems. This means that it’s critical to regularly reexamine your data protection strategies to ensure no stone is left unturned.

How Radius enhances data security for your business

At Radius, we understand that each business faces unique challenges and risks when it comes to data security. That’s why we work closely with our clients to develop customized data protection strategies that align with their specific industries.

Our team uses data security technologies and implements continuous training to keep customer interactions as secure as possible. Below is an outline of the measures we take:

• Multi-Level Password and MFA Protection Policies
• File Integrity Monitoring (FIM)
• Intrusion Detection System (IDS) and Intrusion Prevention System (IPS)
• Data Loss Prevention (DLP) Software
• Web Filtering
• Web Application Firewall
• Security Information and Event Management (SIEM) Tools
• Quarterly Phishing Exercises
• Weekly External Vulnerability Scans
• Host/File Folder and Database Encryption
• Int/Ext Audit and Penetration Testing
• 24/7/365 Help Desk and Security Operations Center
• (2) Data Center locations for redundancy
• Collaborationroom.AI

These tools and practices are designed to provide ironclad data security while enhancing the customer experience. As a result of implementing our in-depth data protection measures, we’ve remained compliant with ISO27001:2022/ISO9001:2015 and HIPAA. We’ve also achieved Level 1 Compliance with QMS/SSAE18 SOC2 type II/PCI-DSS, demonstrating our ongoing commitment to compliance.

Secure customer data with a trusted partner

At Radius, we recognize the challenges faced by businesses of all sizes in navigating cybersecurity. Our comprehensive technologies are designed to protect sensitive data, ensure compliance with regulatory standards, and support businesses in maintaining their reputation and operational efficiency.

Don’t leave your business vulnerable to the cyber threats that have cost other companies millions of dollars. To ensure your organization remains at the forefront of cybersecurity and data protection, partnering with a trusted expert is key.

Contact Radius Global Solutions today to get started.