Security threats have been increasing in frequency by 67% since 2014. Yet, the majority of customers are unlikely to check whether they have been exposed to a data breach until it is too late. In the old days, most people would fall victim to a data security issue through suspicious downloads, typically from online content sources for personal activities such as torrent media, game downloads, or odd popup windows.
Yet, those were the 1990s. Nowadays, customers can take all the preventive measures in their individual digital lives and yet still be exposed to threats through their interactions with businesses. Indeed, there is no point in asking people to choose secure passwords and avoid suspicious links in their personal mailboxes. Most customers are unlikely to take risks. But can we say the same about businesses?
An older workforce
Seniors are still strong assets to businesses. Many bring irreplaceable expertise and knowledge to everyday activities. So, if you have an aging workforce, you want to ensure they are equipped to manage day-to-day threats. Indeed, did you know that approximately 95% of cybersecurity issues linked to data breaches are the result of human errors? Older workers may still be familiar with interpersonal interactions that don’t rely on the digital sphere only. Therefore, they are more likely to fall into the trap of a phishing email or call, trusting that the person calling requires support to access the system. Their interpersonal skills and networking abilities often make the difference in a business environment, which is why they tend to be forgiving with individuals who ‘have forgotten their access passwords’. Yet, it’s important to make them aware of the risk of scams and phishing calls and emails.
Digital transactions are now gaining in security, adding essential steps such as 3d secure payments and authentication protocol. However, added security strategies can lead to an increased number of transaction failures. What does it happen?
- Online bank authentication may be complex to activate, such as requiring an app or a separate device
- The customer needs to set up multiple passwords for their online banking and doesn’t remember which one to use
- The online banking system isn’t up-to-date with the latest transaction security, so the payment is rejected
- Your payment process is outdated or too slow to connect
More often than not, failed transactions can lead to frustrations, which means that customers are more likely to get in touch with the company and have their payment transferred over the phone or by chat. Unfortunately, these solutions can be problematic as they may not be encrypted properly or at all, exposing confidential data to opportunist criminals.
Therefore, you want to invest in a payment solution that meets the latest standards both in terms of security and compatibility with most online banking and credit/debit card options.
Most companies go to great lengths to keep their digital infrastructure secure, focusing on encrypted solutions and password-protected access. However, many forget that the main issue when it comes to security is not encryption anymore. It’s about creating a smooth and safe process where the access is fully managed securely, which means that there is no need for additional interaction to share password details or credit card data between people.