We live in the digital age where data is everything. If you think services like Facebook and LinkedIn are great because they’re free, think again. These companies gain a lot from the data they collect from us. It’s information worth millions of dollars they can sell to advertisers.
But enough about that. Let’s talk about the services you’re actually paying to use. Do you know that businesses also hold information about you? From the moment you sign up, they are already collecting data about you. Data that they are obligated to keep private and secure against hackers and frauds.
However, most consumers are not aware of the measures being taken to achieve this. If you’re curious, here is a list of the ways that large businesses take to ensure that their customer’s information is safe.
1. Requiring Strong Passwords
When signing up for a service, you may be required to create a strong password that will have the following conditions: must be alphanumeric, contain one symbol, have at least one capital letter, at least 12 characters. Don’t get annoyed if a company asks you to do this. They’re only doing it for your safety since strong passwords are difficult to hack.
2. Implementing KYC
This is another extra step that you may find frustrating to do. But again, it’s only for your security. A business may ask you to fill out the information about yourself as a way to verify your identity. You may even be required to pick a security question that only you can answer.
Thankfully, most establishments have KYC compliance made simpler so set up is only needed once but the process of verification can be repeated every time you need access.
3. Only Collect What Is Needed
Companies will often ask their consumers for information that they really need. If it’s not necessary, they won’t ask for it. More data only makes them more vulnerable to hacks. So if you’re being asked for your social security number or credit card number, think again. What would they need this for? If you can’t think of an answer, reach out to customer service and discuss their privacy policy.
4. Two-step Verification
This is a form of verification where you are asked to authenticate yourself twice before you can access data. For example, the first step could be your password, and the second step is a six-digit code sent to your mobile number. This is an added layer of security that ensures the right person is logging in the system.
5. Having a Privacy Policy
Businesses should have a privacy policy that you as a customer can refer to. This lists out the terms for what information they collect from you and what they do with it. As a customer, this gives you the assurance that your information is being handled correctly, and that you are entitled to compensation in case the company goes against their own privacy policy.
6. Track Third Party
Aside from you, companies also have to deal with partners and suppliers. They may be operating in the same network as where customer data is stored. To ensure that your information is safe, they also hack to monitor third-party access to their network. Only select individuals have access to customer information, and a separate group of people are only able to handle third party data. This keeps business information segregated and safe against potential hackers from the inside.
7. Dedicated IT Security Team
Because of the large amounts of data that businesses have to handle, you’ll often find them having their very own IT security team. These are professional, well-trained individuals whose job is to ensure that all systems and networks in the company are secure. They’re able to detect suspicious activity and halt it in its steps.
Read more: Infringement of Privacy Rights in the Digital Age
