Today's blog post is written by Elizabeth Terry, former head of Community Engagement at the PCI Security Standards Council and founder of ET Consulting Cybersecurity
Protecting Your Small Business: Simple Steps to Secure Payments and Meet Industry Standards
Running a small business is no small feat. With so much to juggle and so many hats to wear, cybersecurity might not be at the top of your list or a hat you like. It should be.
Cybercriminals know small businesses often have fewer resources to defend themselves, making them attractive targets. Think about it: a single cyberattack could cost you more than just money—it could damage your reputation and the trust you’ve worked so hard to build with your customers.
The good news? Protecting your business doesn’t have to be complicated. In this blog, we’ll walk you through some simple steps to secure your customers’ payment information and meet important security standards like PCI DSS.
By the end, you’ll feel confident in taking action to keep your business safe and secure.
Why Small Businesses Should Care About Cybersecurity
Cyberattacks, or better known as data breaches, don’t just happen to big companies. Small businesses are often targeted because they typically don’t have strong defenses in place. Whether it’s a hacker trying to steal credit card information or a phishing email tricking you into clicking a dangerous link, the risks are real.
The damage from a breach can be severe. You might face financial losses, deal with angry customers, or lose valuable business. Roughly 60% of small businesses do not recover from a data breach. That’s why it’s so important to take steps to protect your business from the start.
Keeping Payments Safe
Payment security means keeping your customers’ information & payment details safe when they buy from you. Whether you take payments online or in person, it’s essential to secure the process from start to finish. Something as simple as using a weak password or not updating your software can create a loophole for hackers to get in.
Protecting your customer’s data helps build trust with them and makes them feel safe when they shop with you.
Making Sense of Industry Rules (PCI DSS anyone?)
You may have heard of PCI DSS here – it stands for Payment Card Industry Data Security Standard. These are rules that all businesses, big and small, must follow to keep customer payment data safe. The rules can seem complicated, but they’re designed to help protect both your business and your customers.
Some of the key thing’s PCI DSS requires are:
- Using secure payment systems that protect cardholder data.
- Regularly updating your software to patch any security holes.
- Making sure only authorized people have access to sensitive data.
- If you don’t need it – do not store it!
Steps to Protect Your Business
You don’t need to be a tech expert to protect your business from cyber threats. Here are some easy actions you can take today:
- Look at Your Payment System: Review your current system, e-commerce provider and/or payment terminal provider. Knowing who you use, how to contact them, and what system should be updated in the future – is the best starting point. Knowledge is power.
- Secure Your Payment System: Make sure you’re using a secure payment processor that encrypts customer data. This keeps sensitive information out of the wrong hands.
- Update Your Software: Set up automatic updates for your payment systems and other software. Updates often include important security patches that keep your business safe.
- Use Strong Passwords & Change Default Passwords: Make sure you and your team use strong, unique passwords for all accounts. Consider using a password manager to keep track of them. Remember – password is NOT a password!
- Train Your Team: Educate your employees about the risks of phishing emails and other scams. Make sure they know not to click on suspicious links or download attachments from unknown sources. Employee training is the number 1 way to prevent a cyber incident.
Set reminders to check for updates or changes in the rules to ensure ongoing compliance by visiting the PCI SSC website or Payment Card Assessments blog right here!
Simple Steps Can Make a Big Difference
Cybersecurity might sound intimidating but taking a few simple steps can make a big difference in keeping your small business safe. By securing your payment systems and following the basic PCI DSS rules, you can protect both your business and your customers.
Start today by reviewing your current setup, making necessary updates, and teaching your team how to spot potential risks.
With a little effort, you can ensure that your business stays secure and continues to thrive!
Learn More About Elizabeth Terry
Elizabeth Terry is a payments industry leader and the owner of ET Consulting Cybersecurity. She has over three decades experience in cybersecurity with a focus on payment security. Elizabeth was most recently the head of community engagement for the PCI Security Standards Council where she was responsible for developing strategic global community engagement efforts and enterprise projects supporting those initiatives.
Elizabeth has spoken on stages globally educating and training audiences on a range of payment security topics. She holds a master’s in business administration and a bachelor’s in computer science and is a current CISSP, PMP, CSM, CSPO and CIPP/US.
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