Business growth can inadvertently lead to increased security risk.
How Business Growth Can Lead To Risks
When a business grows, it often involves scaling up operations, incorporating new payment technologies, and handling a larger volume of transactions and customer data. Each of these elements introduces new potential vulnerabilities. With growth comes an influx of customer payment information, financial data, and sensitive business records. The more data a company handles, the greater the risk of data breaches and cyberattacks. Ensuring the security of this data requires robust encryption, access controls, and regular monitoring.
To support growth, businesses frequently adopt new technologies such as mobile payment solutions, online transaction platforms, and advanced point-of-sale systems. While these technologies can enhance efficiency, they also create additional entry points for cybercriminals. Without proper security measures, these technologies can become gateways for attacks. Additionally, hiring new employees is a natural part of business growth. However, a larger workforce means more endpoints to secure and more opportunities for human error. Training employees on cybersecurity best practices and implementing strict access controls are crucial steps in mitigating insider threats.
As businesses expand, they often rely on a broader network of suppliers and partners. Each link in the supply chain can introduce its own security risks. It’s essential to ensure that all third-party vendors adhere to stringent security standards to prevent supply chain attacks.
The controversy comes from transparency issues, many businesses simply do not know whether they are compliant or not – which both can incur their own respective charges. It can be a charge that puts off smaller businesses partnering up with a payment provider. Especially since non-compliance can incur a hefty fee if your business is externally investigated in a data leak. This is why BMS is emphasising the importance of risk management, and planning ahead in order to avoid future complications.
Increased Security Risk Management
Allocating resources to build a robust cybersecurity infrastructure that can scale with your business is critical. This includes investing in advanced firewalls, intrusion detection systems, and secure network architecture. Conducting regular security audits is also vital to identify vulnerabilities and address them promptly. This proactive approach helps in detecting potential security gaps before they can be exploited.
Ensuring that all employees, from top executives to entry-level staff, are well-versed in cybersecurity best practices is another crucial step. Regular training sessions and awareness programs can significantly reduce the risk of human error. Implementing strong access controls, such as multi-factor authentication (MFA) and role-based access controls (RBAC), is essential to limit access to sensitive data and systems. Ensuring that only authorised personnel have access to critical information can prevent unauthorised access.
How can BMS help you?
At Bespoke Merchant Solutions, our expert team of advisors can help you understand your PCI level and ensure that you are PCI compliant to avoid any unwanted fees. As well as helping with compliance to mitigate risks of penalties and fines, we can also advise with security measures and GDPR to ensure your business is not exposed to increased security risks.
To begin understanding your current PCI level, risk management options, and the wider payment services we offer, get in touch with BMS. Begin strategising your budget plan with consistent payment technology.
