Online Data Security: Why and How?

Banking CIO Outlook | Thursday, February 14, 2019

The internet has become a much easier way to shop as a consumer doesn’t even have to leave the house. The online shopping has become much convenient for consumers with the latest advancement in the e-commerce sector. But when it comes to making an online transaction, it’s not as safe as compared to physical financial transactions. Consumers keep money safe in wallets, pay in hand in person, and get the receipt for the payment as proof. They believe there is not enough security for online payments. However, online payments can be safer than physical financial transactions if it is maintained with proper and secure measures.

Internet user activities are logged in every time they go online at many levels: through the browser, Wi-Fi router, Internet service provider, search engines, multiple accounts on websites, and in the software they use. These are safer as they are within users reach at any time. But when it comes to third parties, the control activities are less. The third parties don’t disclose the data they collect through websites, apps or any other services. The digital world is a vital representation of the physical one; it deserves exactly the same legal protection.

Before submitting any sensitive data like bank or payment card details, the consumer must ensure that they understand the privacy policy of the service provider. They should clarify whether the company associated with any third party and might share any user data to them under certain conditions. Other concerns should include the duration that the data is stored and an understanding of whether the data will be erased after the use? Antivirus on computer and mobile device should be maintained to secure data from malware or viruses.

For mobile users, the device should be locked with strong passwords or touch IDs, protect important applications like banking or shopping apps with extra level security using app lockers. They should look for businesses or service providers that ensure encrypted transactions. The encrypted transactions can often be as easy to identify as a green padlock in the website search bar. Authentication and encryption are crucial for safe and secure online transactions of any business.

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