Category: Best Practices
In recent years, news headlines have been dominated by stories of security and compliance risks and failures. Customers, both B2C and B2B, have increasingly scrutinized how businesses can and should by using their data.
Today’s B2B businesses not only need to be acutely aware of security and compliance laws and regulations, but they need to keep security at the core of their digital transformation strategy. When businesses move along their digital transformation journey, more and more business operations move online.
As these operations move online and digital transformation becomes a core business strategy, security becomes the single biggest challenge that any business faces in regards to future success.
In 2020, Security will be a top B2B priority
When it comes to B2B eCommerce, businesses have a unique challenge when it comes to security. They must have security processes and procedures in place to keep their data secure and comply with regulations, but they must also meet their customers, and customer’s customers, requirements.
B2B businesses must closely monitor and vet their technology vendors to ensure that they have the standards and practices in place that will keep data safe and secure.
Here are 5 security standards vendors should comply with in 2020:
- PCI Compliance – Payment Card Industry (PCI) standards are set to ensure businesses keep cardholder data safe.
- GDPR – General Data Protection Regulation (GDPR) requires businesses to protect European Union citizen data for transactions that occur within the EU. US B2B businesses to keep in mind as orders placed online in the EU must comply with these standards.
- CCPA – The California Consumer Privacy Act (CCPA)gives California residents more control over what data businesses can collect and what is done with that data.
- Authentication Factors – Two factor or multi-factor authentication requires a user to provide at least one additional form of identification, like a security question or SMS code, when logging in to an eCommerce site other than a username and password. Adding authentication factors gives your eCommerce site an extra layer of security for those who are logging in.
- HTTPS – HTTPS-top websites are more secure as they require an SSL certificate. Site security helps ensure customer data is protected and cyber attack risk is reduced.
Beyond these industry standard practices, companies that take security seriously will begin taking a “pay to play” approach. B2B businesses, and in turn technology vendors, will allocate budget towards security and compliance practices, processes and audits.
- A key security audit in the technology space is the SOC 2 report. To be SOC 2 Type 2 certified, this audit costly audit goes beyond SOC 2 Type 1. The audit is completed yearly by a third-party vendor to confirm a company’s availability, security, privacy, and system integration controls. Four51 takes steps to ensure data security and compliance is a top priority. For the past four years, Four51 has completed the SOC 2 Type 2 audit and received certification.
In 2020 and beyond, more concerns and practices will emerge in regards to data security. B2B businesses have more data at their fingertips than ever before. As such, they need to be sure that they, and their technology vendors, are taking the proper steps to keep it safe and secure.
Read about more 2020 B2B eCommerce trends in our 2020 Predictions eBook. Download now!