Consumers today have every reason to be concerned about the handling of their personal data. Over the past several years, the news has been filled with stories of companies mishandling customer data, major leaks and hacks, and general failure on the part of companies both large and small to do what is necessary to protect their customers' data. As a result, many customers are now taking the time to review the security profiles of the companies they work with.
It's something businesses must be keenly aware of, whether they are integrating their own security procedures or reviewing those of a third-party provider. Here are some of the essential security requirements that should be considered when handling customer data.
This is the first and most important step. When gaining access to a tool, resource, or network, users must have their digital profile or identity authenticated and verified. A shocking number of large companies have had high-profile failures in this area. Nailing down the fundamentals of user verification is essential for any business that is providing a platform where customers or other actors can log in to input or review data. For example, if your employees are reviewing customer personal data on an electronic device, they should go through a verification/authentication process before doing that.
PCI stands for Payment Card Industry and is typically used as shorthand for PCI DSS (Payment Card Industry Data Security Standard). This standard is defined by a dozen specific requirements, including rules governing the use of firewalls, password protections, the encryption of transmitted data and much more.
HIPAA stands for Health Insurance Portability and Accountability Act. This act provides certain standards and regulations for the handling of sensitive health-related consumer information. Any company or organization that handles individually identifiable health information must comply with these standards.
CCPA stands for California Consumer Privacy Act. This act governs the use of the data of California residents by companies and organizations all over the world. Any company that may potentially provide a product or service to a resident of California must be in full CCPA compliance.
How FormPiper Stacks Up
As the ultimate consumer finance automation solution, FormPiper makes transmitting consumer finance applications to multiple lenders a breeze. Because of the sensitive nature of the information handled in these cases, FormPiper has high standards in place when it comes to information security. You can fully trust FormPiper to keep your customers' data safe through User Verification, and full PCI, HIPAA, and CCPA compliance. It's one more way FormPiper sets your mind at ease and makes the consumer finance process that much easier for you and your customers.