How Online Businesses Can Utilise Cloud Technology to Fortify Payment Security in 2024
In an age where data security has never been more important to fortify, the cloud offers next-generation solutions to save businesses from costly missteps.
The stakes have never been higher in the payment security landscape for startups and entrepreneurs alike. According to Lloyd’s of London, a major cyber attack on a systemic payments system could cost the world economy $3.5 trillion.
The cloud has been an influential force in the digital transformation boom throughout recent years and fundamentally changed the way payments can be processed both online and in brick-and-mortar environments.
Buoyed by the post-pandemic landscape and the acceleration of the transition towards a cashless society, the cloud has emerged to offer payment providers faster, more cost-effective, secure, and scalable services for customers.
Unlocking the Potential of Data
Crucially, cloud-based payment services for online and point-of-sale (POS) payment systems can help businesses get to grips with data produced by their customers more safely.
Through an integrated cloud-based POS, it’s possible to unlock actionable insights into purchasing trends and recurring item purchases in an automated manner. This can help to securely gain an understanding of when to reorder stock and how to market products to customers.
In a GDPR-focused landscape, these secure purchasing insights can be invaluable to businesses and would be secured through the system provider for peace of mind.
These data insights can also work wonders in providing more cloud-based security for payments made both in-store and online.
By adopting a reputable cloud-based POS, for instance, the burden of data management can be handled externally without the need for risky in-house management of sensitive customer information.