July 26, 2024
Safeguarding Data Requires a Comprehensive Approach to Security
When data breaches happen, there are many negative consequences. Sensitive information that falls into the wrong hands not only puts consumers at risk, it hurts the companies that were entrusted to protect it. A firm’s carefully cultivated brand reputation erodes seemingly overnight as news reports and social media continually share the bad news.
There can be heavy financial costs too, including lost customers, regulatory penalties and payoffs to data bandits holding information hostage. The average cost of a data breach in 2023 was $4.45 million, an increase of 15% from 2020, according to an IBM Security Report.
The CFPB Data Safeguard Rules: A Baseline for Security
No responsible company wants to be caught in this scenario. Staying in compliance with Consumer Financial Protection Bureau (CFPB) Data Safeguard rules is an excellent way to protect sensitive consumer information from unauthorized access, use or disclosure. The rules mandate the development and implementation of a written information security plan that includes administrative, technical and physical safeguards.
But don’t stop there.
Best Practices for Data Safeguarding
If your organization works or partners with other companies, it’s essential to ensure those third-party vendors also adhere to stringent security measures. Insist on a comprehensive approach to security that includes multiple defense layers: advanced encryption, secure data storage and continuous monitoring for potential threats. Employing a team of dedicated security experts, which can continuously update protocols, also is crucial.
Companies that engage with consumers using digital methods—email, texting, payment portals—must confirm that security methods for digital interactions (and those of your vendors) integrate seamlessly with all other security protocols. This safeguards data across all channels.
RevSpring invests heavily in its IT infrastructure and internal processes. As a leading player in the payments industry (focused solely on healthcare and financial services collections) our commitment to safeguarding data often exceeds industry requirements. Our partners are welcome to conduct audits to ensure we’re in compliance, in addition to the certifications we are proud to hold.
Operating safely in a digital world requires constant vigilance. Insist on partners that can prove your data is secure, your customers are protected and your business is positioned for success.
Partnering for Success
Ensuring that your partners make proper investments in consumer data safeguarding is not just a best practice; it is a necessity. By choosing partners who prioritize security and compliance, businesses can mitigate the risks associated with data breaches. This commitment to exceeding the CFPB Data Safeguard Rules and a relentless focus on security provide clients with the confidence that their data is in safe hands.
At RevSpring, we are dedicated to protecting our clients and their consumers through industry-leading security measures. As a provider of payment solutions focused solely on the healthcare and financial services collection industries, security and compliance are as important to us as to you. We understand and value the importance of protecting consumer information and we make significant investment in our IT infrastructure and internal processes to stay current with emerging security risks and mitigation strategies. By partnering with us, you can be assured that your data is secure, your consumers are protected, and your business is positioned for success in an increasingly digital world.
