To a certain extent, transaction security is a concern for everyone, regardless of the size or sophistication of your Purchasing & Procurement operation.

But just because electronic transactions are becoming more commonplace, you still can’t afford to let down your guard for even one moment when it comes to protecting a customer’s confidential information.

To help determine if you’re on the right page in keeping data safe, there are five key questions you can ask yourself about transactions that occur with your customers.

These questions are both a diagnostic assessment and a wake-up call. They apply whether you’re simply considering upgrading your transaction capacity, or even if you’ve already made the commitment and you could use a guide to setting it up.

Five questions:

1. How likely is it that one of the parties involved in the transaction would try to use a false identity?
2. What would be the fallout if the transaction data got into the wrong hands?
3. How much pain would a security breach inflict?
4. What type of information could be accessed by unauthorized parties?
5. What would be the impact if information being sent to you by a customer or a vendor was intercepted?

Good news: Security experts recommend four basic guidelines for helping to prevent these security breaches.

• Pay close attention to updates and patches for your computer’s security system, and implement as soon as they become available.
• Ask your own IT expert(s) to check your system security, when it comes to your Web browser and e-mail software.
• Passwords are critical. Choose longer passwords that have nothing to do with your name, your company’s name, etc. And be sure to change passwords often.
• Audit monthly statement — from banks and credit card providers — more closely than ever. This is often the first indication for many Purchasing & Procurement pros that something is amiss.

Tags: procurement, purchasing, security, transactions