Protecting Sensitive Financial Information: Security Measures for Contact Centers

Did you know it takes organizations an average of 204 days to identify a data breach and 73 days to contain it? 

Not only can data breaches cost your contact center money, but they can also damage your reputation, create a loss of customer trust and lead to legal penalties. With the stakes being this high, taking so much time to identify and contain a data breach is certainly less than ideal. In fact, in a perfect world, your contact center would never even need to identify and contain a data breach in the first place. 

So how can you efficiently protect your customers’ sensitive financial information, such as credit card numbers, bank account details, social security numbers and other data? 

Key security measures for contact centers to protect sensitive data

The most common security vulnerabilities in contact centers include human error, insecure technology like outdated systems or unencrypted data and even insider threats. By implementing the following security measures, your contact center can overcome these vulnerabilities and protect your customers’ sensitive financial information:

Data encryption

Data encryption is a security process in which information is transformed into an unreadable format that only authorized parties can access and decrypt. It is important for your contact center to encrypt its data when it is stored or transmitted so that you can protect your customers’ data and records.

Access control and authentication

Your customers’ data should not be easily accessible – it should be available only to authorized personnel and protected by strong password policies and multi-factor authentication. Additionally, implementing background checks on the agents who will have access to such sensitive financial data is a great way to ensure the data is always in trusted hands.

Compliance

Payment Card Industry Data Security Standard (PCI DSS) is a set of regulations that influence how your contact center can handle sensitive financial data to keep it safe and secure. Staying compliant with PCI DSS regulations is important because it will help you ensure that your customers’ data is always protected.

However, PCI DSS is not the only regulation your contact center needs to be mindful of – in fact, there are a handful of others that differ depending on what state and country you are operating in, such as the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA). For more information on the regulations you need to adhere to, check out this resource. 

Call recording and monitoring

Besides helping your contact center stay compliant and keep track of consent, call recording and monitoring are also helpful when it comes to data security. By recording and monitoring your agent’s conversations with your customers, you can provide an extra layer of security by retaining evidence of all the security measures your agents take.

Not only that, but it can also help you identify security breaches more quickly because you have a database you can utilize to search through all of the conversations that happened within your contact center. 

Agent training and awareness

Because insider threats are a large contributor to data and security breaches in contact centers, it is important to provide regular security training for your agents. These trainings should focus on how your agents can recognize and avoid security threats like phishing attacks and social engineering. 

Secure technology infrastructure

The contact center software platform you utilize plays a huge role in your data security. So how should you go about selecting the right platform? Consider prioritizing features like continuous updates, secure cloud-based solutions and even AI-based fraud detection. 

Choosing the right contact center software platform to protect sensitive financial information

Contact center software solutions with built-in encryption and compliance tools, advanced access control and monitoring capabilities, combined with the scalability and flexibility to adapt to changing security needs, are key in enhancing data security.

Your contact center needs to take a proactive approach to protecting your customers’ sensitive financial information. Strategies like continuously training your agents, focusing on compliance, utilizing data encryption and implementing access control measures can help you avoid the negative consequences of a data breach.

Protecting customer data is essential for building trust and maintaining a strong reputation. Click here to learn how TCN can help your financial services contact center with data security.