TEXchange Global is one of the leading platforms to buy and sell cotton fabric material online. But it didn’t happen overnight. We had to consider quite a few things when we decided to launch an eCommerce portal for wholesale fabric suppliers and cotton sellers. One of the crucial factors was customer data and protection. It took us a great deal of research, cutting-edge technology, and internet security to be the best place to sell fabric online in the global market.
In this blog, we will tell you how TEXchange protects customer data privacy for wholesale fabric suppliers and buyers.
How Do Companies Protect Customer Data
Tools and strategies like data encryption and two-factor authentication can protect customer data, but there are certain data that require more protection than others.
If you are a company that uses the following customer information for transactions, you must secure your system by investing in technology that boosts security and compliance and improves trust.
- Personally Identifiable Information (PII) can identify an individual by itself or trace their identity through the data entered.
- Sensitive Personal Information (SPI) is personal data that does not identify an individual directly but might be harmful if made public.
- Personal Information (PI) can identify or describe an individual directly or indirectly.
- Nonpublic Personal Information (NPI) is extremely sensitive information that is specifically regulated by financial institutions. This type of information is obtained by cotton buyers during a transaction.
Protecting data is important for any organization, particularly TEXchange, as its entire business depends on it. If we don’t protect our buyers’ and sellers’ data, we risk losing our position to cybercrimes.
At TEXchange, we follow the following techniques and strategies to protect customer data. We recommend companies trading wholesale fabric online in India to follow them to secure their customer data better.
Steps We Do Implement for Customer Data Privacy and Protection
- We collect only vital data when we ask suppliers and buyers to register on our platform.
- We keep customers’ names and details anonymous until a deal is closed.
- We periodically audit every piece of data collected in order to stay compliant with applicable Data Privacy Laws.
- We limit access to data, meaning not everyone in our company can view, edit, or modify the data we collect for online trading. This ensures fewer vulnerable points.
- We use password management tools, strategies, and complex encryption to reduce the risks of cyber-attacks and data hacking. These tools create complex passwords for all our systems and programs.
- We avoid data silos with an efficient data management strategy. Data silos happen when companies store different pieces of information in different places, such as non-approved, unsecured applications. This also leads to losing track of important customer data, such as order history. However, TEXchange uses data tracking plans to track collected data.
- We empower technology such as CRM tools and Two-Factor Authentication (2FA) to protect data. CRM tools manage customer data in a centralized location. Our CRM tool also makes sure we avoid storing data in multiple places.
- We have also enabled data encryption, integrated malware protection, and 2FA (a combination of codes and passwords) to get into a user account.
- We keep our software and plugins updated to guarantee our users that they will work with only the latest encrypted versions, security certifications, and patches.
- We have implemented a comprehensive data recovery system lest something unpreventable happens with our servers, like a catastrophe.
In the future, we also have plans to adopt a zero-trust architecture, which works by denying access to all devices, users, and networks until proven trustworthy.
This is the final quarter of the financial year and is the busiest for all wholesale fabric suppliers online in India. It is also a crucial time for cotton buyers and traders like us.
Many companies find that these busy months of the year strain the capabilities of their systems and data centers, leading to crashes, disasters, and breaches. More proactive customer data protection strategies and cyber security approaches can prevent these mishappenings, which was our focal point from the very beginning of TEXchange implementation. TEXchange is the world’s best place to sell fabric online, where cotton buyers can confidently register their businesses. It has exceptional features like TEXauction, TEXbulletin, TEXrate, Smart ERP, and a useful Task Manager to make cotton fabric online trading easy and secure.