Secure Customers’ Data with the Best Billing Software

According to IBM, the cost of data breaches in India is at an all-time high, reaching 19.5 Cr ($2.35 million) in the financial year 2024. The report highlights that India’s industrial sector was the most affected by data breaches, followed by the technology and pharmaceutical industries. If you believe your business is immune to these threats, you might be underestimating the situation. It’s crucial to invest in the best billing software now to safeguard your customers’ data. 

This blog will discuss vulnerabilities that make your billing software an easy target for hackers. Before that, let’s understand hackers’ motivation behind data theft. 

Why Hackers Attack? 

Before hackers attack any system, they strategize what they want from the attack. This becomes their intent behind hacking your system/software. In most attacks worldwide and in India, hackers seek to make money by stealing data. 

As your billing software holds sensitive information such as credit card numbers, debit card numbers, bank account details, PAN no. etc., it attracts hackers to attack your accounting and billing software. 

Vulnerabilities To Prevent While Using Best Billing Software 

Weak Passwords 

We all know how important it is to set alpha-numeric solid passwords, but we still sometimes end up setting weak passwords that are easy to guess. Gone are the days when it was okay to set passwords as birth dates, mobile numbers, or just ‘123456789’. It would be childlike for any hacker to bypass these weak passwords. Never ever set these kinds of passwords. If they are easy for you to remember, then it is highly likely that it will get cracked. 

Systems That Are Not Upgraded 

Have you seen those annoying pop-ups asking you to update your system, and you kept ignoring them? The general perception is that updating a system means just improving the UI. No, that’s not it. Upgrading the system also upgrades security measures that prevent your system from getting hacked. 

Consider setting up automatic updates if your system is busy throughout the day. You can also choose the time when updates will be installed. 

Updating your system makes it difficult for hackers to bypass the security measures; this is the least you can do to safeguard your system from hackers. 

Not Leaving a Digital Trail 

Leaving a paper trail containing sensitive information is the least concern now as digitization has dominated the world. Thus, you should be careful that your company does not leave any digital trail of sensitive data that entices hackers to attack your system. 

Storing Data for Long 

Some companies store payment information on servers for too long after transactions have been completed. This is quite risky because if your company is large in scale and your customer base is large, you have to spend a lot of money building systems that protect your customers’ data. 

Not Training Your Employees 

It is important to note that access to the best billing software should be shared with only employees who really need it. Unnecessary access should be revoked. 

Before sharing access to the best billing software with your employees, you should train them properly so that they can actively take measures against data stealing. While training employees, share the best practices to keep data safe, and for further reference, you can also provide them with a manual so that all the instructions remain handy. 

Using Public Network 

Cloud-based billing software requires you to stay connected to the Internet to access it. Unlike conventional billing systems, you can access it from anywhere in the world. This flexibility to access the software from anywhere is a double-edged sword if vigilance is not practiced. 

If you travel frequently and need to access the best invoicing software, you must avoid using public Wi-Fi. These public networks are vulnerable to data theft, so it is recommended that you use your mobile data. 

Also Read: The Ultimate Guide On Billing In 2024

Data Protection Measures in the Best Billing Software 

Two-factor Authentication 

Whatever invoicing software your business uses, ensure it has two-factor authentication. This is an added security layer that requires you to authenticate the login attempt from a mobile device (or any other designated device). 

Speaking from a hacker’s perspective, it is easy for them to get the password of your billing software, but they need access to your mobile device and get approval for their access which is highly unlikely, and that is why two-factor authentication is the most reliable deterrent against hackers. 

Tokenization 

If you store sensitive customer payment information on your billing software, you should use softwares/applications offering tokenization technology. With this technology, random characters known as tokens are generated and stored on the server instead of the actual credit/debit card and bank account number. This way, your customers’ data is protected. 

Over to You 

So, this was all about securing customers’ data from getting hacked by the best invoicing software in India. We hope that after reading this blog, you understand the seriousness of this issue and will actively take prevention measures. If you want the best billing software that provides ultimate security, consider switching to Munim. It is enabled with end-to-end password encryption and is highly secure, giving you peace of mind. 

Frequently Asked Questions on Best Billing Software 

What security measures do the best billing software have? 

Following are the security measures that your online billing software should provide: 

• Two-factor authentication
• Data encryption 
• Tokenization 
• User access control 

Is Munim safe? 

Munim has enabled password encryption and OTP authentication as a second layer of security, making it one of the safest billing software. 

What is a secure invoice? 

Secure invoice prevents your customers from falling into the trap of scammers by making invoices intuitively verifiable. 

How do you send invoices securely? 

The following are the measures to send invoices securely: 

• Always use a private network 
• Convert invoices into password-protected PDFs 
• Send invoices from corporate emails or trusted email client

Should invoices be encrypted? 

If your invoice contains sensitive data like bank account details and credit card or debit card numbers, you should encrypt it before sending it to the client or storing it.