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Essential Cybersecurity Tips for Protecting Your Assets
If you're like most Americans, you’ve heard the horror stories about people having their financial assets compromised or stolen by digital thieves. Cyber threats are ever developing, making it vital to stay ahead with strong security measures. To safeguard your financial assets from digital dangers, your cybersecurity practices need to be as sophisticated as the tactics of the fraudsters trying to steal your money.
Here are six ways to protect your wealth from cyberthreats.
Install Software and Device Updates Promptly
The first and most important step to take is one too many people forget: Keep all software and firmware on your devices up to date. This is crucial for protecting against the latest threats. One of the easiest ways for cyber thieves to gain access to your technology is through software and devices that aren't up to date.
Manufacturers regularly release updates to fix security vulnerabilities, so install these updates promptly. Regular updates help ensure your devices have the latest security patches and protections against new types of cyberattacks. Also, regularly use and update your antivirus software.
Consider automating this process1 in your software, including web browsers and computer and cell phone operating systems. If that's not comfortable for you, schedule a reminder to check once a month and commit to that time for checking for security updates. Instructions for updating your security on our devices and software should be available in those products.
Leverage Password Managers for Enhanced Security
Password manager Password managers2 are essential tools for creating and storing strong, unique passwords. They offer significant advantages over manual password management, preventing common mistakes like reusing passwords or creating weaker ones because they're easier to memorize. By generating complex passwords for each account, including email, and securely storing them, password managers reduce the risk of unauthorized access to your accounts.
When choosing a password manager, look for features like end-to-end encryption, cross-platform compatibility (meaning they should work on your laptop, tablet, and phone), and a zero-knowledge policy, which ensures that even the service provider can't access your passwords.
To use a password manager securely, enable two-factor authentication (2FA) for the password manager itself. This adds an extra layer of security, requiring a second form of verification besides your master password. What you use depends on the features of your password manager.
Regularly update your password manager software and use a complex master password that is difficult to guess.
Protect Personal Devices With Advanced Security Settings
Personal devices like smartphones, tablets and laptops are common targets for cyber criminals. These devices are vulnerable to malware, phishing attacks and unauthorized access. It's essential to protect them with advanced security settings to safeguard your financial information.
Enable advanced security settings like passcodes (six digit codes mostly on mobile), biometric locks (e.g., fingerprint readers and facial recognition) and encrypted storage on your devices. Encrypted storage ensures that even if your device is lost or stolen, your data remains inaccessible to unauthorized users.
Create a Secure Home Network
Depending on how much wealth you must protect, consider creating a secure home network to allow all your internet-connected devices to communicate with each. Insecure home networks provide cybercriminals easy access to your devices and financial information.
To safeguard your financial assets from digital dangers, your cybersecurity practices need to be as sophisticated as the tactics of the fraudsters trying to steal your money.
To secure your home network and prevent unauthorized access, check your user manuals for each device on your network or call your internet service provider to get help taking these steps:
- Change default router passwords to strong, unique ones. Limit access to router settings.
- Enable your router's built-in firewall for added protection.
- Use WPA3 or WPA2 encryption for your Wi-Fi network. Avoid older, insecure encryption methods.
- Only provide Wi-Fi passwords to trusted individuals. Set up a separate guest network for visitors.
- Regularly update your router's firmware for the latest security patches. Replace outdated routers.
- Consider network segmentation to isolate different device networks, limiting access if one is compromised.
- Use a virtual private network (VPN)3 to encrypt your online activities, especially when accessing financial accounts or using your credit or debit cards to conduct online transactions.
- Monitor traffic on your network for suspicious activity using router settings or security apps.
- Disable unused or insecure features like remote administration, Wi-Fi Protected Setup (WPS), and Universal Plug and Play (UPnP)
By implementing these measures, you can significantly enhance the security of your home network and safeguard your personal and financial data from cyber threats.
Use Financial Monitoring Services
Financial monitoring services can detect unusual activity and potential fraud at your financial institutions. These services provide an additional layer of security by alerting you to suspicious transactions and unauthorized access to your accounts.
Choose a reputable service provider and integrate them into all your financial accounts. Check with your banks and credit card carriers first to see what they offer or suggest.
If you detect suspicious activity, take immediate action. Start by changing your passwords and checking your credit reports for signs of fraud. After that, get enrolled in an identity or fraud protection program.
Then, contact your financial institution, freeze all affected accounts, report the fraud to relevant authorities and credit bureaus and regularly monitor all of your accounts for additional suspicious activity. Make sure to ask your financial advisor what else you should consider in your unique situation.
Protect Your Wealth from AI-Driven Cyberthreats
Cyber criminals now use artificial intelligence (AI) for advanced attacks on personal wealth, including AI-generated voices to commit phone scams. These AI-driven threats can be hard to detect and stop. To protect your assets, use AI cybersecurity4 programs that specialize in identifying and neutralizing AI attacks. Regularly check your devices and networks for weaknesses.
Ensure family members get ongoing AI security education. Stay informed about new AI threats and seek expert AI cybersecurity help when necessary. A multi-layered defense can guard your financial assets from emerging AI dangers.
Make Cybersecurity Awareness a Family Affair
Family cybersecurity awareness is crucial for protecting personal and financial information. Ensure all family members understand the importance of cybersecurity and how to stay safe online through ongoing education and discussions.
Put family policies in place nobody outside your home has access to and stress the importance of being discreet about them, especially with your youngest family members.
Continuous learning about the latest threats and common security measures is key to staying informed and vigilant. If you need extra help, consult a cybersecurity professional who specializes in wealth protection. At the very least, use reputable online resources to further improve your knowledge and security practices.
Important disclosure information
Asset allocation and diversifications do not ensure against loss. This content is general in nature and does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.
- Cybersecurity & Infrastructure Security Agency, "Keep Your Device’s Operating System and Applications Up to Date," CISA. Accessed September 3, 2024. Back
- Sean Michael Kerner, "What is a password manager?," TechTarget, May 2023. Accessed September 3, 2024. Back
- Max Eddy & Chris Stobing, "Why You Need a VPN, and How to Choose the Right One," PC World, December 27, 2023. Accessed September 3, 2024. Back
- Rom Hendler, "How To Protect Against AI-Based Email Security Threat Vectors," Forbes, published February 13, 2023. Accessed September 3, 2024. Back
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