Ensuring Better Cybersecurity: #WorthTheEffort

In honor of the passing October, “National Cybersecurity Awareness Month”, we would like to call your attention to aspects of online security that are worthy of review. While this topic may not be the most exciting, we feel that the best remedy for cybertheft is prevention. Time spent protecting yourself and your family is never spent in vain.

The information “atmosphere”

Internet based devices are now part of our lives: security cameras, cars, portable speakers, and obviously phones and computers. Information on us and people we know is captured and moves around in cyberspace like air in the atmosphere. It originates from previous breaches (that we may or may not be aware of), websites that we visit, businesses that we are involved with as consumers, and our business and personal social media accounts.

When it is inevitable that everywhere we go we leave a digital footprint, how do we protect ourselves? Consider taking these precautions.

#1 Secure devices with a PIN

Every device you have should be protected with a PIN or password.  Do not rely on PINs or passwords that are provided by the manufacturer or service provider – create a unique one for yourself.  Your devices can be silently hijacked and your data misappropriated - and you may never know whose hands your door camera, tablet, or firewall has fallen into without this simple precaution.

#2 Secure voicemail, service provider accounts with a PIN

As in #1, use a PIN or password to protect your services – particularly for phone and email as these are gateways for criminals. You may say that it’s more trouble than it’s worth to protect services such as voicemail that are only for personal use. Keep in mind that any piece of information can be used as a wedge to open you up to greater losses when criminals piece together enough information.

#3 Use unique passphrases for each website/service

While it may be convenient to use the same password for multiple accounts, what this means for you is that in the event of a compromise the results can be catastrophic in just a matter of minutes. Take the time to create a unique password for each website or account you have and store these passwords in a secure vault, either online or physical.

#4 Use a password manager

Manage all your unique passphrases with software like LastPass or Dashlane. These managers give you password access from virtually any device or location.  Some password managers also allow you to securely share account access without showing the actual password - which can be very useful when involving other family members or household employees.

#5 Add two-factor authentication for email and bank accounts

These are where the highly confidential information lies and hackers know that. Two-factor authentication must be used, and your bank, credit union, or email provider doesn’t offer it, you should take your assets elsewhere.

#6 Consider limiting social media sharing to friends and extended networks not the public internet

Social media is fun, easy, free (for the most part) and a great way to meet other people. However, the fact of the matter is that by participating you are exposing yourself to greater risk of cybercrime than by not.

If becoming the next social media influencer isn’t your goal in life, consider limiting your social media sphere to just friends or close affiliates. You’ll still reap the benefits of participating in a network, albeit private, while at the same time reducing risk.  

Summary

Although October is over, cybersecurity awareness should be a part of your routine. Please share this article with colleagues, friends, and family that can benefit from this list and feel free to contact us with any questions.

Contributor

Chris Jaccard, CFP®, CFA is a lead advisor with Financial Alternatives in La Jolla, CA. When he’s not working on home improvement projects or trying to keep up with his kids, he loves to help successful families consider their alternatives and make better financial choices with the EXPERT™ Advisory Process. Schedule a time to chat about your situation or the latest project.