Cybersecurity: Protecting Your Personal Finances

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Cybersecurity and privacy are important, even more so when it comes to personal finances. In today’s world, most personal finances are done online. The days of having to go into brick and mortar institutions are continually dwindling. So with tech continuing to evolve, how can you stay safe when dealing with your personal finances online?

“At the end of the day, the goals are simple: safety and security.”

Jodi Rell

Why Cybersecurity Matters

Cybersecurity continues to become more important with every passing day. With what seems like daily innovations and growing importance of technology one can never be too careful.

Cyber-crimes are becoming more popular, complex, and frequent. Cyber-crime is expected to globally cost up to $6 trillion annually.

“By some estimates, cybercrime is expected to globally cost up to $6 trillion annually. Losses of this scale put the incentives for innovation and investment at risk and will be more profitable than the global trade of all major illegal drugs combined.”

David Kennedy, Founder of TrustedSec

Technology is an ever changing landscape. It seems daunting at times how diverse cyber-crimes can be. In 2018 there were 137.5 million new malware samples. Of those 137.5 million, 93% are polymorphic. This means they are continually changing their code to avoid detection. So once you have it, you may not even be able to find it.

Malicious hackers are now attacking computers and networks at a rate of 1 attack every 39 seconds. That’s more than 2,200 attacks every day.

For more shocking statistics on cybersecurity and cyber-crimes check out 300+ Terrifying Cybercrime and Cybersecurity Statistics and Trends.

Bad Cybersecurity Practices

Now that we know cybersecurity is no joke and it is an ever-changing landscape, what are some things your doing that could be putting you at risk?

  • Insecure Passwords,
  • Using Public Wi-Fi,
  • Falling pray to scams,
  • Using out of date programs/operating systems,
  • Browsing Websites that aren’t safe,
  • Having an Open Network
  •  

How to Improve Your Cybersecurity

Below we look at several things that you can implement to improve your personal cybersecurity situation.

Passwords

Most things in the world today require some form of a password. Having a weak and non-secure password is one of the easiest things to change.

When creating a password make it should not be related to you. Avoid using, names, birthdays, or any other information that others know or can easily obtain. A strong password incorporates letters (lower case and capital), numbers, and symbols/special characters.

Furthermore, you should avoid using the same password for more than one thing. Now your probably thinking, how the heck am I going to memorize all the passwords then? Great question.

Password managers. Password Managers store password and make the signing in process super easy. Another great feature of some password managers is password generation. One great option is Bitwarden.

In addition to strong passwords, it is also extremely beneficial to enable two-factor authentication. With two-factor authentication enabled, when you log in you will also have to input a code. Depending upon how it is set up, the code can be from an app like Authy, or it can be sent directly to you in a SMS or email.

Public Wi-Fi

Public Wi-Fi is extremely convenient. However, be sure to be extremely careful what you do on public networks.

Out of date software

Browsing Websites That Aren’t Safe

Having an Open Network

Other Things To Look Out For

Ransomware, Malware, Phishing

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Disclaimer: This Forbes Wealth Blog is for informational purposes only and does not constitute financial, legal, or tax advice of any kind. Please consult your legal, accounting, tax, investment, banking, and life insurance professionals to get precise advice relating to your particular situation before acting upon any strategy

Sources:

https://www.comparitech.com/vpn/cybersecurity-cyber-crime-statistics-facts-trends/

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