For those who have experienced a real heart attack or that of a loved one, please forgive the expression. Today’s message is nearly as sobering and meant to encourage action to take even a small amount of time considering the serious matter: for individuals and families, risks of a cyber hack and identity theft are real and present.
Admittedly, almost no one wants to talk about these topics. But even a brief discussion can be eye-opening and attempt to minimize (but not 100% eliminate) risks. The best warnings and presentations – truly the best and most accurate – unfortunately and appropriately leave attendees scared, stunned or both but at least better informed.
Today’s message is not meant to create anxiety but rather to build awareness around how vulnerable personal information has become. There is a healthy amount of paranoia that can be placed around the use of technology with online banking as well as around the home and on social media.
A couple of details from a scary but accurate presentation I attended yesterday:*
- Cybercrime is a $10.5 Trillion industry (yes, industry) worldwide.
- Banks and wealth management firms (both public and private) are ideal targets due to the presence of liquid assets.
- Responsibility falls on both the financial firms as well as the client to put in place barriers to cyber hacks.
- Remember, the FDIC does not insure against cyber hacks – its job is to insure bank failures.
- The more technology is used in our lives (our whole lives including home, social media, personal cars, rental cars, airports, hotel, vacations, financial life, etc.) the more vulnerable individuals, families and companies are.
- Vulnerable technologies and devices include basically everything – personal devices, personal email, social media, “smart home” networks, cars, online bank and custodial investment accounts and more.
- A particularly alarming fact is that stalking and cybercrime focused on teenagers and children is on the rise. One practical action parents can take is to check a credit monitoring site (Credit Sesame is one example) to see if or how extensive a credit profile exists for children under age 17.
In an attempt to stay within the 2-minute nature of TGIF 2 Minutes and to try ending on a positive, Friday note, consider a couple of basic strategies to attempt to minimize risks:*
- Use passwords of between 15 and 18 characters with both numbers and letters (and special characters if able); it was said that even 8-character passwords are not nearly sufficient.
- Try the use of a VPN on personal devices and on home systems and devices; two examples are NordVPN and Surf Shark. Surf Shark may be slightly cheaper in price.
- Use a Password Manager (available with some Apple devices) – and the password for the Password Manager must be kept in at least one reeeeeeallly safe place.
- Read your credit report at least annually.
- Reset often the privacy settings online and in social media accounts.
TGIF 2 Minutes is meant to be informative and enjoyable. Information can sometimes be scary but worth knowing. Please use today’s information to keep life and the weekend positive.
*Source: Mark Hurley, CEO, Digital Privacy & Protection.
This material has been prepared for informational purposes only and is not intended to provide, and should not be relied upon for, tax, legal or accounting advice.