Protecting Yourself in the Digital Age
October is Cyber Security Month! In the digital age, Cybersecurity has become just as important as portfolio diversification or retirement planning. Cyber threats are constantly evolving, and individuals—not just corporations—are frequent targets. As your trusted advisor we believe it is prudent to review cybersecurity best practices and provide an update on new threats to help keep your accounts and personal data secure.
Financial fraud doesn’t always begin with stolen credit cards. Hackers often attempt to access bank accounts, investment accounts, and even tax records. While institutions, corporations, and government entities spend billions of dollars on cyber security hardware and software, the most vulnerable entry point often comes down to an individual’s personal device(s) and online practices.
Common Threats
Phishing Emails & Texts: Fraudulent messages that look legitimate, designed to trick you into revealing personal information.
Account Takeover Attempts: Hackers use stolen passwords to access financial platforms.
Malware & Ransomware: Harmful software installed on your computer or phone through unsafe links or downloads.
Social Engineering: Scammers posing as trusted contacts—even pretending to be your credit card or bank —requesting money or sensitive data.
Best Practices for Staying Safe
Use Strong, Unique Passwords:
Avoid reusing passwords across accounts. Many of us are guilty of this and making small tweaks (adding a number or special character) is not enough anymore. Each password should be entirely different and utilize uppercase and lowercase letters, numbers, and special characters.
The National Cybersecurity Alliance recommends passwords be at least 16 characters long. The longer the password, the longer it takes for hackers to crack. Right now, an eight-character password takes just minutes for a hacker software to decode.
Consider a reputable password manager.
Enable Multi Factor Authentication (MFA): MFA or 2FA (two factor authentication) is a two-step process that adds an extra layer of protection when logging in. You can think of this as securing your front door with both a deadbolt and keypad lock. How it works: when logging in you enter your username and password, but then you need to prove it really is you by either entering a code sent to your phone, your fingerprint, or even an in-app notification. MFA increases the security of an account by 99%.
Be Skeptical of Requests: Westview will never email or text you asking for login credentials, wire transfers, or Social Security numbers. This goes for Schwab and Fidelity and any other financial institution as well. Always call our office immediately if you receive a suspicious request.
Keep Your Devices Updated: Install security updates for your computer, phone, and apps promptly.
Secure Your Wi-Fi: Avoid accessing financial accounts on public Wi-Fi. Use a secure home network or a trusted VPN.
Review Account Activity: Monitor your statements regularly.
Just as we plan for market fluctuations, we must also prepare for digital risks. By following best practices and staying vigilant, you can greatly reduce your exposure to cyber threats.
