Investing is easier than ever. Whether you’re looking to transfer funds to an IRA or try your hand at trading cryptocurrency, these investment opportunities are only a few clicks or swipes away. Of course, the convenience of online investing could come at a price. More cybercriminals are setting their sights on financial organizations, individual investors and everyone in between. In fact, cybercrime as a whole is up 600% as a result of the COVID-19 pandemic.
Despite the measures in place to stop them, these crooks are continually developing sophisticated means of data hacking, identity theft and financial fraud. As such, it’s essential to take the proper precautions when it comes to safeguarding your digital information and financial investing. To help, here are some words of advice on how you might better protect yourself from those who would do you harm.
Investing can be done through many channels these days; it could be a mobile-first app or under the guidance of an investment advisor. Whichever method you choose to conduct transactions or communicate, you must be cautious. One of the best ways to do so is through enhanced cybersecurity.
What is cybersecurity? Essentially, it’s the practice of limiting unauthorized access to computer systems, networks and programs to better protect the sensitive information inside. At a corporate level, ample resources are used to thwart cyberattacks and ensure these critical systems are secure. For instance, many reputable investment companies have numerous protective measures in place to secure their financial data and the personal information of their clients.
There are several cybersecurity measures that can be performed at the individual level as well. One such practice is to create secure credentials. Often, cybercriminals gain access to an organization or individual’s information through compromised credentials.
Preventing this comes down to following the latest practices for username and password creation. Such guidelines include never using your birthday, home address or social security number as a username or password. You should also create a longer password that uses a combination of lowercase letters, uppercase letters, numbers and symbols. It’s also advised to change these passwords routinely in case of a breach.
Another cybersecurity measure you should consider is using secure networks; be wary of public networks. Although accessing these typically unsecured connections is easy while traveling or grabbing a cup of coffee, they could be hazardous. When conducting online business, opt instead for a hot spot connection, or utilize a VPN for enhanced security. Likewise, it’s recommended to enable two-factor authentication services where possible.
Lastly, it’s important to keep well-informed of all the tactics that cybercriminals are utilizing. Although their phishing strategies and illegitimate payment requests are constantly changing, you could better protect yourself by staying one step ahead. More assistance with these matters and others like them can also be found via a trusted investment advisor.
For more information on cybersecurity measures in terms of online financial investment, please see the accompanying resource.