By Frank Wyatt, MBA
Vice President, Financial Planning, Prosperity Advisor
At Suncoast Prosperity Advisors and Suncoast Equity Management, we recognize the importance of staying informed about cybersecurity risks. Our business faces these challenges daily, and we understand that you do as well. To assist you, we’ve put together some valuable information on cybersecurity to help you navigate these ongoing concerns.
What is Cybersecurity?
Per Cisco, “Cybersecurity is the practice of protecting systems, networks, and programs from digital attacks. These attacks are usually aimed at accessing, changing or destroying sensitive information; extorting money from users via ransomware; or interrupting normal business processes.”
Implementing effective cybersecurity today has become increasingly difficult because of the number of devices people have, and attackers are becoming more innovative.
Types of cybersecurity threats:
- Phishing: fraudulent emails that tend to resemble emails from reputable sources
- Social Engineering: Typically, a pop-up window and says action required on your device. Manipulates targets into giving confidential information.
- Ransomware: malicious software designed to block access to files until a ransom is paid
- Malware: software designed to gain unauthorized access or to cause damage to a computer
Preventative measures and what to do if your accounts are compromised:
- Implement strong passwords (combinations of letters, numbers, and symbols)
- Enable Multi-Factor Authentication: In addition to a username and password, sign up to receive a 6-digit code to your phone/email. In some cases, you can use face recognition or voice recognition.
- Use Secure Networks: private Wi-Fi networks that require a password (protected by a firewall and has limited external access)
- Be Wary of Phishing Attacks
- Use Secure Communication Channels: encrypted messaging applications such as iMessage, WhatsApp, and Microsoft Teams
In an era dominated by technology and digital connectivity, safeguarding sensitive information has become paramount, especially in the financial industry. If your accounts or identity happen to become compromised, here are necessary next steps:
1) Try to gain access to your accounts to update or change your password
2) File a report with the Federal Trade Commission (FTC) 877-438-4338
3) Contact your bank
4) Freeze your credit through the three major credit bureaus (Experian, Equifax, and TransUnion)
5) Monitor your accounts and change security questions and passwords
Citations:
“What Is Cybersecurity?” Cisco, 29 Nov. 2023, www.cisco.com/c/en_uk/products/security/what-is-cybersecurity.html.
