Investing is now easier than ever. Whether you want to invest in bitcoin or transfer money to an IRA, these investment options are just a few clicks or swipes away. Online investing may be simple, but it may come at a cost. Cybercriminals target financial institutions, individual investors, and everyone in between. In fact, the COVID-19 outbreak has resulted in a 600% increase in global cybercrime.
Despite the safeguards in place, these thieves are constantly devising new ways to commit financial fraud, identity theft, and data hacking. As a result, it’s critical to take the necessary security precautions to safeguard your digital data and financial interests. Here are some wise words to help you defend yourself better against those who would harm you.
Investing can now be done in a variety of ways, including through mobile-first apps or by consulting with an investment advisor. When communicating or conducting business, regardless of the medium used, you must exercise caution. Increasing cybersecurity is the most efficient way to achieve this.
Explain cybersecurity to us. To better protect the sensitive data they store, computer systems, networks, and software must be kept secure. At the corporate level, numerous resources are used to protect against cyberattacks and ensure the security of these critical systems. Many reputable investment firms, for example, have implemented a number of safeguards to protect their clients’ financial and personal information.
Individual cybersecurity measures are available in a variety of forms. One such method is the creation of secure credentials. Cybercriminals frequently use stolen credentials to gain access to data belonging to an organization or a specific individual.
The key to avoiding this is to use the most recent standards when creating usernames and passwords. Never, ever use your address, birthdate, or social security number as your login information. To create a longer password, mix lowercase, uppercase, numerals, and symbols. It is also recommended that these passwords be updated on a regular basis in case of a breach.
Another cybersecurity precaution you should consider is using protected networks rather than public ones. These frequently unsecured networks are accessible while traveling or sipping coffee, but they may pose a risk. To increase security, use a VPN or a hotspot connection when conducting online transactions. Turning on two-factor authentication is recommended whenever possible.
Finally, it’s critical to stay on top of all the hacking strategies. You can better defend yourself by staying up to date on their ever-changing phishing methods and fake money requests. More information on these and related topics may be obtained from an expert investment advisor.
Please see the infographic below for more information on cybersecurity considerations for online financial investing.