Money Matters: Make Cyber Safety and Security a Priority

FRANKLIN LIVING JULY-AUGUST 2024

In today’s interconnected world, it is crucial to stay cyber safe and secure. As we increasingly manage our finances online, we must protect our digital assets from cyber threats. Here’s how to navigate this landscape safely.

First, cyber threats come in various forms, including phishing, malware and identity theft. Phishing attacks trick individuals into providing sensitive information, often through fake emails or websites. Malware, or malicious software, can infect devices, stealing data or encrypting files for ransom. Identity theft occurs when someone illegally uses your personal information, such as Social Security numbers or bank details, to commit fraud.

How do we strengthen our digital defenses?

1. Use strong, unique passwords: A strong password is your first line of defense. Use a mix of letters, numbers and symbols. Avoid using easily guessed information like birthdays or common words. Consider a password manager to keep track of complex passwords.
2. Enable two-factor authentication: This adds an extra layer of security. Even if a hacker obtains your password, they’ll need a second form of verification, such as a code sent to your phone, to access your account.
3. Be wary of phishing scams: Always double-check the sender’s email address and look for signs of phishing, such as spelling errors or urgent requests for personal information. Never click on links or download attachments from unknown sources. Think before you click!
4. Secure your devices: Install reputable antivirus software and keep your operating system and applications up to date. Regular updates patch security vulnerabilities that cybercriminals exploit.
5. Use secure networks: Avoid conducting financial transactions over public Wi-Fi. If necessary, use a virtual private network (VPN) to encrypt your connection.

Take all these precautions a step further with good financial habits:

1. Monitor your accounts: Regularly check your bank statements and credit reports for unauthorized transactions. Early detection is key to mitigating the damage from cyber theft. It’s unreal how much fraud we see that could have been prevented by just monitoring accounts more regularly.
2. Educate yourself: Stay informed about the latest cyber threats and protective measures. Many financial institutions offer resources and alerts to help customers stay secure.
3. Back up important data: Regularly back up your financial records and important documents. In case of a cyber-attack, you’ll have access to critical information.

The best defense against cyber threats is a proactive approach that combines knowledge, vigilance, and the right tools. Stay safe, stay secure, and manage your finances with confidence.

Emily Mays is vice president/chief administrative officer at Community Spirit Bank in Red Bay, working in finance for 15 years. She is an enthusiastic social media marketer, financial literacy advocate and go-local supporter.