How Cybersecurity Keeps Your Finances Safe

How Cybersecurity Keeps Your Finances Safe
  • Opening Intro -

    In 2017, the WannaCry ransomware attacked millions of computers in more than 150 countries.

    As the government worked to find the source of the attack and get the held data released, millions of Americans wondered if their data was safe.


How Serious is Cybercrime?

Every day, more than 287 million Americans access the internet and carry out tasks such as shopping, social media, and so much more. By so doing, a huge amount of data is generated daily.

Now consider the billions of people around the world who use the internet every day to carry out financial transactions. The data includes email passwords, account numbers, social security numbers, and so much more.

In 2016, the SWIFT bank transfer system was hacked and millions of dollars lost. If hackers can gain access to a system such as SWIFT, is your data really safe? How can you keep your finances safe online?

Update Your Antivirus and Other Protective Software

Getting cybersecurity services is paramount for any business or individual that needs to keep their finances secure. For a business, you need an all-inclusive program that involves virtual security office, cybersecurity consulting, penetration, and network security monitoring. For an individual, you need virus protection software that is up to date.

Most of the attacks will check vulnerability in your system and use it to attack your finances. You can keep your system automatically updated by using an automatic patching tool.

You might need to install your Windows updates manually, but everything else can be done automatically as long as you have a reliable internet connection.

The use of Two-Factor Authentication

Today, most financial tools online use two-factor authentication. Google and other email services also use TFA sign in.

Whenever you log in to your account, besides entering the password, you will be required to prove it is you through your mobile phone or a separate email.

This way, if someone gets access to your password, they will need your phone to transact.

Not all financial tools online offer TFA – you have to watch out and stay away from systems that don’t offer this. If a system doesn’t offer TFA, ensure it is a read-only app. A read-only app doesn’t allow the transfer of money, so hackers will not have a chance with it.

Avoid Re-Using or Sharing Passwords

Re-using passwords and using one password on multiple accounts is common. Most people do it to avoid forgetting the passwords and get locked out of their accounts. Using the same password on multiple accounts puts you at risk.

If you have multiple bank accounts, you need to create a unique password for every account. Your password should have letters, numbers, and special characters to make it challenging for hackers to guess.

Your password shouldn’t bear your name, names of those close to you, your year of birth, pet name, or anything else that someone can identify with you. Again, you need to change your password every three months. Plus, do not share your password with anyone.

You shouldn’t store your information online, especially credit card information and passwords. Even if you love your favorite stores, you shouldn’t store your credit card information online.

Avoid Public Wi-Fi and Avoid Phishing

Public Wi-Fi networks are hackers’ playing fields. Most of these networks are not secure. If you can, do not access the web on public Wi-Fi networks. If you do surf the web, you shouldn’t access your bank accounts.

You also need to avoid phishing accounts. Phishing accounts give you offers that you can’t resist (but which you should resist). You will receive emails saying that you have won a free trip or any offer.

other valuable tips:

The emails might also be threatening, showing that they are coming from your boss or your bank account manager. You need to learn to identify these phishing emails and avoid taking any action when you note the email.

Monitor Your Accounts

You need to monitor all account activities weekly or even daily. You need a tool that gives account updates to ensure that your accounts are safe at all times. The tool should send you push notifications in the case of any account activity.

With notifications, you can take immediate action when you notice anything abnormal. This saves your money from hackers. If you transact a lot of money every day, you need a cybersecurity service.

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