1. Use multi-factor authentication and unique passwords
Stories about data breaches are commonplace these days. From credit card systems to e-mail providers, it seems few organizations are immune to the world’s most skilled hackers.
If your e-mail address and password are stolen from one organization, there’s a good chance those cybercriminals will try to use the same combination at your bank, investment firm, and other online services to see if they can get in. In other words, account data lost during a single breach could make you vulnerable to identity theft, larceny, and blackmail.
To avoid this fate, it’s a best practice to use multi-factor authentication where possible, combined with unique usernames and passwords, across every platform, including your social media, bank, e-mail, and other online accounts. The strongest passwords are “pass phrases”—a long phrase that is easy to remember, but hard to guess. Aim for phrases that are longer than 14 characters for the best protection.
Using a secure password manager will allow you to access dozens of websites and apps with a single password, despite having different usernames and passwords for each account.
2. Secure your home and small-business networks
When setting up your home or business internet, first change the default administrator password of the device controlling your wireless network. Second, enable encryption on your Wi-Fi router, preferably WPA2. This is a security mechanism that ensures your online activity in your network is encrypted. And finally, ensure that only people you trust are connected to your wireless network. You can do this by creating a strong password for them to use when connecting to your wireless network.
Not sure how to do the above? Ask your Internet Service Provider, check their website, check the documentation that came with your home equipment, or refer to the vendor’s website – most vendors post user manuals there.
3. Harden your devices
Device hardening refers to the process of reducing vulnerabilities in your security devices. With proper management, you can make your devices (laptops, cell phone, and tablets) much harder for hackers to attack. You can do this in the following ways: Only install applications from trusted sources, such as app stores or known websites, and delete applications you no longer need or don’t know the origin of. Keep your applications and operating systems up to date to ensure that the latest security patches have been applied. Install anti-malware software on your Windows and Mac computers. Don’t plug in suspicious USB devices, such as unknown flash drives, to your computer. Use your cell phone data instead of public Wi-Fi when on the go. If you must use public Wi-Fi, a VPN can ensure that your network traffic isn’t intercepted or tampered with.
And, if your device has been stolen, you can use Apple, Android, and Windows apps to track its location and remotely wipe your data. Be sure to set up strong passcodes for unlocking your devices and use timers to lock them after a period of no use. That way, if someone does get ahold of one of your devices, you can rest assured they won’t gain access to your data.
4. Back up your important files
Ransomware is a type of malicious software designed to block access to a computer system or data until a sum of money is paid, and it has been around for almost two decades. It is growing in popularity because it can easily bring financial rewards to hackers—and it shows no signs of slowing down. Even if you pay the ransom, there’s no guarantee that you’ll regain access to your device.
It’s important to regularly back up important files, like family photos and financial records, to a secure cloud, and via manual back ups to an encrypted external hard drive, as strong backup practices can keep your files safe from both viruses and cybercriminals.
5. Be alert to social engineering
Deepfakes are becoming more common, and harder to spot. A deepfake is a form of manipulated video and audio that creates hyper-realistic, AI-generated voices and video of real-life people, and can be used to mislead you.
Be alert and apply the same diligence to scams like this as you would to phishing emails. Always think twice before clicking any unusual links online, and if you have suspicions about the legitimacy of a person you’ve spoken with, pause and call them back on a known number you have on file to validate the request.
You have the power to keep cybercriminals at bay
With a bit of diligence and care you can help ensure your accounts and information stay safe. The good news is, it doesn’t take long to do, and this small investment of time will help you interact online with confidence.
Main contributor: UBS Editorial
Disclosures
This article is for informational and educational purposes only and should not be relied upon as investment advice or the basis for making any investment decisions. UBS is not liable for any data, information, or cyber threats that may impact you, based on the contents of this article. The views and opinions expressed may not be those of UBS Financial Services Inc. UBS Financial Services Inc. does not verify and does not guarantee the accuracy or completeness of the information presented.
This article is for informational and educational purposes only and should not be relied upon as investment advice or the basis for making any investment decisions. The views and opinions expressed may not be those of UBS Financial Services Inc. UBS Financial Services Inc. does not verify and does not guarantee the accuracy or completeness of the information presented.
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Review code: IS2201288
