In light of the recent cyberattack in Las Vegas, I want to address an increasingly critical issue in today's digital age: cybersecurity. We aren't trying to panic anyone, and it's a topic that's easy to talk about; it is similar to a seat belt. We all know we have less risk to physical harm in a crash or accident when wearing a seat belt and driving or riding in a car. Cybersecurity efforts offer similar protection. If we can't stop an accident from happening, we certainly want to minimize the damages to ourselves and our loved ones!
Hackers are increasingly using a tactic known as "social engineering," which involves hacking people instead of computer systems. The Las Vegas cyberattack occurred due to a single phone call, during which sensitive information was unknowingly divulged to an unauthorized person.1
Did you know that 98% of cyberattacks rely on social engineering techniques? Astonishingly, the average business organization encounters over 700 social engineering attacks annually. Furthermore, an overwhelming 90% of data breach incidents target the human element, aiming to gain unauthorized access to sensitive information.2
To safeguard your financial well-being, I urge you to exercise caution and refrain from sharing sensitive passwords or account information over the phone. Legitimate financial institutions never ask for personal data through unsolicited phone calls or emails. If you receive such requests, it is essential to verify the legitimacy of the communication before providing any details. For example, if someone calls from a bank with urgent request for sensitive information, calling them back or going in person helps to make sure you're working with a professional banker, not a professional scammer.
Use strong, unique passwords for your online accounts. Using a combination of letters, numbers, and symbols can significantly enhance your digital security. Enabling multi-factor authentication adds an extra layer of protection, reducing the risk of unauthorized access even if your password is compromised. Some of the strongest multi-factor comes from using physical devices, or from using an authenticator app on your phone. SMS is still a common way to secure accounts, but if you can go a layer deeper, you'll benefit from it!
If you have any concerns or questions regarding digital security, we have resources that can help, including companies that offer services to small businesses interested in training their workers to avoid these situations.
Stay vigilant, stay secure.
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.
1. Reuters.com, September 18, 2023
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