While the total number of cyberattacks is trending down from 2023’s record highs, there were still over 241 million victims of data breaches in the third quarter of 2024 alone. The financial services industry suffered nearly a third (31%) of those compromises, making it the most targeted industry.
So what can be done to prevent cyberattacks? It starts from the ground up, with consumers protecting themselves online and organizations staying ahead of the cybersecurity curve.
To help you avoid becoming a victim, we’ve compiled a list of five useful tips you can use to help protect your company, your clients, and yourself from malicious attacks.
What is a cyberattack?
According to the National Institute of Standards and Technology’s Computer Security Resource Center, a cyberattack is defined as, “any kind of malicious activity that attempts to collect, disrupt, deny, degrade, or destroy information system resources or the information itself.”
More broadly, cyberattacks can also refer to data breaches that lead to other malicious activities such as cyber bullying, cyber extortion, and identity theft.
How to prevent cyberattacks
It may seem like a data breach is lurking around every corner. However, there are several actions you can take to protect yourself and your data (both at work and at home). Here are five practical tips you can start utilizing today to lessen the chances of becoming a victim.
1. Use strong password practices
The first line of defense for your data is your password. Although it seems basic, the importance of a strong password cannot be overstated. First, consider using a password manager like LastPass or Bitwarden.
These services randomize and store passwords for you, centralizing the process and taking the guesswork out of creating strong passwords. Some organizations even mandate this, so it’s a good idea to review your own company’s protocols.
If you prefer to choose your own passwords, however, here are some guidelines to make sure they are as strong as possible:
- Use a variety of lower and upper case letters, numbers, and special characters
- Avoid common phrases and personally identifiable information like birthdates and names
- Create passwords that are at least 8-10 characters long
- Don’t repeat the same password for different accounts
As another component to password strength, always use multi-factor authentication (MFA) when possible, and this applies to both personal and work accounts.
Multi-factor authentication requires a user to submit multiple credentials to access a system or application. This generally means using a secondary authentication app or entering a code sent to a mobile device. This means that even if a bad actor gets your password, they won’t be able to access the account if they don’t have your device.
2. Keep software up to date (and back up important data)
This often overlooked tip is just a good part of overall digital hygiene, but it also plays a pivotal role in security. Software should be regularly updated, including your computer’s operating system, any software applications you use to store personal data, and last but certainly not least your antivirus software.
It’s also good practice to install browser extensions that further protect you from potentially malicious sites. Some examples of these include ad blockers like AdGuard, uBlock Origin, or Privacy Badger.
Finally, regularly back up your important files to either an external hard drive or an encrypted cloud storage location. Should your computer ever become compromised, you’ll have a backup of important files to avoid permanent data loss.
3. Avoid clicking suspicious links
Thinking twice before clicking on a link from an unknown sender seems like a no-brainer, but the amount of information that employees and consumers are inundated with on a daily basis means it is worth repeating.
Whether it’s a security notice from a financial institution, an invitation from what appears to be a coworker, or even a text from your CEO (yes, this is a common tactic nowadays), it is always a good idea to triple check the source and avoid clicking on any link until the sender and the destination are verified.
4. Secure your internet connection
Whether you’re working in the office, at home, or traveling, ensuring that you’re on a secure connection is paramount to preventing cyberattacks.
First, make sure you’re only accessing encrypted Wi-Fi connections for business purposes. This means avoiding “Guest” connections that don’t have passwords. Especially when traveling, use a VPN to further obfuscate the data you’re sharing on external networks.
Second, be extra cautious on any public networks even if they require passwords. This also extends to what’s displayed on your screen. Bad actors in public spaces can collect sensitive information in a variety of ways, including simply capturing it while you’re looking at it.
Finally, regularly check your personal network for unknown devices connected to Wi-Fi or unknown Bluetooth signals connecting to your device. If you ever notice a Bluetooth device pairing with your computer or phone on the go, immediately turn off Bluetooth, go to your device settings, and “Forget” the unknown device.
5. Get cyber insurance
If after reading all these tips you feel like you could use some help to prevent cyberattacks, you’re not alone. A recent PYMNTS Intelligence Survey revealed that consumers are now primed to buy cyber insurance from their financial institutions.
Whether it’s credit monitoring, identity theft relief, or psychiatric services and legal fees should the worst happen, cyber insurance is an excellent way to instill peace of mind and defend financial well-being.
Putting it all together to prevent cyberattacks and stay protected
As a trusted partner in a consumer’s financial life, banks and credit unions are poised to offer cyber insurance as part of their financial well-being portfolio.
If you’re curious about how to enhance your financial institution’s cyber insurance offerings, contact us here at Franklin Madison to learn more today.