6 Daily Cybersecurity Practices to Protect You and Your Financial Well-Being

Cybersecurity opens a world full of threats to your financial accounts if left unprotected. One million passwords are stolen each week, and someone’s identity is stolen every 22 seconds. It might seem daunting, especially with the rise in sophisticated scams targeting soon-to-be retirees and post-retirees. However, integrating simple, daily cybersecurity practices into your routine, with the guidance and support of your financial advisor, can strengthen your defenses against digital threats. This guide provides 6 easy-to-implement strategies to help protect your financial well-being, aiming to lead to a more secure and fulfilling retirement.

Establish Strong Password Habits

• Unique and Complex Passwords: Each account should have a unique password, combining letters, numbers, and symbols to create a complex sequence that is difficult to guess. Make sure you are using different passwords for all your accounts.

• Password Managers: Ask your financial advisor to recommend a trusted password manager to keep track of your unique passwords. These tools store your passwords securely and help generate strong passwords for you.

• Change Passwords Regularly: Regularly updating your passwords can help protect your accounts from being compromised.

Keep Software Up to Date

• Regular Updates: Ensure that all your devices (computers, smartphones, tablets) are set to update automatically. These updates often include critical security patches that protect against newly discovered vulnerabilities.

Utilize a VPN for Secure Connections

• Benefits of a VPN: A Virtual Private Network (VPN) encrypts your internet connection, making it much harder for cybercriminals to intercept and steal your personal information. This is especially important when using public Wi-Fi networks. Ask your financial advisor to help set up your own VPN.

Practice Safe Online Banking and Shopping

• Secure Websites: Always check that the website you’re using for banking or shopping has a secure connection (look for “https://” and a lock icon in the address bar).

• Bank Alerts: Sign up for alerts from your bank to be notified of any suspicious activity in your accounts.
• Credit Card Over Debit Card: Consider using a credit card instead of a debit card when shopping online. Credit cards often offer better fraud protection.

Monitor Credit Report

• Periodically Check Your Credit Report: You can monitor for fraud by checking your credit report for any new accounts that have been taken out in your name without your authorization.

Engage with Your Merit Financial Advisor

• Ask for Tools: Your financial advisor can provide access to tools and resources to help protect against cybersecurity threats. Don’t hesitate to ask for recommendations.

• Develop Safe Habits Together: Work with your advisor to identify practices that fit your lifestyle and technology comfort level. Whether it’s setting up secure online access to your accounts or understanding how to identify phishing attempts, your advisor is there to help.

• Regular Check-Ins: Schedule regular meetings with your advisor to review your financial security strategy and make any necessary adjustments.

Conclusion

Protecting your financial well-being doesn’t require you to be a technology expert. By adopting some basic cybersecurity practices and leveraging the expertise of your Merit financial advisor, you can help reduce the risk of personal and financial harm. Remember, the goal is to create a secure environment for your personal information and finances that allows you to enjoy your retirement without undue stress over cyber threats. Stay informed, stay secure, and enjoy the peace of mind that comes with knowing you’re taking proactive steps to protect your financial future with Merit Financial Advisors.

Merit Financial Advisors can create a personal layered digital security structure for your family. Contact your Merit financial advisor today to evaluate your risks and set up protection software for your accounts.

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