The Best Digital Privacy and Protection Strategies this Cybersecurity Awareness Month

Co-Authored By Zach Mersberger, CFA®, AIF, CRPC, Managing Principal, Partner, Merit Financial Advisors, and Carmine Cicalese, Senior Partner Digital Privacy & Protection

Today, cybercrime is more advanced than ever. Using AI, criminals can now copy voices, messages, websites, and even identities. If your device is compromised, your money, personal information, and family could be at risk.

Last year, a massive data breach affecting major platforms such as Apple, Google, and Facebook exposed an astounding 16 billion login credentials. It’s almost inevitable that almost every person on Earth will be impacted by cybercrime some point.

Your focus should be on limiting any potential damage. These criminals are skilled—they’ve broken into everything from blockchain and the cloud to government agencies and big companies that spend billions on cybersecurity.

For Cybersecurity Awareness Month, we’re reviewing the top strategies for creating strong passwords, improving privacy, and securing your devices  

Does cyber privacy matter more than cybersecurity?

Most people focus on cybersecurity alone, but that’s only part of the problem. To stay safe, you need to enforce both strong cybersecurity and cyber privacy practices. If you fail to protect your privacy by sharing too many details about yourself, you can make it easier for criminals to get around those security measures. In short, you want to make yourself secure enough that criminals decide you’re too difficult to target and move on.

Your personal information is extremely valuable, and you probably share details about yourself through apps, software, and devices all the time without realizing it. Companies collect and sell this data, and criminals can access it too. While companies offer ways to opt out, those protections can often be difficult to find.

If you don’t know how to opt out, your information will keep getting shared. This isn’t just about your data—it’s about protecting your family. Studies show that many burglaries happen because criminals know the house is empty, often from unprotected social media or location tools.

What are the top places where you are at risk of a cyberattack?

Using public Wi-Fi, like at coffee shops or hotels, is a common way people get breached. Free Wi-Fi isn’t protected or encrypted, so anyone can see your device if you don’t use a virtual private network (VPN) to encrypt your signal. For example, someone at a coffee shop could be quietly collecting passwords and other information from people using the same network without protection.

Another example is using public charging stations. Charging your device in public can expose you to malware or viruses. The same goes for plugging your phone into a rental car—you might share your contacts and other data with a system that could be infected or store your information for someone else to access later. Using a device like PortaPow blocks the data pins while still allowing power to flow.

What are some of the new ways that cyber criminals target families?

Because 78% of individuals reuse passwords across multiple accounts, criminals use automated tools to try multiple credentials, including login details, emails, addresses, and credit card numbers once they have successfully breached one account. They also gather information about you, like pet names or hometowns, and use AI to guess your passwords. This happens millions of times a day, which is why strong, unique passwords matter.

Devices, browsers, and search engines often save your passwords by default to make things easier, but that also makes your device valuable for criminals if they get it.

Cybercriminals also use AI to clone people’s images and voices, creating deepfakes. They can do this easily with videos or photos from public social media, cheap apps, or free YouTube tutorials.  Criminals might pretend to be your banker to steal money or even fake a kidnapping for ransom. They may also pressure you to act quickly. Never rush when someone tells you to act immediately, like making a wire transfer or logging into your account. For major financial transactions, contact your wealth manager to coordinate the process securely, or go to the bank with handwritten instructions for where that money needs to go. Don’t send these instructions electronically, because that gives a bad actor the opportunity to alter them.

What are the top tips to protect yourself from cybercrime?

Basic cyber hygiene comes down to four key areas.

First, use strong passwords. A password manager can help you create and store them all in one place, so you only need to remember one password. The manager will generate unique 20- to 25-character passwords for each account. Use this for all your online accounts and smart home devices like Alexa and Ring.

Second, turn on all privacy and security settings in your apps, browsers, and search engines. There are hundreds of these settings on your devices and online accounts. For example, Meta (Facebook and Instagram) has about 80, LinkedIn nearly 120, and Amazon about 40.

Next, secure your devices, especially your smartphone, by turning on all privacy and location settings. Google devices have about 60 settings, and iPhones have around 120. It can be hard to find them all, and you’ll need to update them regularly.

Finally, companies often add new features or change default settings, sometimes collecting information you previously opted out of. Stay on top of these changes by reviewing, deleting, and updating your settings monthly.

If you suspect a breach, notify government agencies or law enforcement, such as the Federal Trade Commission, the FBI, or your local police. It’s also a good idea to contact credit agencies and freeze your credit. Remember, real-world rules don’t always apply online. Banks and large companies invest heavily in cybersecurity, but they also expect you to take precautions. If you don’t, you could be left unprotected.

Cybercrime can feel overwhelming, but the good news is that by implementing these simple steps, you can protect yourself. Merit Financial Advisors offers complimentary consultations to help bring clarity and structure to your financial life. Let’s start the conversation today.