Cybersecurity risks such as identity theft, hacking and data breaches are rising in importance. Here are ten best practices from GSAM’s Strategic Advisory Solutions.
- Even seemingly unimportant accounts can introduce risk. Creating a unique password for every online account can help mitigate risk.
- Strong passwords are typically 15 or more characters in length, are randomly generated and include a combination of upper and lower case letters, numbers and symbols.
- Monitoring bank, credit card, and investment statements regularly can help spot unusual activity. The same is true of ordering a credit report at least annually.
- Free Wi-Fi at coffee shops, hotels, airports and other public places is typically unsecured. Checking email and financial accounts from public computers, may increase risk.
- Smart TVs, gaming consoles and wireless routers may have privacy settings and default passwords. Changing defaults regularly can help mitigate risk.
- Giving away personal information in the naming of home wireless networks links the network to a specific location, and thus may invite hacking attempts.
- Creating a few different email accounts can help mitigate risk, especially a separate account for banking and financial transactions.
- When answering an account’s security questions, there is no need to provide real answers. Making up answers and storing them in a password manager potentially can help reduce risk.
- Cellular accounts have PIN codes -- they can be used in the effort to prevent unauthorized access.
- Carrying out financial activities on one device and another to surf the web or access email can help isolate sensitive accounts.
