Protecting Your Wealth in the Digital Age: Cybersecurity Best Practices

For high-net-worth individuals, maintaining robust online security is not just a precaution, it’s a necessity. Cybercriminals target personal and financial information with increasing sophistication. Here are some key strategies to safeguard your digital accounts and improve your overall digital wellbeing. 

Use Unique Passwords 

Using unique passwords across different websites and apps is crucial for maintaining strong cybersecurity. When you use the same password for multiple accounts, a breach on one site can lead to unauthorized access to all your accounts.  

Cybercriminals often target smaller, less secure websites to obtain login credentials, which they then use to infiltrate more sensitive accounts, such as those for financial institutions or email. Using unique passwords significantly reduces the risk of widespread damage and protects your digital identity and assets.   

Wondering how you can manage so many different passwords? Consider using secure password manager apps. These apps store, organize, and generate strong passwords, making it easier to maintain robust security without the hassle of remembering each password. They can alert you if your password has been potentially compromised, prompting you to make a change before it is a problem. They are easy to set up and are a great way to share key logins with spouses and family members. 

Use Multi-Factor Authentication 

Multi-factor authentication (MFA) is an added layer of protection beyond just using a username and password. The concept behind MFA is to use an additional factor/pathway to prove you are actually you. MFA includes things like codes to text/email, biometric identification on your device, IP address recognition, and authenticator apps.  

Using MFA helps lower your risk of unauthorized access in the event your password becomes compromised.    

While MFA via text message is now very common, many sites now offer the ability to login with biometric or authenticator apps.  Biometric logins and authentication apps offer a big step up in security from codes via text message or email. As with unique passwords, adding this layer of security on your most critical logins is paramount.  

Be Aware of Phishing 

Fraudulent emails look more and more legitimate these days. Generative AI tools are helping criminals craft more realistic messages than ever.  Be skeptical of any communication that looks the least bit suspicious.  

If you have any doubt, navigate directly to the vendor’s website or app and investigate the issue there. Call the vendor directly, at a trusted number on their website or app, if necessary. This is an area where vigilance is key. 

Cyber threats are constantly evolving, but smart habits can help safeguard your wealth online and reduce the risk of a breach.