Cybersecurity and You: Protecting Your Assets

In 2023, cybercrime reached a staggering $12.5 billion according to the FBI’s Internet Crime Report. There were a record number of complaints ― over 880,000 ― which represented a 10% increase since 2022.

Cybersecurity is quickly becoming one of the most talked-about security topics given the increase in data breaches, scams, and malicious attacks that have affected organizations and individuals alike. As reliance on digital systems grows, so does the complexity and sophistication of cyber threats. This has led to a heightened focus on the need for robust security measures, awareness, and proactive defenses to protect sensitive information and maintain trust in digital platforms.

Here at Coldstream, we hope to provide you with the awareness, knowledge, and tools to help you navigate this ever-changing landscape and protect your assets from cybercriminals. In addition to the below topics, please take a moment to review what Coldstream does to protect your data and assets here.

Prevention

There are several steps you and your family can take to better your posture when it comes to cybersecurity:

• Use Two-Factor Authentication (2FA) (also sometimes called MFA: Multi-Factor Authentication): Implement 2FA on all available accounts using apps like Microsoft Authenticator or Google Authenticator. Avoid 2FA solutions that text codes to your cell phone as these can potentially be intercepted by a third party.
• Utilize a Password Manager: Store passwords securely in a password manager.
• Create Strong Passwords: Use unique, complex passwords for each site, preferably 8+ characters with a mix of letters, numbers, and symbols. Password managers can help generate these.
• Change Passwords Regularly: Update passwords every 3-6 months to reduce risk in the event of breaches.
• Use a Virtual Private Network (VPN): When on public Wi-Fi, use a VPN to keep your internet activity private and protected. Avoid using public Wi-Fi when possible.
• Be Cautious Online: Treat links and downloads with caution, verifying their authenticity before opening.
• Freeze Your Credit: Freeze your credit with Experian, TransUnion, and Equifax to prevent unauthorized access; it’s free and a simple action to take to prevent identity theft. Make sure to unfreeze your credit if you are applying for a new line of credit yourself.
• Always keep your software up-to-date across all devices: This can include your devices operating system, apps, and other software you use daily. Many of these software and firmware updates contain critical vulnerability and security patches that can help keep you safe.

Reaction

While prevention can mitigate potential threats, it is important to know that there are also threats you cannot control. Information may be leaked from a service that you use, you or someone you know may become involved in a scam, or you could download a file that can steal your sensitive information.

Here are a few steps you can take if you or someone you know has found themselves in one of these types of situations:

• Run Antivirus Software: Regular scans can potentially detect and remove malicious software.
• Change Compromised Passwords: After a large data breach, update your passwords immediately with the affected service or provider.
• Freeze Credit: If your credit was not previously frozen prior to an incident, immediately freeze your credit to prevent unauthorized use by malicious actors.
• Report Incidents: If you or someone you know has been involved in an online scam or has been involved in an internet financial crime, contact local law enforcement ― for U.S. residents the FBI Internet Crime Complaint Center (IC3) ― and your financial advisors.

Connect with your Coldstream Wealth Manager if you have questions or concerns related to cybersecurity or topics mentioned in this article. You can find below additional resources that may assist in your research:

• Malwarebytes | Pig Butchering Scam
• Charles Schwab | Cybersecurity Awareness
• Fidelity | Protecting Yourself in a Digital World
• National Cyber Security Centre (UK) | Password Managers
• Cloudflare | What is a VPN?