Cyber Security Tips to Safeguard You And Your Business

Cyber security is a hot-button topic currently in the PHCP-PVF space. At last month’s ASA Innovation Summit in suburban Chicago, a panel of ASA members told their personal company cyber-security horror stories and provided tips/suggestions to attendees to help prevent such attacks.

At this week’s AD PHCP North American Meeting in downtown Chicago, attendees heard from Rachel Wilson, head of data security and infrastructure at Morgan Stanley Wealth Management, on this very subject.

Wilson provided attendees with a variety of cyber tips during her presentation and also left a handout filled with key takeaways, some of which are listed here:

Wilson encouraged attendees to update devices and use unique passwords, noting updates fix system vulnerabilities. She added hackers reverse-engineer updates to exploit systems that are slow to update.

Using a different password for each account, Wilson noted, helps to prevent a breach from spreading across multiple sites.

Wilson encouraged attendees to use separate devices for financial and personal use. Keeping financial activities on separate devices from social media and gaming, she said, quarantines sensitive data from higher-risk sites.

She stressed being on the lookout for fraudulent emails, fake websites and social media accounts that impersonate trusted brands, and to verify the source before taking action. Avoid unsolicited emails or messages asking for personal or financial information, she noted.

Also of prime importance, Wilson added, is recognizing BEC (business email compromise) and investment scams. She explained scammers may spoof emails or offer fake investments and to always confirm payments or investments by contacting trusted sources. Be wary of too-good-to-be-true offers, especially high-yield ones such as cryptocurrency, Wilson noted.

Additionally, protecting against ransomware and credential attacks is of high importance. Ransomware, she explained, can lock and encrypt files, so regularly backing up important data is key.

Back to the password topic, Wilson urged attendees to avoid using the same password across sites to protect against credential stuffing attacks where hackers use stolen credentials to access multiple accounts, Wilson explained.

Some other key cyber security tips include using a password manager to manage and create strong, unique passwords easily; Avoid using public Wi-Fi, instead opt for a private network or VPN for sensitive transactions; Bookmark important sites, i.e. saving trusted banking sites to avoid phishing; and listen to the Risky Business podcasts to stay informed on cybersecurity news and insights.                                                                                                                    

—Mike Miazga reporting