Finance and Cybersecurity



What is Cybersecurity:


Cybersecurity is the protection of sensitive information located online, computer hardware and software, and exploitation of services. Cybersecurity protects against cybercrime committed by malicious actors, or hackers. It may not occur to you, but cybersecurity can be very important for your financial health.


Bad Cybersecurity Practices:


The most common bad practices include running obsolete operating systems and software, browsing unsafe websites, being scammed, connecting open networks and public Wi-Fi, and having bad passwords.


An important effect of using obsolete software or operating systems is that they are often not being updated or supported. That can make it easy for malicious actors to hack into. Outdated operating systems, where they may lack data protection provided by an updated version, can easily be the target of ransomware.


Also, you should not browse unsafe websites or click on unknown links. These unsafe websites may sound interesting, but can actually be a malicious link. This doesn’t just happen when you are browsing, it can also happen when you receive phishing emails. So, before clicking on any websites you should check where the link leads first by hovering over it.


This goes without saying, but if you have been scammed, it’s likely that your security has been severely compromised. There are some ways to avoid being hacked again, like changing your passwords and using more security layers like multi-factor authentication.


You should avoid using open networks, or doing anything sensitive on public Wi-Fi. Devices that use open networks or public Wi-Fi can get easily hacked because no password is required to access those networks or Wi-Fi.


Lastly, one of the biggest factors in getting cyber attacked is having weak passwords. Don’t use passwords that are simple, short, and easy-to-remember. This allows malicious actors to have an easier time guessing your passwords and compromising your information.


How Does This Relate to Finance:


Today, many people use the internet to go about their business including organizing their finances. Keeping bad cybersecurity practices can prove to be detrimental to your financial health. For example, if your device has ransomware, you may need to pay it off if you want your information back. The amount may or may not be manageable. Next, malicious links or phishing emails can steal your information. For example, an email may be masquerading as a reputable company when in fact it wants you to input your credit card number to access your bank account. This can also happen when using public Wi-Fi, where malicious actors may see your online banking password as you are accessing it over a public network. In all, be safe on the web and make sure that you are always following best practices to protect your financial wellness.


Written by Allie Chang


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