By: AnnaMarie Mock, CFP®
According to studies conducted through the University of Maryland, there is a hacker attack every 39 seconds affecting one in three Americans every year! By 2020, there will be roughly 200 billion connected devices, so the risk of data breaches is growing.
Many companies are turning to multi-factor authentication (MFA) to safeguard a user’s identity. MFA is a security method that uses multiple layers of credentials like one-time codes generated by applications, fingerprints, one-time codes sent via text or email, and personal security questions to verify a user’s identity.
The FBI warned in the October 2019 release of the Private Industry Notification (PIN) that cyber hackers are “circumventing MFA through common social engineering and technical attacks.” In the past, attacks on MFA were very uncommon and was treated as the golden standard for account protection. There is alarm over the growing reliance and confidence placed with MFA because the number of attacks will increase.
The purpose of this article isn’t to frighten you or convince you to go off the grid but to provide awareness against a growing concern. According to Cybinit, 95% of cybersecurity breaches are due to human error which involves weak passwords, interacting with fraudulent advertisements/ emails, and downloading malicious software. Microsoft reported that less than 0.1% of users were hacked with MFA. The FBI, also, released through PIN that MFA is still an effective security measure and should be added as a second layer of protection that works in tandem with other security measures.
As a user, you can protect yourself and personal data by recognizing cybercrime and taking basic precautions while online. Microsoft reported that there are over 300 million fraudulent sign-in attempts for their cloud-based services every day. This highlights the need for password security and effective authentication. To help prevent some cyberattacks, it is recommended to:
1) Use strong, unique passwords that includes a combination of various characters
2) Not repeat the same password on multiple sites
3) Regularly change your passwords
4) Install malware protection software and keep it up to date
By adding this extra barrier of protection alongside MFA, it limits the attacker’s ability to gain access. Not only do you have to protect yourself from fraud on the web but also, through in person interactions. In a previous article, "Don't Fall for These Common Financial Scams", I address some common scams, tips on how to avoid becoming a target, and reporting a fraudster attack if affected. If you have any questions, please reach out to your HIGHLAND team.
Author’s Bio
AnnaMarie Mock is a CERTIFIED FINANCIAL PLANNER™ and Partner at HIGHLAND Financial Advisors, LLC, a Fee-Only financial planning firm that offers comprehensive financial planning, retirement planning, employer retirement planning, and investment management. AnnaMarie graduated from Montclair State University with a degree in finance and management and successfully passed the CFP® national exam in 2016. She has been working at Highland Financial Advisors since 2013 as a fee-only, fiduciary Wealth Advisor and is a member of NAPFA.