6 Smart Cybersecurity Practices for Modern Investors

With the emerging technical evolutions, cybercrime rates are also increasing. As per reports, the global cybercrime rates have increased significantly after the COVID-19 pandemic. This is extremely concerning, especially for leading investors.  

When someone is investing in any blockchain platform, their credentials are the most vital thing that is prone to various malicious attacks. 

Especially if you are drafting your finances in Ripple’s blockchain asset, you have a few steps to take, starting by checking the current XRP price prediction and concluding by defining whether you’ll be holding for the short or long term.

Therefore, this is high time to move from our old cybersecurity techniques to modern ones. These security practices help identify threats and provide insights to utilize the right preventive measures. 

To commence this, you might need to keep yourself updated about the latest updates, complex setups, and even continuously spend on the services. 

However, if you still want to acquire knowledge of cybersecurity through a simple process and at no cost, then continue reading this article. This write-up has mentioned 6 smart cybersecurity practices for modern investors with some useful tips.

Key Takeaways

• The first step towards cybersecurity is to have a strong password, which blocks access of unwanted people to fetch the data.
• To enhance the protection, you must activate multifactor authentication, which increases the protective layer. 
• Always inspect email addresses, check links before clicking, and never download unopened attachments to prevent phishing scams.
• Consider using modern tools for home network security, because home Wi-Fi can be the easiest route for hackers to steal data.
• Lastly, keep yourself updated about the latest scams and their preventive measures.

  

Strong Passwords 

The strength of the password often feels like an ignorable burden. It’s usually taken seriously only when a platform requires it or after dealing with the aftermath of a cyberattack. But honestly speaking, poor password management is the cause of unnecessarily numerous broken accounts and access data. The easiest gateway that is accessed by hackers is none other than weak password protections. 

Joe Greenfield, an expert examiner at the investigation company Maryman, cites weak passwords as one of the most common culprits behind money theft cases among crypto owners. 

Ignoring app-based verification methods in favor of SMS authentication practices is also a cause of such events. The first thing that you should do to protect your online integrity is to regularly change passwords. 

There are so many ways to secure your credentials, like an inbuilt password creator and many trusted password managers. Regarding the latter, please use reputable resources – your digital wealth is your responsibility to begin with. 

Multi-Factor Authentication (MFA) 

Just as important is enabling multi-factor authentication (MFA), which requires a second verification step, such as a text message or authentication app code, before you can log into your accounts. This simple step blocks outright many intrusion attempts. 

According to Statista, more than 98% of organizations globally use more types of authentications, where SMS TOTPs (Time-based One-Time Passwords) top the list, followed by email TOTPs. On the same line, Mordor Intelligence’s estimations for the MFA market size of last year hit $ 18.12 BN. 

A compromised account means that an attacker has access to sensitive data and can cause real damage, regardless of the account type. Microsoft Teams has noticed that 99% of the people lack this criterion and become prone to phishing scams and password sprays.

Today’s Trivia 
The first recorded cybercrime was the theft of the French telegraph in 1834, which was stolen by two individuals to access the financial market information. 
(Source: Arctic Wolf)

Phishing Scams

Phishing emails and text messages are still among the most common and effective techniques for financial fraud. Scammers use email or text messages to trick you into giving away personal and financial information. 

They often impersonate investment firms, banks, or even government agencies in an attempt to trick you into clicking a malicious link and progressing with the hoax. But there are more than a few ways to protect yourself. 

Always verify email addresses, assess links before clicking, and never download untrusted attachments. If in doubt, go directly to the company’s website rather than accessing a link in a message. 

There is software that protects your computer from phishing and updates automatically when it is set to. Furthermore, mobile phones also ensure security against such threats by using specific software. Backing up data is another known tip that works. The list is longer, so conducting additional research can add a layer of protection.  

Intriguing Insights 
This infographic shows the most prevalent form of cybercrime.

Constant Software Updates 

Software updates are needed for numerous reasons, including bug fixes, performance boosts, and integration of new features. One thing that might often slip investors’ minds is, nevertheless, their online security. 

Keeping your software updated with security patches ensures a protective layer of threat protection. As many experts say, your devices and software are only as safe as their latest update. 

Outdated systems leave you vulnerable to security vulnerabilities and exploits, so you’re encouraged to regularly update your operating system, mobile apps, browser extensions, and any trading platforms you use. To better function, must enable the auto-update feature of your device.

Home Network Securing

Your home network is the connection point of many devices, making it a liability for secured credentials. A good starting step is to change the default router credentials, which are often publicly listed online. Ensure your Wi-Fi network is protected by a strong password and enable strong encryption (such as WPA3) 

Don’t neglect antivirus software, either. Modern tools provide real-time protection against malware, ransomware, and even phishing attempts.

Constant Account Monitorization 

Detecting threats early is key, which is why it’s important to make a habit of reviewing your bank and investment accounts regularly and looking for suspicious activity or unauthorized transactions. Many apps and financial institutions offer push or email alerts for large transactions or new logins, which you can take advantage of. 

If something seems strange, contact the designated institution immediately to block the account.

Reminder.

Cybersecurity is not a regular once-in-a-while task; it should be done regularly to mitigate compliance risks. As digital investing tools continue to grow in power and complexity, so too do the methods used by cybercriminals. 

With smart passwords, updated software, awareness of phishing, and so on, you can invest more confidently. 

Gaurav Rathore