In today’s increasingly data-driven world, protecting your digital identity has never been more important. Take a moment to consider all the websites that you entrust with some degree of your personal information: name, email address, physical address, phone number, date of birth, credit card number, and perhaps even Social Security number. Each piece of your information has a monetary value tied to it, as companies, websites, platforms, and even criminals compete for your data with the ultimate intention of turning a profit. This is a marketplace known as the “data economy,” and all of us are participants to some degree, whether we know it or not. This article discusses three best practices for increasing cybersecurity and protecting your digital identity.
Best Practices for Increasing Cybersecurity
On a high level, the ways in which organizations can use the information you share with them is determined by court decisions and government regulations. But, on a practical level, the ways that your information will be used is largely dependent on the integrity of the organization to abide by those rules and regulations. So, perhaps the most important thing you can do to protect your digital identity is exercise discernment and keen discretion in choosing which organizations you trust with your data. This includes everything from your name & email address to credit card or Social Security number.
The second line of defense to secure your personal identity lies in password protection. Passwords won’t prevent the organization itself from using your data in unauthorized ways, but it does protect against cybercriminals & their unauthorized access to your personal data. Since passwords are often the only line of defense between a hacker and your personal data, it is crucial to use passwords that are long, complex, random, and unique.
Creating a Strong Password
A strong password will increase the time and effort it takes for a hacker to crack your password. In many cases, adding additional characters & diversifying the character types used in your passwords can add hours or even days to the total time it takes for someone to crack your password. For example, the password “camouflage218” can be broken by an average hacking computer in about 13 minutes. However, the password “cAm0uglage*218” is significantly more complex and would take most computers thousands of years to crack.
Another important quality of a strong password is randomness. While it may be convenient to incorporate pet names, birthdays, or family members into your passwords, it’s also convenient for a hacker. A great way to increase password randomness is with a passphrase. A passphrase is a string of random words, such as “Upstate-Childhood-Paprika.” Passphrases serve to increase the randomness of a password without being overly difficult for the user to remember. In addition, passphrases generally result in longer passwords, another primary factor of a strong password.
The next, and equally important, step to increase overall password security is to create unique passwords for each of your logins. Unique passwords will reduce your overall exposure in the event one of your passwords is cracked or leaked. The password “Upstate-Childhood-Paprika” is extremely unlikely to be guessed by a hacking computer, but not impossible. If our hacker gets lucky, they’ve breached your account. If our hacker gets lucky AND you reuse that password, they’ve breached your life. A 2022 survey from LastPass found that only 12% of people always use unique passwords.
Using Two-Factor Authentication
Another fantastic way to increase your cybersecurity is by using two-factor authentication, also known as 2FA. Websites that use 2FA require you to enter an additional token, in addition to your initial password, before gaining access to the website. You’ve probably seen this before in the form of some code being sent to your phone via text or call, which you then must type in on your computer. It’s common for websites that contain sensitive data (like your bank account) to have these methods built in, and it is highly recommended that you utilize them whenever given the option. Yes, I know it’s annoying to have to pull out your phone or open an app each time you want to login to your websites, but according to the Cybersecurity and Infrastructure Security Agency (CISA), incorporating 2FA on your logins makes you 99% less likely to be hacked. In the world of data security, there is a common trade-off between convenience and protection. It’s ultimately up to you to weigh the pros and cons of each.
The privacy & security of our client’s data is an uncompromising top priority at Pathfinder Wealth Consulting. Our firm has implemented a variety of controls and policies to ensure the security of our systems and devices, as well as to safeguard the information of our clients. We encourage all individuals and businesses to adopt policies and form habits that will protect their online security and personal data.
Advisory services offered through Commonwealth Financial Network®, a Registered Investment Advisor.