In today's interconnected world, cybersecurity has become necessary to combat potential cyber-attacks on individuals, large corporations, and everyone in between. With more personal, financial, and professional data being stored online – from banking and shopping to managing confidential information – the risk of cyber threats continues to grow. Here we will explore what cybersecurity is, a few methods hackers use to steal data, and some best practices to protect yourself and your data.

Cybersecurity refers to the practice of protecting systems, networks, and data from digital attacks or unauthorized access. It serves as a defense mechanism against various cyber threats such as phishing and malware, with the goal of upholding data confidentiality, integrity, and availability. Cybersecurity works to prevent unauthorized access and includes protecting against attacks such as phishing scams, data breaches, and more.

While cybersecurity is established as a safeguard against online attacks, the human element remains the first line of defense and one that can be easily breached. Without properly exercising caution, individuals are vulnerable to manipulative phishing tactics, typically presented as “urgent action needed.”

Phishing is a form of social engineering where attackers disguise themselves as trustworthy entities with the intent to trick victims into revealing personal information. There are multiple ways phishing is carried out, but the general tactics include email phishing, SMS phishing, phone call scams, fake websites, fake social media accounts and fake online shopping/delivery notifications. According to Verizon’s Data Breach Investigations Report, the human element is involved in 3 out of 4 of errors in data breech.

For example, you receive an email that appears to be from your bank or financial institution, that requests that you "verify your account information." However, unbeknownst to you, the email includes a link that directs you to a fake website designed to steal your login credentials.

So, how can you go about identifying phishing scams and protect yourself and your data?

Always exercise caution when sharing confidential information or conducting personal business via email to prevent identity theft risks.
For phone calls, if you are ever suspicious, you can hang up and immediately call the number provided on your advisor’s company website.
Instead of clicking on suspicious links, hover over them to view the full URL. Avoid clicking if the URL does not match the expected sender.
Verify the sender's domain name in the email address to ensure it aligns with your expectations.
Enabling multi-factor authentication (MFA) can be an added layer on security, specifically on email, banking, and social media.
Keep software and systems updated to ensure security for known vulnerabilities in the software.
Visit Schwab to learn additional tips for preventing fraud.

Cyber threats are becoming more sophisticated and widespread, but by understanding the tactics hackers use and taking proactive steps to protect yourself, you can significantly reduce your risk of falling victim. If available on your accounts, enabling MFA and staying aware of phishing attempts, are powerful and highly recommended ways to safeguard your digital life. If you have additional questions on how best to safeguard your data, please feel free to call our office at 503-292-1041.

Andreas Steven, MCS is Chief Operating Officer at Allen Trust Company where he ensures that our company’s operational controls, administrative and reporting procedures, and technology systems are in place to effectively achieve that vision. To speak with Andreas Steven, please contact our office at (503) 292-1041 or via email at info@allentrust.com.

Cybersecurity & Infrastructure Security Agency. "What Is Cybersecurity?" CISA, 1 Feb. 2021, https://www.cisa.gov/news-events/news/what-cybersecurity.

Federal Trade Commission. "Phishing." FTC, https://www.ftc.gov/business-guidance/small-businesses/cybersecurity/phishing.

Verizon. "2023 Data Breach Investigations Report: Frequency and Cost of Social Engineering Attacks Skyrocket." Verizon, 6 June 2023, https://www.verizon.com/about/news/2023-data-breach-investigations-report.

Kenton, Will. "Social Engineering: Types, Tactics, and FAQ." Investopedia, 27 Mar. 2022, https://www.investopedia.com/terms/s/social-engineering.asp.

Charles Schwab. "Tips for Preventing Fraud." Schwab Advisor Services, https://advisorservices.schwab.com/resource/tips-for-preventing-fraud.

Protect Your Data: Cybersecurity Strategies Everyone Should Know