Jun 11, 2024  | Tags: cyber security, risk

Our insights

Cyber security has never been more important.

The threat to your passwords, personal information and wealth has never been greater.

In recent years, we have seen huge organisations like the Nine Network, Medicare and Optus all hacked, costing them millions of dollars to resolve.

In the latter two cases, the private information of vast numbers of users fell into the hands of criminals.

A recent report unveiled that only 73 per cent of Australian government entities had a cyber security strategy in the 2022-23 financial year.

Astonishingly, it left more than one in four as sitting ducks and defenceless against an attack.

From a personal perspective, the greater your wealth, the more you have to lose.

Commbank revealed that there are 164 cybercrime reports daily in Australia with a great many more going unreported.

The time is now to review your cyber security infrastructure and ensure you have everything in place to protect yourself, your personal information and your wealth from being lost to thieves.

Here’s how:

Keep informed

Take an interest in the latest cyber security news.

Learn about the current threats as well as defence mechanisms and best practices to guard against attack.

Follow reputable cyber security news sources such as Australian Cyber Security Magazine.

Subscribe to alerts from relevant financial institutions and keep abreast of the latest scams and phishing techniques.

Educate yourself and your family members regarding the importance of staying vigilant against cyber threats and how to go about it.

Be alert to phishing scams

Phishing attempts may come in the form of unsolicited emails, text messages or phone calls requesting your personal information.

Some are extremely elaborate and appear genuine while others are far more rudimentary.

But all come with some telltale signs of their inauthenticity.

Many of you will have been bombarded by nightly text messages about missed payments for road tolls or companies purporting to be Coles regarding competition wins or rewards points about to expire.

These are all phishing scams coercing the receiver to click on a link and give up personal details.

As a general rule of thumb, clicking on unsolicited links sent to you via email or text is a bad idea.

Most financial institutions don’t do this.

Be aware of how the ones you are associated with contact you to help you detect scams more readily.

If you are cold called by someone purporting to be from a company you are aligned with, offer to call back on its primary phone number before giving up any personal details.

Use strong, unique passwords

It is imperative you use strong passwords that contain a mix of upper and lower case letters, numbers and symbols.

This holds particularly true for all your banking and investment accounts.

Cyber criminals use password cracking software that unlock simple passwords in seconds.

But their ability to crack more intricate passwords rises exponentially with every placing of a special character.

Using birthdays or common words is an absolute no-no.

Enable multi-factor authentication (MFA)

Use multi-factor authentication whenever it is offered.

It adds a crucial extra layer of security by requiring additional verification steps beyond just entering a password.

These steps usually entail a verification code sent to your phone or email.

Secure your devices

Ensure your devices run the latest available software.

Whether you use a PC or a Mac, providers are constantly updating their software to overcome known vulnerabilities which allow criminals to access your personal details.

It maintains the integrity of your system’s firewalls and security patches.

You should update software on all your devices including desktops, laptops, tablets, smartphones and watches.

Also, ensure your antivirus software remains up to date.

Encrypt your data

Encrypt sensitive data on your devices and cloud storage services.

The “cloud” is just another name for someone else’s hard drive, namely Apple or Microsoft.

So why would you leave your unencrypted sensitive information on someone else’s hard drive?

Encryption scrambles the data so it is unreadable without an encryption key, adding an extra layer of protection in the event it falls into the wrong hands.

Secure your internet network

Always secure your home or business wifi network with a strong, unique password and encryption.

Consider using a virtual private network (VPN) when connecting to public wifi networks to encrypt your internet traffic and prevent eavesdropping or attacks from outsiders.

Monitor your accounts regularly 

Regularly monitor your accounts for suspicious activity or unauthorised transactions.

Set up account alerts to receive notifications of unusual activity such as large withdrawals or logins from unknown devices.

Most financial institutions should be doing this by default.

Limit exposure of personal information

Be wary about sharing personal or financial information online, especially on social media platforms.

This includes your full name, birthdate, address, financial accounts and anything else that can help to identify you and is unique to you.

The more you share, the easier it is for someone to steal your identity and masquerade as you.

Consider professional cyber security services

Depending on the size of your assets and online footprint, you may want to consider employing professional cyber security services to protect them.

These companies conduct regular security assessments, monitor for potential threats and provide personalised recommendations for strengthening your security.

Get advice today

If you ever notice any irregularities with your accounts, passwords or cyber security infrastructure, it is vital you report it immediately to the relevant authority.

The sooner a breach is detected, the more likely you are to limit the damage.

Calder Wealth Management boasts an experienced team of financial planners and advisors who can assess and help you reduce risk relating to your wealth. 

We have built a rock solid reputation over several decades working with successful and satisfied clients.

We can help you devise and build a wealth management plan or cast a discerning eye over what you have in place to ensure it satisfies your life goals.

And we will help you put mechanisms in place to protect it.

Don’t take chances with cyber security.

Take action now to protect yours and your family’s wealth and personal information.

At Calder, we pride ourselves on leading our clients into the future with structure, financial stability and confidence. 

Contact us today.

Written by Ivana Sanzari

The information contained in this article is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.

Taxation, legal and other matters referred to on this website are of a general nature only and are based on Calder Wealth Management’s interpretation of laws existing at the time and should not be relied upon in place of appropriate professional advice. Those laws may change from time to time.

Calder specialises in wealth management with a focus on advice, investment, sustainability, insurance and finance.