Cybersecurity Awareness Month: Maintain Your Online Safety

Why Cybersecurity Matters in Today’s Digital World

What would we do without our smartphones, tablets, and computers? These internet-connected devices allow us to connect instantly with friends and family, order food, hail rides, pay our credit card bills, and so much more.

Our devices offer many benefits and have become an integral part of our lives. However, we often forget that they also make it easier for people to steal our information or take advantage of us.

Cybersecurity threats can affect anyone, including older adults, families, and individuals managing important financial and estate planning information.

According to Forbes, data breaches increased by 72 percent between 2021 and 2023. Federal Bureau of Investigation (FBI) statistics show that reported global losses from internet scams grew from $3.5 billion in 2019 to $12.5 billion in 2023.

Hackers do not only try to steal sensitive information and money directly from individuals. They also target government agencies, contractors, and companies that store personal information.

Protecting your online accounts is an important part of protecting your overall financial security.

Common Cybersecurity Risks Affecting Older Adults

Older adults are often targeted by cybercriminals because they may manage valuable financial information, retirement accounts, healthcare information, or estate documents.

Common cybersecurity threats include:

• Identity theft
• Phishing emails and text messages
• Online scams
• Account takeovers
• Healthcare data breaches
• Fraud involving financial accounts

Cybersecurity Threat	How It Happens	How to Protect Yourself
Phishing scams	Criminals send fake emails or messages designed to steal personal information.	Do not click suspicious links and verify requests before sharing information.
Password attacks	Hackers gain access through weak or reused passwords.	Create strong passwords and enable multi-factor authentication.
Data breaches	Companies or agencies lose control of stored personal information.	Monitor accounts and consider fraud alerts.
Identity theft	Criminals use stolen information to open accounts or commit fraud.	Review credit reports and protect sensitive documents.

Recent Cybersecurity Breaches

On August 16 2024, The New York Times and The Washington Post both reported on a data breach at National Public Data (NPD). The company stores personal information for background checks.

NPD confirmed that hackers compromised Social Security numbers and other sensitive data. The full extent of the consequences remains unclear because officials have not released much information about the breach.

NPD recommends that consumers monitor their financial accounts closely and place fraud alerts on their files with the major credit bureaus.

In early September, the Centers for Medicare & Medicaid Services (CMS) disclosed a 2023 data breach. The breach included personal data such as protected health information, Medicare claims data, and personally identifiable information.

Hackers exploited a vulnerability in software used by Wisconsin Physicians Service Insurance Corporation (WPS), a CMS contractor.

The software company quickly fixed the vulnerability. However, an unauthorized third party copied files from the system before the fix occurred.

CMS and WPS are mailing letters to affected individuals. These letters explain the data breach and the steps individuals can take to protect themselves.

You can learn more about protecting personal information after a breach through the Federal Trade Commission’s identity theft resources.

Cybersecurity Awareness Month

In 2004, the National Cyber Security Division of the Department of Homeland Security and the nonprofit National Cyber Security Alliance started observing October as Cybersecurity Awareness Month.

October 2024 marks the 21st Cybersecurity Awareness Month.

Cybersecurity Awareness Month brings together government agencies and private companies. The goal is to promote cybersecurity awareness among internet users, encourage safer online practices, and generate discussion about national and global cyber threats.

Learn more about Cybersecurity Awareness Month through the Cybersecurity & Infrastructure Security Agency (CISA).

Tips for Creating Strong Passwords

Strong passwords are one of the simplest ways to protect your online accounts.

• Use at least 12 characters: The longer the password, the better. A minimum of 12 characters is recommended, though 16 or more is safer.
• Include a mix of characters: Use uppercase letters, lowercase letters, numbers, and special characters, such as @, !, #, and $.
• Avoid common words and phrases: Do not use easily guessed information, such as your name, birthday, or simple phrases like “password123.”
• Try passphrases: A passphrase uses a sequence of random words, numbers, and symbols. For example, “BlueElephant$#74Fly” is both memorable and secure.
• Update passwords regularly: Review passwords periodically, especially for financial and healthcare accounts.
• Enable multi-factor authentication (MFA): MFA adds another layer of security by requiring additional verification.
• Avoid password reuse: Using the same password across multiple accounts increases your risk if one account becomes compromised.

Password Managers

If remembering unique passwords becomes difficult, you can use a password manager to simplify the process.

A password manager helps you store, manage, and generate strong passwords for your online accounts. You only need to remember one strong “master” password.

Benefits of Using a Password Manager

• Strong, unique passwords: Password managers create complex passwords and help prevent password reuse.
• Ease of use: They securely store passwords and reduce the need to write them down.
• Encryption and security: Most reputable password managers use encryption to protect stored information.

Reliable password managers include LastPass, Dashlane, 1Password, and Bitwarden. Many offer features such as multifactor authentication, secure password sharing, and dark web monitoring.

Protecting Your Digital Assets as Part of Estate Planning

Cybersecurity is also becoming an important part of modern estate planning.

Many people store valuable digital assets online, including:

• Online banking information
• Investment accounts
• Cryptocurrency
• Digital photos and files
• Social media accounts
• Email accounts

Including digital assets in your estate plan can help your loved ones understand how to access important information if you become unable to manage your accounts.

Learn more about creating an estate plan and protecting your family’s future.

Frequently Asked Questions About Cybersecurity

How can seniors protect themselves from online scams?

Seniors can reduce their risk by using strong passwords, enabling multi-factor authentication, avoiding suspicious links, and monitoring financial accounts regularly.

What should I do after a data breach?

After a data breach, monitor your accounts, update passwords, consider placing fraud alerts, and review your credit reports for suspicious activity.

Why is cybersecurity important for estate planning?

Cybersecurity helps protect digital assets, financial accounts, and personal information that may become part of your estate.

Learn More About Staying Safe Online

Cybersecurity Awareness Month provides the perfect opportunity to evaluate your online security practices.

By creating strong passwords or using a password manager, you can reduce your risk of becoming a victim of cyberattacks.

In an increasingly connected world, proactive cybersecurity measures remain essential.

If you have questions about protecting yourself online or want to report a cyber issue, visit the Cybersecurity & Infrastructure Security Agency (CISA) website.

You can also contact your estate planning attorney. They can discuss your specific situation and potential options with you.