You likely understand the importance of protecting your tangible assets, such as your home or car. Aside from ensuring they’re physically secure, you’ve probably taken out protection policies as an extra layer of defence.
But something less visible, yet equally vital to safeguard, is your personal data.
According to the Institution of Engineering and Technology, 3 in 4 Brits feel their data is not safe. This concern isn’t entirely misplaced: an average of one hacking incident occurs every minute, and around 14% of UK adults have already fallen victim to cybercrime.
With so much of your financial and personal life online these days, it’s essential to be aware of the risks.
28 January is Data Privacy Day, an international event that raises awareness of data protection and encourages you to take control of your online privacy.
This could be the ideal time to review how well your data is protected. Continue reading to discover why data protection matters so much and some practical ways you can reduce your risk of falling victim to cybercrime.
Cybercriminals can use your data to impersonate you and steal your money
Your personal data is incredibly valuable, and in some cases, it can be more useful to criminals than your physical possessions.
Indeed, there is a wealth of information about you online, such as your:
- Name
- Date of birth
- Address
- Bank details
- Account logins.
If the wrong person gains access to these details, they could use them to commit fraud, steal your money, or even impersonate you.
Identity theft can take months – or even years – to fully resolve, as you may need to repeatedly prove who you are to restore your accounts.
Since dealing with cybercrime can be stressful and unsettling, especially if it leaves you feeling vulnerable, it can also carry emotional costs.
In fact, research from Lloyds found that 69% of people who have fallen victim to fraud report an impact on their mental health.
Data breaches can also affect your long-term financial planning efforts. If criminals gain access to your investment or pension accounts, they could disrupt your plans by stealing your wealth.
You likely share more of your data than you realise, especially as services increasingly move online and your digital footprint continues to grow.
As such, protecting your data is about safeguarding your privacy and financial security, not just avoiding an inconvenience.
5 practical ways to protect your online data and remain secure
Thankfully, there are several steps you can take to reduce the risk of falling victim to cybercrime. Read on to discover five ways to protect yourself.
1. Ensure you have a strong password
Your password is often the first line of defence against data breaches. Yet many people still use simple passwords that are easy to crack.
For instance, the Guardian reveals that the most commonly used password in the UK is “admin”, followed by “123456”. Worryingly, the same source states that around 80% of data breaches are caused by weak passwords.
Creating a strong password means using a combination of letters, numbers, and symbols. It’s also prudent to avoid using obvious choices such as birthdays or names.
More importantly, each of your accounts should have a unique password. This means that if one of your accounts is compromised, the rest should remain secure.
2. Enable two-factor authentication where possible
Some online services allow you to enable “two-factor authentication”, which usually requires you to confirm your identity using a second method, such as a code sent to your phone.
Even if someone obtains your password, this additional step can prevent them from accessing your account.
3. Be cautious with any emails or messages
“Phishing” attacks are one of the most common methods cybercriminals use to steal your data. These often include emails or messages that appear to come from a trusted source.
They’ll ask you to click on a link, download an attachment, or even provide personal information, and they often create a sense of urgency.
If you are unexpectedly contacted or an email feels suspicious, it’s worth pausing before taking any action. Avoid clicking any links and instead visit the contact’s website directly.
4. Keep your devices up to date
Software and device updates often include security patches that fix known vulnerabilities, rather than simply introducing new features.
If you fail to update your devices and software, you may inadvertently leave them vulnerable to known threats.
It’s also worth using antivirus software whenever possible to add an extra layer of protection when downloading files or browsing the internet.
5. Regularly review your privacy settings
Many websites and online services collect more of your data than you might expect. However, most allow you to control what information you share and who can see it.
Regularly reviewing your privacy settings could reduce the amount of your personal data that is publicly accessible.
This could limit the information criminals can use to target you or answer your security questions to access your accounts.
Get in touch
We can help you manage your wealth so you can focus on keeping your data secure.
To find out more, please contact us by email at info@investmentsense.co.uk or call 0115 933 8433.
Please note
This article is for general information only and does not constitute advice. The information is aimed at individuals only.
All information is correct at the time of writing and is subject to change in the future.
