We would like to thank all of you who joined us on Thursday, October 23rd, for our “Cyber Security for the Affluent” discussion and cocktails in New York City.
Our speakers, Paul Viollis, CEO of Risk Control Strategies, and William R. French, Vice President in Fidelity’s Customer Protection and Financial Intelligence Group, shared extensive knowledge on the cyber criminal’s business model, the most common attack vectors and our individual vulnerabilities. They provided a framework for understanding how to manage and mitigate the risks of becoming a victim of this growing epidemic by sharing some very important and simple ways to protect ourselves.
- To date, $520 billion in revenue to criminals is attributable to reported cyber crime.
- Preemptive protection is the best way to avoid becoming a victim.
- Once your identity is stolen, you can never get it back.
- There is no electronic eraser for personal information shared on the internet (i.e. Facebook).
- The affluent community has become a major target for cyber crime for two reasons: 1) money is available and; 2) money is least protected.
Cyber Fraud Business Model
- Criminals make a low investment for high financial return.
- Negative migration is key – criminals migrate to opportunities that are easy to exploit.
- At home…
Criminals hack into desktop/laptop computers via the internet router, which usually has no security installed.
- At luxury hotels & frequent flyer lounges…
Criminals hack into laptops or mobile devices via the publicly shared wireless internet.
Hackers penetrate the internet router and gain access to the company server and all information.
- Conduct vulnerability testing on desktop/laptop computers to assess if you have already been compromised.
- Install software/hardware to secure your internet router, at home and at your business.
- Remember, there is always potential contamination risk when using public Wi-Fi, so install disk-level encryption capabilities on desktop/laptop computers for additional security.
- Turn off Bluetooth on mobile devices!
- Never use personal identifying information as part of validation credentials.
- Delete emails containing personal identifying information from email accounts – never store information there.
- Embrace methods and procedures that establish 2nd and 3rd degree verification methods for financial transactions.
For those interested in hearing the discussion and sharing it with associates, family members and friends, a replay is now available. Click here to listen:
In addition, to access a copy of our convenient Investor Protection Checklist, click here:
Please use this as a guide to better protect you and your family from cyber fraud. If you are interested in additional protective measures and would like to speak to an expert in the field, please reach out to us for information.
We look forward to hearing from you!