One Simple Way to Stop Identity Theft

Last year the most cyber attacked industries were:

  1. Healthcare
  2. Manufacturing
  3. Financial Services
  4. Government
  5. Transportation

Millions of people had their private information misused or stolen for the purposes of criminal gain. In some instances, that resulted in the hackers creating new identities; while in others cases, the data was held hostage and the perpetrators requested ransom from the organizations who collected the information in the first place.

The financial severity of these breaches has far surpassed what experts believed was possible only a few years ago. According to “The Threat is Real: A Look At the Cybersecurity Opportunity, CIBC Industry Update August 23, 2017”, cyber security breaches are costing the economy trillions of dollars. Canada’s portion of loss is inching close to $200 billion every year. No wonder there is a healthy growing trend with investors to put their money towards companies and investments that protect against cyber security breaches as evidenced by the recent launch of CYBR

According to Daniel Tobok of Cytelligence the data breaches we see today are increasingly more sophisticated. But, there is one easy way to combat them. “Keep your information safe online by changing your passwords regularly; especially for sensitive financial information.” The reality is that we are all susceptible to having our data compromised, “It’s a matter of when, not if. But, we can proactively protect ourselves by being vigilant with what we share, use common sense and ensure we hold companies accountable that control our data.”

 

Ready to get into the habit of changing your passwords regularly? Follow these tips:

  • Mix in a combination of numbers, letters and symbols
  • Don’t save your passwords anywhere unless it’s with a secure encryption program
  • Avoid common phrases or words closely associated to you
  • Use a two-factor identification process such as a password plus a security question or a password plus a secure code texted to your mobile device

Our team has found additional helpful tips to stay safe online on TELUS WISE.

 

 

 

 

 

 

Lesley-Anne Scorgie is a personal finance expert, best-selling author and host of LA TV.