A Look at Cybersecurity in a Changing World

As Bradley, Foster & Sargent celebrates 30 years of service, we reflect on the changes we have seen. One that stands out is the significant transformation of the financial services industry, shifting from paper-based to digital.

In 1994, financial transactions and communications were primarily recorded on paper and exchanged through the U.S. Postal Service. Clients received paper statements, and face-to-face meetings were the standard. Financial records were stored in physical filing systems and document warehouses, where fraud often required physical access. Today, we live in an interconnected, digital world. Transactions are conducted online, and seamless data sharing between financial parties is the norm. While this has introduced new conveniences, it comes with greater and different risks as cybercriminals can exploit vulnerabilities from anywhere around the world. This new environment requires vigilance and proactive measures to protect personal and financial information from cyber threats.

While BFS is not a cybersecurity firm, sharing best practices to help our clients protect themselves is an emerging aspect of our role as a trusted advisor. The following steps can help safeguard sensitive information:

• Strong, unique passwords make it more challenging for hackers to break into your accounts. Use strong, unique passwords for every account.
• Avoid predictable choices such as birthdates, addresses or the word “Password.”
• Consider using a password manager to create and securely store passwords.

• MFA adds an additional layer of security by requiring a second form of verification. MFA is a standard security measure for many banking, brokerage, healthcare and even email platforms.
• Current methods include receiving a code via text or email, using an authentication app, or approving access through the company’s app.
• Where possible, enable MFA to secure important accounts.

• The leading method for cybercriminals to gain unauthorized access remains phishing emails. These emails encourage the recipient to click on links or open file attachments that masquerade as ordinary pictures or PDFs.
• Verify the legitimacy of emails before clicking links, opening files or sharing information.
• Visit websites directly by typing their URLs or calling the organization to avoid unintentionally enabling access.

• Most financial firms provide real-time alerts for different types of activities, including purchases, withdrawals and other payments.
• Set up alerts for suspicious activity on accounts.
• Review financial statements frequently to identify unauthorized transactions.

• While public Wi-Fi networks are a great convenience, the network security on many is lacking.
• Disable automatic public Wi-Fi connections on devices.
• Avoid accessing sensitive accounts, such as banking, on public networks.
• If public Wi-Fi is necessary, use a Virtual Private Network (VPN) for added security.

• Avoid oversharing on social media platforms.
• Restrict the information that could be used to impersonate or compromise accounts.

Thirty years ago, computer crime was a relatively new concept. Today, cybercrime has evolved into a complex global threat that requires constant vigilance and proactive defense measures. The financial services industry has adapted by prioritizing client education, data security, and secure communication methods.

While the tools and threats may have changed over the past 30 years since our inception, our commitment to serving as a trusted advisor has not. This includes helping clients protect their financial information and navigate the complexities of today’s digital world.

For additional resources or questions about protecting personal information, reach out to us. Security is a shared priority, and BFS is here to help clients navigate these challenges with confidence.