October is Cybersecurity Awareness Month, a reminder that cybercrime is not just a concern for corporations — it affects individuals, too. You’ve likely read about high-profile data breaches impacting businesses, but the reality is that cybercriminals target personal information just as aggressively. The cost of cybercrime could rise by as much as 175% compared to five years ago, according to experts¹.
So, what can you do to protect yourself and your accounts against a data breach?
For most individuals, the strategy starts with two key steps:
Know what to do if you’ve had a data breach
Know what actions might help prevent one
While a complete cybersecurity plan for your financial matters is complex, here are two practical steps you can take from home today — one reactive, one preventative.
1. Credit Freeze — A Reactive Measure
A credit freeze is something you might do after learning of a potential breach or identity theft. It restricts access to your credit report, which contains information that could be used to open new accounts in your name. While it won’t stop a criminal from using an existing credit card if they already have your information, it can help prevent new lines of credit from being opened fraudulently.
This is a powerful reactive step to limit damage if your personal information has been compromised.
2. Password Manager — A Preventative Measure
A strong password is your first line of defense, but managing dozens of secure passwords can be a challenge. Unfortunately, many people still reuse passwords across multiple accounts — making them an easy target for cybercriminals.
A password manager securely stores your passwords in an encrypted “vault” and automatically fills them in when needed. While most browsers offer password-saving features, dedicated password managers are designed purely for security and convenience.
Start Small, Stay Secure
These two steps — placing a credit freeze and using a password manager — are simple yet effective actions you can take to protect yourself from cybercrime. Cybersecurity isn’t a one-time fix; it’s a continuous practice.
Take time this October to educate yourself, explore advanced security measures, and take action to protect your identity. A little effort today can help prevent headaches and financial harm tomorrow.
¹Source: Cybersecurity Ventures — The Cost of Cybercrime Report
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