Between 2017 and 2024, there’s been a significant increase in the estimated annual cost of cybercrime in the United States.
In 2024 alone, cybercrime costs reached an estimated 452.3 billion dollars, which is predicted to rise further in the coming years.
If you want to protect your money and your sensitive information, take a look at three simple strategies below for boosting your online security.
- Strengthen your passwords
To enhance your security online, create strong passwords for each account you own. These should be unique, so avoid using the same password across multiple sites.
One useful option is to use a password generator that can help you create strong passwords. This may offer numerous customizations to ensure your passwords meet each website’s unique requirements.
Typically, these passwords will be unique, long (at least 12 characters), and contain capital letters, numbers, and symbols.
If you’re worried about remembering separate passwords for each site, you can use a password manager alongside the generator.
A manager stores your login details securely using end-to-end encryption so you can access your accounts seamlessly and safely.
- Enable two-factor authentication
Another effective way to improve the security of your online accounts is to enable two-factor authentication (2FA).
This essentially means that a site will require two separate forms of verification before granting access.
The Federal Trade Commission says that “authentication factors fall into three categories: something you know, like a password, a PIN, or the answer to a security question.
Something you have, like a one-time verification passcode you get by text, email, or from an authenticator app” and “something you are, like your fingerprint, your face, or your retina”.
Only using one form of authentication is like “having one lock on your front door” whereas 2FA is like “having two locks on your door” making your accounts more secure and less vulnerable to hackers.
- Be vigilant against spoofing and phishing
It’s also important to remain vigilant against cybercriminals. Educate yourself on the tell-tale signs of spoofing and phishing so that you spot scams before you become victim to them.
Spoofing is when a cybercriminal manipulates you into thinking you’re interacting with a trusted source.
For instance, they may disguise “an email address, sender name, phone number, or website URL – often just by changing one letter, symbol or number” says the FBI.
They will then trick you into providing sensitive data, downloading malware, or sending money.
Always check the source before interacting with anything suspicious and don’t click on any links.
You could go directly to the person or company you think may have sent the message through a different, trusted form of communication to check if it’s a scam.
By following simple measures like these, you can improve your security online and protect your personal data from cyber threats.