5 Ways To Protect Yourself From Cyber Attacks

In this digital age, our country’s retail infrastructure is quickly transitioning from credit cards to one-click shopping. The positive opportunities and rewards for each of us are clear – we can save time, money, and more choices for even better products. What is not so clear is the personal risk and exposure each consumer takes when we go to buy just one shirt from stores like Target TGT +0.29% or Neiman Marcus. How can we protect ourselves? As a lawyer, these are facts and advice to tremendous number of inquiries I have been receiving. Knowledge is power! Here are five key facts:

• Computer hackers are here to stay.
• Hackers are getting more sophisticated at penetrating companies’ firewalls.
• Target and Neiman Marcus were the most recent victims but there are more. The global aggregate information website Intelcrawler.com states that there are currently six retail merchants dealing with cyber attacks on their data.
• Companies will not let the public know about a cyber-security breach until there is factual evidence of a breach. According to The New York Times, the Neiman Marcus security breach began in July of 2013, six months before Americans heard anything about it.
• As consumers, Americans’ personal information is tied to corporate retail data.

Credit Cards (Photo credit: 401(K) 2013)

And here's what you can do in the future to protect yourself:
1. Set one day a week to monitor your credit card statements
One suggestion that may seem obvious is to carefully review your credit card statements as soon as you get them.  But once a month means it might be 29 days before you notice fraudulent behavior. Set a specific day once a week to review your statement.  When you review your bill, if anything stands out as being questionable or suspect, investigate immediately to determine if it was one of your authorized purchases.
2. Sign up for real-time alerts
Most banks and credit card companies have real time notification services that allow them to contact you in the event of a purchase attempt deemed “unusual.” Go to your bank account or credit card home page and set a purchase limit on your debit/credit card. When a purchase attempt is made over that set dollar amount, your can choose to receive a text message notification, an email and/or a phone call to validate the purchase. The momentary embarrassment of having a declined purchase is quickly forgiven when the cardholder realizes their hard earned money is being watched over by their financial institution.
3. Keep your private information private 
Unfortunately, there is a constant threat to your personal data whether you are on the go (cell phone, wallet, laptop) or at home (PC, home phone). Take extra precaution in giving information to unsolicited callers. The more you communicate, the more they learn. Many con artists make calls to unwitting consumers and are able to smoothly trick the listener into thinking that they are an authorized vendor.  A simple rule: do not provide your passwords or personal information to unsolicited callers. When searching new websites, to ensure its security, make sure there is a closed lock symbol at the bottom right of the screen.  Web addresses that begin with “https” are generally secure, and if you click on the lock symbol on the bottom right, it will display the same “https” address.
4. Routinely change passwords and make them strong
Creating strong passwords is important.  Coming up with obvious passwords such as your birthdate or initials do not pass muster.  Studies have shown that more than fifty percent of Internet users use weak passwords.  If you create passwords using your address, birthday or Social Security number, and this information is acquired via cyber theft, all of your personal data becomes vulnerable.  Be creative and make your passwords strong by using random combination of letters, number and symbols that have no connection to you or your family.
5. Subscribe to identity protection 
What the bad guys' malware does is sneak into private files, grab your credit card and personal information and sneak out. There are numerous Identity Protection companies who will monitor your credit cards, Social Security number and other data for a fee. Target is currently offering a free year of monitoring service through Experian . The service is legit and you will have the option to continue service at your expense after the complimentary 12 months.
Hopefully, your personal information or data is never obtained by cyber thieves. It is obvious that even the most secure computer networks are susceptible to attack. It is important to note that the Target/Neiman Marcus hack was a planned, co-operative attack on a precise target (pun intended). The retail industry allows for an easier path to a massive pool of consumer data versus the financial sector. One-third of all Americans will be affected by this recent data theft. Until retail corporations upgrade their cyber security protection, take the steps above to remain proactive. And don’t forget, cash is still accepted everywhere!
Paul Lopez is a partner at the Tripp Scott law firm in Ft. Lauderdale, Florida.