How to Keep Your Online Assets Safe from Hackers

In the current “Information Age” as internet usage increases around the globe, more people are finding themselves dependent on digital assets including online banking and investment accounts, website domains, email accounts, electronic data and social media profiles, among others.

Since most online assets have financial value, they are the prime targets for a growing number of hackers. For this reason, protecting your online assets is very important as an organization or individual.

Herein are several effective ways through which you can protect your digital assets, based on information compiled by Security Gladiators.

1. Cyber Security Awareness

The first and ideally the most important step to ensure improved cyber security is increased user awareness. Most hackers prey on weakness, and it is common knowledge that the weakest link in any cyber security framework is often times the human factor.

A large percentage of security breaches happen as a result of users unknowingly allowing malware to enter their networks, by mishandling malicious files or websites. 

There are seven key types of cyber attacks orchestrated by hackers that computer users should be aware of:

• Malware attacks – Involve malicious programs that are introduced into computer systems to facilitate unauthorized access or cause system damage.
  
• Phishing attacks – Involve hackers sending emails with legitimate-looking links in order to collect sensitive information.
  
• DDoS attacks – The intentional overload of a server with requests in order to bring down a website or network.
  
• Advanced persistent threats – APT refers to a network attack whereby an unauthorized actor gains access to a network and stays undetected for a long period.
  
• Ransomware attacks – Involve programs that encrypt user or enterprise data. Attackers charge a fee for the decryption key.
  
• Password hacks – There are three types of password attacks; brute force, dictionary and keylogger attacks. Brute force attacks involve programs or scripts that attempt password combinations; dictionary attacks employ programs that cycle through combinations of common words; and key logger attacks use programs that track a user’s keystrokes.
  
• Inside attacks – Involve employees with system privileges misusing enterprise credentials to facilitate unauthorized system access.
  

A solid understanding of the nature of these threats to online assets is essential in implementing a security framework.

2. Secure Foundation

Protection of online assets starts with the protection of infrastructure—that is computers/laptops, mobile phones and servers. Once a hacker compromises infrastructure, then online assets are at great risk.

Computer users should ensure that their devices are protected with a strong password for logins. There are numerous sites that create complex passwords randomly. It is also not recommended to keep text files, spreadsheets or sticky notes with any user passwords. An encrypted password keeper such as LastPass is a great tool in this regard. 

The importance of anti-malware software cannot be understated. There are many ways through which malicious software can enter a system. Users have to invest in up-to-date antivirus software to defend their system against various types of malware. 

Enterprises can implement network or host-based firewalls to monitor and control incoming and outgoing traffic according to predetermined security rules.

Network firewalls monitor traffic between two or more networks and can be software appliances or hardware-based computer appliances. Host-based firewalls control network traffic in and out of a single machine. A combination of both types of firewalls ensures maximum protection from attackers.

3. Multi-Factor Authentication

Multi-factor authentication (or MFA) refers to a computer access control whereby a user is granted access following the presentation of several evidence components to an authentication mechanism.

The evidence includes several pieces that can only be known to the user. Two-factor authentication (2FA) is a form of MFA and is among one of the best ways computer users can protect their accounts. It confirms a user’s claimed identity through a combination of two distinct components. 

For 2FA, the user supplies a password and username while a third party provides a temporary security code via text. This way, a hacker has to have access to the user’s phone in order to access their account. Although there a few ways to circumvent 2FA, it often proves to be too much work for the majority of hackers.

4. Data Encryption

Data encryption is a major component of cyber security best practices, and for good reason. Encrypting all sensitive information such as bank routing numbers, credit/debit card credentials or social security numbers makes it nearly impossible for hackers to decipher this information.

According to Kaspersky Lab, data encryption protects stolen data, fosters security across all devices, ensures data is transmitted securely and guarantees data integrity.

5. Spreading Crypto-Assets

It is not uncommon for individuals to store more than they are comfortable losing on one exchange platform. Exchanges can be a great risk, especially to crypto assets.

Hackers rely on users keeping large portions of their assets on exchanges. Most exchanges control the keys to clients’ wallets. Exchanges have become prime targets for hackers in recent years, with millions of dollars of users’ money at stake. As such, users should avoid storing large amounts of funds in one account to reduce their chances of losing out in case of a successful hack.

There are many others ways users can protect their assets, including site-specific email addresses, disposable numbers, burner phones, regular password updates and practicing investment discretion. Users should ensure that they are regularly informed on emerging cyber security issues or trends.