Cybersecurity Awareness: Strengthening Your Digital Security

Protecting your financial well-being involves more than managing your investments. It also means safeguarding your personal and financial information. As technology continues to evolve, so do the tactics used by cybercriminals. That’s why we want to highlight an important shift in how the financial industry approaches digital security. While we’ve covered some of these topics in previous articles, we hope much of this serves as a helpful refresher. In recognition of Cybersecurity Awareness Month, let’s take another look at several important cybersecurity best practices.

For years, cybersecurity focused on building digital walls around corporate systems. Today, because we all connect from smartphones, home offices, and various public networks, your digital identity (your username and password) has become the new perimeter.

Why Hackers Target People, Not Systems

Most data breaches happen not because a system was forcefully broken into, but because an individual was tricked into handing over their login details. Phishing emails and scam messages designed to look like trusted institutions are increasingly sophisticated. Furthermore, reusing passwords across multiple websites puts your entire digital footprint at risk if just one unrelated site is compromised.

Moving Beyond Standard Passwords and Text Codes

You are likely familiar with Multi-Factor Authentication (MFA): logging in using a password plus a secondary step, often delivered through a text message code. While text codes are helpful, cybercriminals have found ways to intercept them. To stay ahead, the financial industry is shifting toward phishing-resistant MFA, which includes:

• Authenticator Apps: Apps that generate secure, temporary verification codes on your phone.

• Passkeys and Biometrics: Using your phone or computer’s built-in facial recognition or fingerprint scanner.

• Physical Security Keys: Small USB devices that confirm your identity during login.

These advanced methods significantly reduce the likelihood that unauthorized individuals can access your accounts, even if a password is intercepted. Behind the scenes, protecting client information remains a top priority. JMG employs multiple layers of security designed to help protect sensitive information, restrict access to authorized users and systems, and monitor for potential threats. However, cybersecurity is a shared responsibility, and some of the most effective protections begin with everyday habits. Here are a few simple steps you can take to strengthen your own security.

Simple Steps You Can Take Today

• Enable Strong MFA: Turn on multi-factor authentication for your financial accounts and email accounts, opting for authenticator apps or biometrics instead of text message codes when available. While text message MFA provides added protection, we recommend migrating to more secure authentication methods whenever possible.

• Use Unique Passwords: Avoid reusing passwords across different websites. A trusted password manager can help you manage unique credentials securely. We recommend using a password manager such as Bitwarden, 1Password, or Dashlane to store and manage your unique and complex passwords.

• Check for Compromised Accounts: Visit www.haveibeenpwned.com to see whether your email addresses have appeared in known data breaches. If any of your accounts have been exposed, update those passwords immediately and enable MFA if it is not already in use.
• Verify Before You Click or Tap: If you receive an unexpected communication asking you to log in or verify details, do not click the links. Instead, go directly to the official website where you can usually find a message center to verify communications. When that can’t be done, call the company to verify the communication.
• Use Secure Methods to Share Sensitive Information: Avoid sending Social Security numbers, account numbers, tax documents, or other sensitive information through regular email. When sharing Personally Identifiable Information (PII), use secure portals or encrypted email whenever possible. JMG provides the secure ShareFile portal and can also provide encrypted email to help protect your information.

• Be Careful What You Share With AI Tools: AI assistants can be helpful for research, writing, and productivity, but avoid entering sensitive personal, financial, or account information into these services. Before submitting information, ask yourself: Would I be comfortable if this information were stored by a third party or used to improve a service? If the answer is no, do not share it.

As we recognize Cybersecurity Awareness Month, take a moment to review your digital security habits and stay alert to evolving threats. Protecting your digital identity is one of the most effective ways to safeguard your personal and financial information. Small actions, such as verifying unexpected requests, using strong passwords, and enabling multi-factor authentication, can significantly reduce your risk and help keep your accounts secure. For more cybersecurity guidance and educational resources, visit www.aboutschwab.com/cybersecurity.

Important Disclosure

This content is provided for educational purposes only. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this writing serves as the receipt of, or as a substitute for, personalized investment advice from JMG. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. JMG is neither a law firm, nor a certified public accounting firm, and no portion of the content provided in this writing should be construed as legal or accounting advice.

A copy of JMG’s current written disclosure Brochure discussing our advisory services and fees is available upon request. If you are a JMG client, please remember to contact JMG, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services. JMG shall continue to rely on the accuracy of information that you have provided.