Almost every week, it seems, there are reports of personal data being stolen and potentially being used for financial fraud. Protecting your financial data effectively is essential.

These attacks are, if anything, getting bigger.

In June last year, for example, hackers broke into SingHealth's IT systems and stole the data of 1.5 million patients. More recently Marriott hotels revealed that hackers stole the data of more than 500 million hotel guests.

These are just a few of the thousands of incidents over the past year, and experts expect the number of attacks to increase.

While the impact of these incidents might seem remote or appear like they won’t affect you, the actual risks are huge. Once hackers get your personal information, such as your identity card number and birth date or credit card details, they can use it for online shopping or bill payments and more. That data can also make fake “phishing” emails seem more real.  

COSTLY CYBER ATTACKS

The costs of losing such information are high.

The latest Cyber Security Insights Report from cyber-security firm Norton showed that globally, hackers stole US$172 billion (S$237 billion) from 978 million consumers in 20 countries in 2017, with an average loss of US$142 for each victim and consumers needing to take nearly three full work-days off to deal with the aftermath.

Here in Singapore, Norton found, half of the people surveyed were victims of cyber crime and the average victim spent nearly two work-days dealing with the consequences. Part of that loss may be their own fault, though, since half use the same password for all their accounts and write their password down on paper. At least 20 per cent also do not back up their smartphones or laptops.

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MORE SOPHISTICATED ATTACKS

While cyber attacks are already sophisticated, they are getting even cleverer as hackers take advantage of new technology.

So far, the most common attacks here have come through email phishing and impersonation, such as fake emails that look like they come from companies such as Apple or PayPal. Some phishing emails contain extortion attempts, showing victims’ old passwords and warning that the hacker will expose their secrets if they don’t pay.

Cyber criminals are, however, getting more sophisticated and starting to use artificial intelligence (AI) to create more powerful and deceptive tools to attack consumers.   

Online publisher TechCrunch said that a newer scam is for cyber criminals to create malicious chatbots that socially engineer victims into clicking links to fake websites or downloading files and then sharing private information.

The cyber criminals are also starting to use AI to lure unwitting victims into making bad decisions. Attackers use web application flaws in legitimate websites to insert nasty chatbots into sites that actually don’t have them and misdirect victims to evil links rather than legitimate ones.

Security expert Sam Bocetta said in an article on digital publication Open Access Government that he expects to see more attacks on home-based Wi-Fi networks and other vulnerable devices, where the attacker captures the data as it goes from the sender to the Internet service provider.

WHAT CONSUMERS CAN DO

The threats are clear, risks are increasing, and costs can be high for anyone who is attacked. The key question for consumers then, is how to protect themselves and their financial data against increasingly sophisticated and dangerous cyber threats.

The most important step is to realise that pro-active protection is far better than dealing with the aftermath of a cyber criminal stealing your information and to take steps to safeguard your data.

Norton suggests that a few basic behaviours can make big strides in reducing cyber-crime risk.

• To start, you should protect your accounts with strong and unique passwords that use uppercase and lowercase letters as well as symbols and numbers.

• It is also essential to think twice before clicking on links or opening unsolicited messages and attachments.

• Avoid accessing personal information or social media on unprotected or public Wi-Fi networks, and visit websites on public Wi-Fi only if they use HTTPS security.

• Use Internet security software to protect your devices, and update your software regularly.

Basic as it may seem, you should look for poor spelling and imagery in emails, too.

Singapore’s Cyber Security Agency also suggests changing your passwords regularly, stopping to think before clicking on links or attachments in emails, turning off your Internet connection if you’re not using it, and backing up information on devices.

You should also monitor your accounts regularly, use two-factor authentication whenever you can, not reuse passwords, and avoid storing your credit card information online.

Browser-based security is becoming even more important, cyber-security firm Malwarebytes said, because rogue mobile applications are worming their way past security reviews in Google Play and iTunes as well as the web stores for browsers such as Chrome and Firefox, with sneaky social engineering tactics fooling consumers.

It is especially important to update your operating system and web browser regularly, enable their security functions, and install anti-virus software as well as personal firewall software. Automatic updates can make sure you are better protected, too.

While many of the steps may seem basic, it is also true that many consumers do not follow them.

Prevention is better than cure, as the old adage goes, and taking steps to protect yourself can help you avoid costly losses or time-consuming follow-up if you are targeted by a cyber criminal.