How to Protect Your Data in 2024

As our digital landscape evolves, safeguarding personal and financial data has never been more crucial. Over the past four years, the number of reported scams has quadrupled. In the first half of 2024 alone, Australians reported over 81,000 investment and personal data scams to Scamwatch, a significant increase from 79,225 in 2023, with recorded losses exceeding $100 million.

Source: Scamwatch 2024

Data protection is vital due to the rapid growth in data generation and the increasing sophistication of cyber threats. In Australia, both businesses and individuals are heavily reliant on digital platforms, making them vulnerable to data breaches and cyber-attacks. Ensuring data privacy and security is not only a legal obligation, as per the Notifiable Data Breaches (NDB) scheme and the Consumer Data Right (CDR), but also essential for maintaining client trust.

Our Commitment to Data Security

At Viridian, we prioritise data security. Carl Nys, our Information Security Manager, states that “the cornerstone of our strategy is our sustained investment in ISO27001:2022 certification and our goal to achieve SOC II certification. These certifications ensure we meet the highest standards of information security and incorporate continuous improvement programs to enhance our cyber security initiatives.”

Tips for Protecting Your Data

Here’s how you can protect your data and financial well-being in 2024:

1. Protect Personal Information: Be cautious when sharing personal or financial information. Verify the recipient’s authenticity before disclosing any sensitive details.
2. Use Strong Passwords: Protect your devices and accounts with strong, unique passwords. Consider using a password manager.
3. Enable Two-Factor Authentication (2FA): Adding an extra layer of security to your accounts by enabling 2FA can significantly reduce the risk of unauthorised access.
4. Install Security Software: Use reliable antivirus and anti-malware software to protect your devices from malicious attacks.
5. Keep Software Updated: Regularly updating your operating system, software, and apps helps protect against security vulnerabilities that cybercriminals can exploit.
6. Be Wary of Unsolicited Contacts: Ignore unsolicited emails, phone calls, or messages asking for personal information or offering investment opportunities. Legitimate organisations will not ask for sensitive information this way.
7. Use Platforms that Adhere to ISO 27001 Standards: ISO 27001 is an international standard for information security management systems (ISMS). Compliance with this standard demonstrates a commitment to information security and enhances trust with clients and stakeholders.

Rising Scams & Theft

Based on recent data, investment scams have caused the highest financial losses, with Australians losing over $82 million and more than 3,400 reports in the first half of 2024. Scammers use convincing marketing tactics and new technology to make fraudulent investments seem legitimate, often promising high returns with minimal risk and using pressure tactics to hasten decisions.

Source: Scamwatch 2024

Key Strategies to Protect Yourself:

• Investment Scams:
  • Be sceptical of high returns promises. If it sounds too good to be true, it probably is.
  • Verify the legitimacy of investment promoters through ASIC and ACCC websites.
  • Consult with a licensed financial adviser before making any investment.
  • Report suspicious investment offers to Scamwatch and ASIC.
• Identity Theft Protection:
  • Regularly review your bank and credit card statements for unauthorised transactions.
  • Use secure, encrypted connections when accessing sensitive information online.
  • Shred documents containing personal information before disposal.
• Awareness and Education
  • Stay informed about the latest scams by visiting moneysmart.gov.au and scamwatch.gov.au.
  • Share knowledge about common scam tactics with friends and family.
• Actions if You Become a Victim
  • Report scam attempts to Scamwatch, ASIC, and local police.
  • Cease communication with the scammer and stop sending money.
  • Seek help from support services like IDCARE for identity theft and other cyber issues.
  • Keep detailed records of all interactions with the scammer and any financial losses incurred.

By following these strategies, you can significantly reduce the risk of falling victim to scams and protect your data in 2024. At Viridian, we are committed to helping you secure your financial future. For more personalised advice, feel free to reach out to our team of experts. Stay safe and informed!