Stay Alert
Adding extra support by incorporating multi-factor authentication, a sign-in process that requires a passcode plus additional information, could also strengthen threat prevention across all financial accounts, notes Steinhauer.
Furthermore, reviewing these accounts, financial statements and even Social Security benefits could aid in prevention, along with regularly updating antivirus software and using firewalls.
“To continue protecting themselves in the case of future data hacks, individuals should regularly monitor their financial accounts, including retirement, bank, and credit card statements, for any unauthorized transactions. It is crucial to use strong, unique passwords for all financial accounts and enable two-factor authentication to add an extra layer of security, “he said.
It’s up to clients to implement their first, and best, line of defense—to regularly monitor their savings and accounts, Steinhauer adds. “Timely action can mitigate the potential impact on retirement savings and overall financial health,” he said. “[Client should] always have a plan in place for responding to potential breaches, including knowing who to contact and what steps to take immediately.”
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.