Cybersecurity Awareness Month: Protecting Yourself and Your Legacy

Every October, the U.S. celebrates Cybersecurity Awareness Month, a time to spotlight the growing importance of cybersecurity and encourage individuals to protect their online presence. Launched in 2004, this annual event is a collaborative effort between government agencies, private companies, and the public to reduce risks from cyber threats. October is an ideal time to remind our Jacksonville clients that protecting themselves online is critical to safeguarding their legacy.

Why Cybersecurity Matters in Estate Planning

With seniors increasingly targeted by scammers, ensuring your cybersecurity is as strong as your estate plan is a vital part of legacy protection. Estate planning isn’t just about drafting wills or trusts. It also involves securing your financial and personal information. Cyber threats, particularly for seniors, can jeopardize retirement savings and inheritance plans, potentially leaving your loved ones at risk. Cybersecurity Awareness Month encourages everyone to consider the digital aspects of estate planning and to take proactive measures to protect your information.

Common Cyber Threats Targeting Seniors

Seniors are frequently targeted for cybercrimes because scammers see them as vulnerable and easier to exploit.  Seniors may be less familiar with the latest online security practices or might be more trusting of unsolicited calls, emails, or social media messages, which opens the door for criminals posing as legitimate contacts. Additionally, many seniors have substantial savings, such as retirement funds, which are attractive to cybercriminals.

As Bill O’Leary, a Jacksonville estate planning attorney, mentioned in his weekly “Thirsty Thursday” series, cybercriminals exploit these vulnerabilities, preying on seniors’ desire to help or stay connected. Phishing scams, impersonation schemes, and fraudulent tech support calls are just a few examples of how these bad actors manipulate victims. Read about The Top 5 Financial Scams Targeting Seniors.

Real-World Example of Cybercrime Devastation

One chilling example comes from a 76-year-old retired attorney who was scammed out of nearly $740,000 in his retirement savings. This case, reported by The New York Times, illustrates how easily scammers can manipulate well-meaning individuals. The scam began with a fraudulent notice from his 401(k) account, leading him to call a fake fraud department. Over time, multiple scammers posed as fraud investigators, using psychological tactics to convince the victim to transfer funds. Read about another story of a victim who lost her retirement savings to cybercriminals.

Such crimes are becoming more common. In 2023 alone, notes The New York Times, cybercrime cost seniors over $3.4 billion, according to the FBI. The financial and emotional toll is staggering, and in some cases, victims are left not only without their life savings but also with hefty tax bills.

Simple Steps for Jacksonville Seniors to Stay Safe Online

Cybersecurity Awareness Month emphasizes the importance of daily actions Jacksonville residents can take to reduce online risks. Here are some essential practices anyone can adopt to stay safe online:

1. Use Strong Passwords

Strong passwords are crucial for protecting your online accounts. Make sure your passwords are long, unique, and random, using a mix of upper and lowercase letters, numbers, and symbols. Consider using a password manager to help keep track of these secure passwords.

2. Turn On Multi-Factor Authentication (MFA)

Using MFA adds an extra layer of protection. When enabled, logging into your account requires not just a password but also a secondary form of verification, such as a code sent to your phone. This makes it much harder for scammers to access your accounts, even if they obtain your password.

3. Be Cautious of Phishing Scams

Phishing scams—fraudulent emails or messages that appear to be from trusted sources—are common. Never click on unfamiliar links or share personal information via email unless you’re absolutely sure of the sender’s authenticity. If in doubt, call the organization directly using a verified phone number to confirm the message’s legitimacy.

4. Keep Software Updated

Ensure your devices, such as computers, tablets, and smartphones, have the latest security updates. Software updates often include patches for newly discovered security vulnerabilities, making it harder for cybercriminals to access your system.

Cybersecurity and Estate Planning: What You Should Know

For estate planning clients, particularly seniors, cybersecurity is integral to protecting financial and personal assets. As Bill O’Leary, a trusted Jacksonville estate planning attorney, notes, digital security is increasingly intertwined with traditional estate planning services. Hackers can target online investment accounts, IRAs, and even health records. Without proper online defenses, the security of your estate plan could be compromised. Our article, Managing Digital Accounts After Your Death: Secure Your Online Legacy provides steps to protect the online accounts for a loved one who has passed.

Practical Tips for Securing Your Estate:

• Review Online Accounts Regularly: Keep track of all online accounts related to your finances and ensure they are protected by strong passwords and MFA.
• Limit Personal Information Online: Be mindful of what personal information you share on social media. Avoid posting sensitive details like your address, phone number, or financial information.
• Consult Your Estate Planning Lawyer: Your Jacksonville estate planning attorney can help you understand how to integrate digital assets into your overall plan. This might include storing important digital records securely and appointing a trusted person to manage your online accounts in the event of incapacitation.

Avoiding Cyber Scams and Preserving Your Legacy

Cybersecurity isn’t just a technical issue—it’s a critical part of preserving your legacy. Scammers are becoming more sophisticated, and seniors are increasingly their targets. As a Jacksonville estate planning attorney, it’s important to discuss these risks with clients and ensure their digital lives are as secure as their physical assets.

Awareness and skepticism can be your best defense. If someone reaches out to you asking for money or personal information, always pause and verify the request with a trusted friend, family member, or legal advisor. The cost of falling victim to a scam can be devastating—not only financially but emotionally as well.

Take Action to Protect Your Legacy

This October, use Cybersecurity Awareness Month as an opportunity to assess your online habits and fortify your digital defenses. Protecting yourself online is a critical part of ensuring that your estate, savings, and legacy remain secure.

If you’re concerned about how cyber threats could impact your estate plan, don’t hesitate to take the next step. Request a Discovery Call with Team Legacy to get started on securing both your physical and digital assets.