October is Cybersecurity Awareness Month AND Financial Planning Month

Cybersecurity TIP
by Rob Ziobro, AVP Technology
Last week we learned how to secure our passwords, but do you know how to take your security to the next level? Add MFA to your account. Multifactor Authentication (MFA) is a security feature offered by many websites, applications and devices that dramatically improves account security. Sometimes MFA is also referred to as Two-Factor Authentication or 2FA. MFA refers to a system where there are more than two forms of authentication. MFA increases security because even if one authenticator becomes compromised (recall: brute forced passwords), malicious actors will be unable to meet the second authentication requirement, therefore blocking access to the targeted device, site, or system.

How does it work? Each additional authentication factor added to the login process increases security. A typical MFA login would require the user to present some combination of the following:

• Something you know: like a password or Personal Identification Number (PIN);

• Something you have: like a smart card, mobile token, or hardware token; and,

• Some form of biometric factor (e.g., fingerprint, palm print, or voice recognition).

What can you do? Check the Settings of your apps or the Account Settings and Privacy Settings of your web-based accounts for MFA, then turn it on, if it is offered. If it is not available yet, it most likely will be soon. Taking this extra security measure is a great way to solidify your logins and protect your accounts. Stay Safe!

Financial Planning TIP
by Rod Young, PFS/CPA, CFP^® – SVP / Financial Advisor

One common issue I see is people not understanding their 401k plan, and the various options. For example, most do not know if their plan offers a Roth account, and the potential benefits of the Roth versus pre-tax contributions. Perfect example is I just spoke with a client two weeks ago who helped his recently graduated daughter enroll in her employer’s 401k. He did not even think about the Roth option, but when I explained it to him, he was going to have her change her contributions from pre-tax to Roth. So, the planning tips here is: “take the time to learn about your 401k.”