What is Ransomware?

Ransomware is a computer virus that targets your computers digital files and literally holds them for ransom until a payment is sent for their release. So far this year, we have already experienced two widespread ransomware attacks: the WannaCry virus, back in May, and now the Petya virus in June. While these viruses are sophisticated, there are steps you can take to protect you investments against ransomware attacks.

Install/Update Anti-virus Software

It may be a nuisance, but every time you see a notification that your anti-virus software needs an update, run it. These updates are extremely important to keep up with changes to existing malware and viruses. If you don’t have any anti-virus software on your computer, GET IT!

Back-up Your Computer Files

Running backups can be one of the best safety nets if your computer becomes infected by ransomware. With the latest Petya virus, it reboots your computer and begins encrypting your files. If you have backed-up your files already, you can shut down your computer in the middle of this process. You can then reconfigure your hard-drive, reboot and restore back-ups.

Avoid Keeping Investment Documents on Your Computer

To make sure your investments are secure, you should not store sensitive files in open files on your computer. You can encrypt them yourself, but that does not always guarantee they will be secure against a ransomware attack. The best safety measure would be to store investment documents in hard-copy somewhere and immediately remove them from your computer.

Investor Resources

For more information on how to protect your investments against ransomware attacks, contact our team. Check out this USA Today article for more information on the Petya virus.

Online Trading Myths

• Online trades don’t go through brokerage firms
  • This is a pretty common misconception. Just because you don’t deal with a broker-dealer directly when making investments using online trading platforms, does not mean that you are not trading through a firm. As an individual investor, you do not have direct access to the securities market. All online trades are still facilitated through a brokerage firm.
• Online trade platforms do not feature live support
  • No matter what trading platform you use, you are always entitled to live support and advice. Most online trade centers feature a toll-free number or other point-of-contact if you’ve made an incorrect trade or need other investment information.
• Online trade transactions occur immediately
  • While online platforms facilitate turnarounds on trades it does not mean that transactions take immediate effect. Investments may still have a price or time limit attached to them, or you may be trading in high volumes, which can result in delayed transaction times. Other things, like your internet connection or browser speed may affect transaction times.
• Online trading is safer than in-person trading
  • You may think that broker-dealers are just out to take your money. This leads to the misconception that trading online is safe, because it cuts out the broker-dealer role. However, you can be your own biggest investment risk. Investors need to take careful consideration of their investment goals and trading limits before setting up an online account.

Investor Resources

You can find out more about online trading myths and other common misconceptions about securities trading on FINRA’s website. Contact us if you have more questions about online investing or protecting your investments.