As cyber attacks are on the rise, it is important that all Morgan Stanley employees ensure that they are using good password habits and multi-step verifications to protect the company data, recommends Michael Corgiat, a representative of The Retirement Group, a division of Wealth Enhancement Group.

It is therefore important that Morgan Stanley employees take conscious measures to prevent their personal and company data from being compromised by ransomware attacks by being aware of phishing scams and ensuring that their systems are up to date, stresses Brent Wolf, a representative of The Retirement Group, a division of Wealth Enhancement Group.

Here are three brief main topics for your article:

1. The Colonial Pipeline attack and other recent ransomware attacks on critical infrastructure.

2. How ransomware works, and the rising risk to people and businesses.

3. Some practical ways to secure electronic information, with a focus on good passwords and other safety tips.

Have you noticed that gas prices in your area are through the roof? Colonial Pipeline, which carries almost 50% of East Coast crude oil from Texas to New Jersey halted operations on May 7, , after a ransomware attack. The pipeline was restarted in one week after Colonial paid the $4.4 million ransom, after the group behind the attack notified the company of the breach.

Although there was enough gas in storage to stabilize demand, panic buying led to shortages on the East Coast of the United States and pushed the national average gas price above $3.00 per gallon for the first time since although there was enough gas to meet demand.[1]. Ransomware has been around for some time, but the Colonial Pipeline attack highlighted the risk to critical infrastructure and triggered a strong federal response. Interestingly enough, the DOJ was able to recover most of the ransom, and DarkSide, the group behind the attack, announced that it would be halting its operations.[2.]

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The Department of Homeland Security has issued new rules that require critical pipeline owners and operators to report cybersecurity incidents within 12 hours and review their cybersecurity posture and submit the results within 30 days.[3] As we have seen the incident has underscored the need for government efforts to improve the nation’s cybersecurity and to form an international partnership to hold nations that shelter cybercriminals accountable.[4.]

Malicious Code:

Protecting Your Data:

Conclusion:

Think of your digital information as a valuable property, like a family heirloom. This is why it is crucial to protect your data from ransomware as you do with your valuable items. Ransomware can be regarded as a clever burglar who steals your digital family heirloom and demands a ransom for it. By using strong passwords, having anti-virus software and being careful of phishing, you are in a way locking the digital safe. Another way of protecting your data is to make sure that you are backing up your data. This is because just as you would keep a copy of your heirloom in a different place, you do not want to leave your precious assets unattended. Hence, it is crucial to be proactive in protecting your digital assets so that you do not lose control over them.

A Roth IRA conversion decision hinges on your full tax picture, including the employer benefits Morgan Stanley provides. According to publicly available information, Morgan Stanley does not maintain a traditional defined benefit pension plan, making your 401(k) plan and personal savings the primary vehicles for retirement income. Morgan Stanley does not appear to offer a formal retiree healthcare program, so healthcare coverage planning before Medicare eligibility at age 65 is an important consideration. We encourage you to review your Summary Plan Description (SPD) or speak with Morgan Stanley's HR or benefits team for the most current details.

Sources:

2. National Council on Aging.  Improving Personal Cybersecurity: 5 Tips for Seniors . .  ncoa.org .

3. Texas Department of Information Resources.  Cybersecurity Tips for Retirees and Retirement-age Individuals . .  dir.texas.gov .

4. Wyoming Enterprise Technology Services.  Seniors Online Safety Tips . .  ets.wyo.gov .

5. Florida Senior Consulting.  Cybersecurity Guide for Seniors: A Update . .  floridaseniorconsulting.com .