In today’s world, everything is digital—especially our finances. But what happens when a cyberattack targets the very systems that keep our money moving and secure? It’s not something we like to think about, but being prepared can mean the difference between a minor inconvenience and a major disaster. When financial systems go offline due to a cyberattack, it’s important to act fast and stay calm. In this guide, I’ll walk you through 15 crucial steps you can take to safeguard yourself and your assets when the worst happens. Trust me, a little preparation now will save you a lot of trouble later.
1. Stay Calm and Assess the Situation
The first thing to do is not to panic. Cyberattacks can be chaotic, but the key is to stay level-headed. Take a moment to assess what’s going on—are all financial services down, or is it just a particular institution? Gather as much information as possible before acting.
2. Disconnect From the Internet
If the attack involves your personal devices, immediately disconnect from the internet. This will help prevent further damage or unauthorized access to sensitive data. Shut down your Wi-Fi or unplug your router if necessary.
3. Monitor Official Announcements
Authorities and financial institutions will often release information during a cyberattack. Keep an eye on trusted news sources, government agencies, or your bank’s official channels to stay informed about what’s going on and any recommended actions.
4. Contact Your Bank or Financial Institution
Reach out to your financial institution as soon as possible. Use a secure phone line, and avoid using the internet or email, which could be compromised. Ask if your accounts have been affected and what they are doing to protect your funds.
5. Change Passwords Immediately
If you suspect your financial accounts may have been compromised, change your passwords immediately. Use a strong, unique password for each account and enable two-factor authentication wherever possible to add an extra layer of security.
6. Review Your Account Activity
Look over your recent account activity for any suspicious or unauthorized transactions. Even if your bank’s systems are down, you may still be able to access certain aspects of your accounts. Report any issues to your bank right away.
7. Freeze Your Credit
In the event of a serious breach, freezing your credit can prevent hackers from opening new accounts in your name. Contact the major credit bureaus—Equifax, Experian, and TransUnion—to request a freeze.
8. Secure Any Backup Funds
If financial systems are down for an extended period, you might need access to cash. Secure any backup funds you have, such as emergency cash stored at home or funds in alternative, secure accounts. Don’t rely solely on digital transactions during an outage.
9. Check On Direct Deposits
If you rely on direct deposits, such as a paycheck or government benefits, make sure these payments are still being processed. Some systems may hold your money, while others could redirect it if they’re compromised. Contact your employer or relevant agency if necessary.
10. Avoid Large Financial Transactions
During a cyberattack, it’s best to avoid making large financial transactions until you know the systems are secure again. This reduces the risk of losing money or having your data intercepted during processing.
11. Inform Family and Friends
Let your close family and friends know about the situation. If you’re unable to access your accounts, they may be able to help or offer alternative methods for getting cash or other resources in the short term.
12. Keep Physical Documentation Safe
Make sure all your physical financial documents—such as bank statements, loan paperwork, and important contracts—are safe and secure. If systems go down, having hard copies of critical information can help you regain control over your accounts later.
13. Watch for Phishing Scams
Cyberattacks often lead to a spike in phishing scams, where hackers impersonate financial institutions to steal more personal data. Be extremely cautious about any communication asking for personal information, even if it looks legitimate.
14. Follow Up With Financial Institutions
As the situation develops, keep in regular contact with your bank and credit providers. Once systems are restored, verify that your accounts and personal information are still secure. Report any discrepancies immediately.
15. Learn From the Experience
After the dust settles, use the experience as a learning opportunity. Implement stronger security measures, like better password management and investing in cybersecurity tools. Staying prepared will make you less vulnerable to future attacks.
