January, 2023
Stocks End Lower
Steps by China to move past its zero-Covid policies triggered concerns that its economic reopening might aggravate inflation pressures, sending stocks lower and bond yields higher to begin the week. Technology stocks saw the most significant hit.
With dimming prospects of a Santa Claus rally (the historical tendency of stocks to rise in the final trading days of the year and the first two days of the new year), stocks rebounded strongly on Thursday to erase the losses of the previous two days. However, stocks again turned lower to end the week with small losses.
Lower Risk Appetite Amid Uncertainty
In an otherwise slow week for news, two monthly reports were released highlighting the market's headwinds. The first was State Street’s Investor Confidence Index, which measures the risk appetite of institutional investors. The December report showed the confidence of large asset managers in investing in risk assets, like stocks, has dropped over the past two months, explaining, in part, why stocks may have struggled of late.1
Meanwhile, the Atlanta Fed released its Survey of Business Uncertainty, which reflected both declining expectations around sales growth and employment, along with growing uncertainty about revenue and employment growth over the next 12 months.2
New Year, New Passwords
2023 is here! As you set your intentions for the year ahead, we recommend you include a solid password cleanup as part of your plan to make this your best and brightest yet.
At GTS Financial, we practice what we preach. We go above and beyond industry standards to ensure the security of your data.
Fun fact, we use enough characters and complexity in each of our passwords that, with current computing technology, it would take 200 million years to crack each one!3
Want to fortify your own data? Read on to learn our 5 best practices for your personal cybersecurity.
1- Change Your Passwords
Periodically changing your passwords is one way to cut off access to anyone who may already be using one of your passwords. A lot of cybersecurity experts suggest changing your passwords every three months. We would stand by this advice if you are in the practice of using fairly simple passwords, using the same password on numerous platforms, entering your passwords on public devices, or if you ever share your passwords on insecure channels. If you use unique, complex passwords for each of your logins (see Tip # 2), you can probably change your cadence of password updates to once or twice per year.
Of course, if you are aware of a data breach, you've been hacked, or were the victim of fraud or theft, you should update all your passwords right away to prevent any further damage.
2- Increase Password Complexity
Take a look at the table below. It might surprise you to see that with current computing technology, a hacker could still crack an 8-digit numerical password instantly. Even if you increase that to 14 numbers (that is nearly 100 trillion number combinations), it would still only take 41 minutes to crack your password. Adding other character types, letters, both upper and lower-case, and symbols can exponentially increase the time it would take for a hacker to gain access to your information.
At GTS Financial, we enforce that staff members have unique, 14-character passwords that include upper and lower-case letters, numbers, and symbols for all logins.
3- Use 2-Factor Authentication
Yes, it is one more step in the process, but using multi-factor authentication whenever it is offered is best practice. Since over 80% of data breaches occur because of weak or stolen passwords, multi-factor authentication adds an additional layer of security to protect your data.4 Even if a password is hacked or even guessed, it would not be enough to provide access to an intruder because you will be the one getting the notification of a login attempt on your personal device.5
4- Do Not Duplicate your Passwords
Gone are the days of using Fido123 for every single one of your passwords. If you are using the same password for multiple platforms, if one experiences a data breach, your information in all your other services are compromised as well. Since there is no way to store hundreds of long and complex passwords in your head, we recommend using a reputable password manager.
5- Vet Your Vendors
As a small business, we get to choose which vendors we work with and where we store information. We take the security of your data very seriously, so before we enter a contract with anyone, we research their cybersecurity practices as well. Many of our clients are small business owners, we hope you are doing the same to protect the integrity of your business and clients as well.
E-waste Not, Want Not
Did you know the world produces 50 million tons of e-waste every year? This type of waste makes up 70% of all toxic waste, and only about 12.5% of it is recycled.6
Following the holiday season, you may have upgraded a piece of technology in your life, or perhaps you're planning a purchase of new tech with some of that Christmas cash.
Before you dispose of your old electronics, read below on the three R's of sustainability to do your part for the planet.
Reduce
The first and most impactful way that you can slow down the production of e-waste is to reduce any unnecessary consumption of electronics.
- Only replace electronics when necessary: Unnecessary electronics purchases can be costly for you, and the environment! Instead of pouring your money into a new product every couple of years, consider investing time in taking care of your devices to make them last.
- Buy tech with good reviews and longevity: When you are ready for an upgrade, take time to research the product and the manufacturer. Does the maker of your product have a reputation of producing durable products that are built to last? Sometimes it might be a slight increase in your investment up-front that may save you from purchasing a new device sooner than is necessary.
- Consult warranty information: Take note of the duration and quality of any warranty policy associated with your tech purchases and whether the manufacterer supports your right to repair your items.
Reuse
After reduction, the next best thing in doing your part to minimize e-waste is to reuse.
- Fix it before you replace it: While many of us do not have the expertise to fix our own electronics, the next time your technology is on the fritz, consider taking it to a local business that can refurbish it. Fixing products is cheaper and requires fewer materials than buying new ones. Plus, more often than not, malfunctioning technology has many years left in it once it is properly fixed.
- Refurbish: When you are ready to say goodbye to a piece of tech you no longer have a use for, rather than tossing it in the trash, find a nearby business that will take the products to refurbish and resell. If you are in the market for a new cell phone or laptop, you could even consider purchasing a refurbished product as well. Prices tend to be far more affordable, and you will help support circular economics in your community.
Recycle
Eventually, electronics reach the end of their lifespans. At this point, it is important to dispose of e-waste properly.
- Not your average recycling: Please note, electronics of any kind cannot be recycled in your regular single-sort recycling bin. Why? Electronics, as they break down, release toxic chemicals and metals into the surrounding environment, and those that contain lithium batteries could potentially start fires in local recycling centers.
- Recycle Responsibly: Take your unwanted electronics to your county drop site that accepts electronics or an organization that specializes in properly managing e-waste. Recycling your old tech allows for the opportunity to capture and reuse rare metals and materials, lowering the demand for mining of precious metals, and treating our precious earth a little more kindly!