Mil­lenials in­vest­ing in cy­ber se­cu­rity

Money & Tech

Metro Canada (Calgary) - - EDUCATION - Les­ley-anne scorgie For Metro Canada Les­ley-Anne Scorgie is a per­sonal fi­nance au­thor & MeVest founder

I love free stuff per­haps even more than my granny. But, here’s the catch. Over the years I’ve reg­is­tered for dozens of loy­alty pro­grams, down­loaded coupons and signed up for ser­vices on­line. All I had to trade to get my pre­cious “perks,” was my pri­vate in­for­ma­tion.

Name. Phone num­ber. Ad­dress. Email. Birth­date. Sig­na­ture. So­cial In­sur­ance Num­ber. Mother’s maiden name. Place of birth. Em­ployer. Pre­vi­ous em­ployer. Pre­vi­ous ad­dress. Credit score. Credit card num­ber. Bank ac­count num­ber.

What’s caus­ing all the fuss in the cy­ber se­cu­rity in­dus­try at the mo­ment, be­sides the re­cent Equifax data breach, is that it only takes a small com­bi­na­tion of these in­di­vid­ual pieces of data to form a fake iden­tity, steal your money and hold your pri­vate in­for­ma­tion hostage. So when a com­pany re­tains our per­sonal records and is hacked, we’re fi­nan­cially vul­ner­a­ble.

This is frus­trat­ing and ex­perts from CIBC re­cently stated that cy­ber se­cu­rity breaches will cost Cana­di­ans over $200 bil­lion next year!

Be­cause it’s Cy­ber Se­cu­rity Aware­ness Month, I took it upon my­self to in­ves­ti­gate whether there is a sil­ver lin­ing to this an­noy­ing trend. I found one.

In­vestors in their 20s and 30s, like my­self, are flock­ing to so­cially re­spon­si­ble in­vest­ment port­fo­lios twice as fast as boomers. And com­pa­nies that pro­tect against cy­ber se­cu­rity breaches are con­sid­ered top on the list of so­cially re­spon­si­ble in­vest­ments. Fi­nan­cial ad­vi­sors are now see­ing mil­len­nial in­vestors scoop­ing up cy­ber se­cu­rity ex­change traded funds (ETFs), like CYBR, in droves.

Young so­cially con­scious in­vestors want to be a part of the grow­ing in­dus­try that is com­bat­ting cy­ber se­cu­rity breaches; it’s a way to put our money where our pas­sions and be­liefs are.

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