Prashanth Challa, Head of Wealth Management Cybersecurity, Morgan Stanley
Deanna Cascella, Wealth and Estate Planning Strategist, Morgan Stanley
Most people would be hard-pressed to remember the last time their smartphone wasn’t by their side. And for good reason: Smart devices play a key role in maximizing productivity.
But being in frequent use means that your devices are very much privy to almost all of your private information. As you use and share information through the platforms, websites and applications that help you work, socialize, travel, eat and shop, your online activity leaves a trail of data behind you. These digital footprints can expose you, your business and even those around you to cybercrime.
Finding the right balance between security and convenience is different for everyone, and it’s worthwhile to consider what that looks like for you. These steps can help you get the most from your personal technology while decreasing the size of your digital footprint.
What does my digital footprint look like?
Your geolocation is a big part of your footprint, trackable with the IP addresses attached to each of your devices. Similarly, the cookies embedded on the websites you browse capture your visits and activity. This data tracking makes it possible to easily find restaurants nearby or shop online without reentering your payment details. But with that ease comes trade-offs for your privacy.
To get an idea of what your digital footprint looks like, start with a quick online search of your name. What comes up?
From there, take a closer inventory of your social media presence. What kind of privacy settings are in place for the platforms you use? Who can see your profile or posts?
Next, conduct a day-long digital audit. Keep track of the internet-connected devices you use, including household “smart” devices and appliances. Scan your inbox to take stock of your different online accounts. And don’t forget about your phone. What apps do you have and how are they configured in your settings? Do they have access to your photos, contacts or location?
What data about myself am I comfortable sharing?
If you find that your digital exposure is more than you want or expected, here are some things you can do to rein in your data-sharing:
- Adjust the privacy settings for your social media accounts to limit sharing to friends and family. You can toggle your settings to be more or less restrictive depending on your preferences.
- Reduce your applications to those you use and only give applications permission to access the data they need to function. For instance, a ride-share app needs access to your location, but a diet and exercise app may not. Configure your settings to turn off location-sharing when not using apps that require it to function.
- Disable cookies and/or clear your cookie cache or browser history regularly. This will reduce the amount of data collected about you. You can also use the private browsing features built into all modern web browsers, which automatically clear all browsing data from your device.
- Consider using a private search engine. Popular search engines are so prevalent that it’s easy to forget there are alternatives. Private search engines are designed to enhance users’ anonymity by both refusing to store data from the user, and in some cases, by even preventing sites in the search results from collecting user data.
- Use a virtual private network (VPN). A VPN will encrypt your internet connection, prevent it from being intercepted or tampered with, and make it much more difficult for advertisers to track your activities by obscuring your identifying characteristics.
In general, your data is one of your most valuable assets. Before sharing it with a company, do your research and read the fine print of their privacy policies. Be sure you’re comfortable with their reputation and how they plan to use, store and share what you disclose to them.
Accounting for your digital assets
Estate plans aren’t only for physical or financial assets. It can be helpful to think of your different accounts and digital files as assets and make sure they’re included in your planning documents. Your attorney can help you plan or designate someone to govern your music, accounts or other digital items after your death. Taking the time to account for assets in your estate plan can help you preserve your family’s privacy for generations, especially as regulations around digital privacy and assets evolve.
However, it’s important to note that even your estate plan can become part of your digital footprint.
Sensitive documents like estate plans can enter the public sphere during the probate process. If an individual dies owning probate assets, the nominated executor must file the decedent’s original will in probate court to begin the probate proceeding. In most jurisdictions, the will is scanned into a court’s searchable public file along with a certified death certificate and probate petition. Documents containing information about family members, beneficiaries, assets or even accounting information can be added to the court’s file, with public access to these files varying by jurisdiction.
One way to shield this information from the public (or eliminate the probate process) is to transfer your assets to a Revocable Living Trust during your lifetime. Doing so can not only give you, your family and your beneficiaries more privacy, but also ease the administrative burden of probate.
Need help managing your digital footprint?
As digital consumption continues to grow, it has never been more important to take stock of your approach to privacy and the management of your digital assets.
If you’re looking to take extra measures to prioritize your privacy or if you could use some guidance, your Morgan Stanley Financial Advisor can connect you with a cybersecurity provider through our Lifestyle Advisory Platform. These specialists can work with you to customize a strategy that works for you and your family as your needs change.
This material has been prepared for informational purposes only. It does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. Morgan Stanley Smith Barney LLC (“Morgan Stanley”) recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a Morgan Stanley Financial Advisor. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives.
This material contains forward-looking statements, and there can be no guarantee that they will come to pass. Information contained herein is based on data from multiple sources, and Morgan Stanley makes no representation as to the accuracy or completeness of data from sources outside of Morgan Stanley. References to third parties contained herein should not be considered a solicitation on behalf of or an endorsement of those entities by Morgan Stanley. Neither the information provided nor any opinion expressed constitutes a solicitation by Morgan Stanley with respect to the purchase or sale of any security, investment, strategy or product that may be mentioned.
The views, opinions or advice contained within the interviews are solely those of the interviewee, who is not a Morgan Stanley employee, and do not necessarily reflect those of Morgan Stanley Smith Barney LLC or its affiliates. The strategies and/or investments referenced may not be appropriate for all investors, as the appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives.
Past performance is not a guarantee or indicative of future performance.
Any securities mentioned are provided for informational purposes only and should not be deemed as a recommendation to buy or sell. Securities discussed in this report may not be suitable for all investors. It should not be assumed that the securities transactions or holdings discussed were or will be profitable. Morgan Stanley recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a Financial Advisor. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives.
Investing in the market entails the risk of market volatility. The value of all types of investments, including mutual funds, may increase or decrease over varying time periods.
Because of their narrow focus, sector investments tend to be more volatile than investments that diversify across many sectors and companies. Investment returns will fluctuate so that an investor’s shares when redeemed may be worth more or less than original cost. Investors should carefully consider the investment objectives and risks, as well as charges and expenses of a mutual fund, before investing. To obtain a prospectus, contact your Financial Advisor or visit the fund company’s website. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.
Morgan Stanley Reserved Living & Giving is a tiered complimentary loyalty program that rewards Morgan Stanley’s most valued clients. Morgan Stanley Smith Barney LLC reserves the right to change or terminate the Reserved or Signature Access program or partner offers at any time and without notice. Reserved and Signature Access program participant qualifications are reviewed periodically to confirm that they continue to qualify for this program. Not all offers are available to nonresident clients.
Signature Access, the highest tier of the Reserved Living & Giving program, is part of Morgan Stanley Lifestyle Advisory. This tier features products and services that are provided by third-party service providers, not Morgan Stanley Smith Barney LLC (“Morgan Stanley”). Morgan Stanley may not receive a referral fee or have any control concerning the delivery of such products or services. Please perform a thorough due diligence and make your own independent decision.
Not all products and services discussed are available at Morgan Stanley.
Tax laws are complex and subject to change. Morgan Stanley, its affiliates, and Morgan Stanley Financial Advisors, Private Wealth Advisors, and International Client Advisors do not provide tax or legal advice. Individuals are urged to consult their personal tax or legal advisors to understand the tax and legal consequences of any actions, including any implementation of any strategies or investments described herein. Clients should also consult their tax advisor for matters involving taxation and tax planning, and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.
This material may provide the addresses of, or contain hyperlinks to, websites. Except to the extent to which the material refers to website material of Morgan Stanley, the firm has not reviewed the linked site. Equally, except to the extent to which the material refers to website material of Morgan Stanley, the firm takes no responsibility for, and makes no representations or warranties whatsoever as to, the data and information contained therein. Nor do we guarantee their accuracy and completeness. Such address or hyperlink (including addresses or hyperlinks to website material of Morgan Stanley) is provided solely for your convenience and information, and the content of the linked site does not in any way form part of this document. Accessing such website or following such link through the material or the website of the firm shall be at your own risk, and we shall have no liability arising out of, or in connection with, any such referenced website. By providing the third-party publication(s) and/or links to a third-party website(s), we are not implying that Morgan Stanley has an affiliation, sponsorship, endorsement, etc. with the third party or that any monitoring is being done by Morgan Stanley or its affiliates of any information contained within the publication(s) or website(s). The opinions expressed by the author(s) are solely their own and do not necessarily reflect those of Morgan Stanley.
© 2023 Morgan Stanley Smith Barney LLC. Member SIPC.
CRC#6039467 (11/2023)