This morning I have been watching the problems with the New York Stock Exchange, United Airlines and the Wall Street Journal. Computer glitches halt trading on New Your Stock Exchange. Now I don’t know the source of the problems, but it is enough to make you wonder. So far, both the government and the stock exchange have stated that it does not appear to be cyber breach, but is a computer malfunction.
Looking at the situation from that of an outsider, I am amazed that a simple computer malfunction or technical error can bring down an institution of this size. It shows how much the financial word and many other areas of our economy have come to depend on technology.
Now me I am not directly affected by the stock market problems today. However my pension fund probably is. A computer malfunction of this type shows why we should take precautions to protect ourselves.
Some suggestions on how to protect yourself from computer malfunctions.
1, Don’t do on line banking.
2, Keep a paper trail on real paper. A few years ago, my credit union had a computer malfunction and they temporarily stopped withdrawals unless you had a paper record. If you had proof of deposits, they let you make limited withdrawals. Fortunately this only lasted for a few hours.
3, Don’t pay bills or credit cards on line.
4, Use cash when possible, keep electronics out of your business as much as possible.
5, Don’t use financial programs to keep your records on your personal computers without good backup.
Now as I said before I don’t know the cause of this problem, and they may very well never tell us the real reason. But we all have to be aware that this could be a sign of future computer malfunctions that can affect us. Remember when you do things electronically without real paper trails, you are trusting someone else with your finances.
Hopefully this is just what they claim it is a computer malfunction and not a trail run for a real cyber attack.