Data breach and cyber-attacks are real concerns for Forex brokers and not only. Cyber-attacks have been on the rise lately and they threat both businesses and individuals.
According to a report by MarketWatch, numerous stock exchanges reported that they experienced at least one cyber-attack at a certain point. What’s more, almost 7 in 10 brokers state they have faced an attack of some sort in the last 10 years.
The result is that more and more brokers and developers have started to look for solutions to prevent security breaches because they are aware that a potential attack could destroy their reliability and decimate their clients.
The latest research has revealed that almost all online trading platforms have issues in providing their clients security measure.
In addition, around 20 from 40 platforms don’t rely on data encryption to protect their clients’ sensitive information.
Cyber-attacks are a great threat for all types of businesses, but in the Forex market, if the trading platforms fail to be safe, both the broker and the trader can experience a tremendous financial loss.
Around 95% of traders use Windows as their operating system on the devices, they use to perform trades, so it’s advisable they adopt complex security measures to prevent becoming a victim of cybercrime.
This guide provides recommendations for both brokers and trading platform users on how to protect their data.
Use Anti-Malware and Anti-Spyware Software
Spyware and malware can affect a device the same way a virus does, therefore, it’s important to install anti-spyware and anti-malware software.
These systems should be installed from day one of launching and using a trading platform. If they wait until they face suspicious web activity, they practically invite hackers to check and steal their data.
Cybercriminals are amazing at covering their tracks, and in most of the cases, people find difficult to determine if they’ve been hacked and to what extent the action damaged their data.
Normally, a broker or trading developer discovers a data breach in around 206 days, and as you could imagine when they do it, the damage is so great they can do little to fix it.
Installing and using anti-malware and anti-spyware are the first security measures they should adopt before starting the trading process.
It’s always advisable to opt for a premium version of software because the average free system doesn’t come with the needed defence features.
Install the Latest Windows Updates
People often hit the skip button when their Windows requires an update. Most of the updates operating systems require include security updates that prevent security issues malware and hackers can exploit.
All operating systems have flaws, and the updates have the role to identify those problems and to fix them before the hackers exploit them.
Most cyberattacks are the result of hackers taking advantage of the vulnerabilities the OS features, so the best way to keep their trading operations secure is to install security patches.
It’s not a good idea to install pre-release versions of applications and updates because Forex trading is not the right market to explore your beta tester abilities. Many of the pre-released apps and updates are unstable and come with bugs.
Use a VPN
In simple terms, the VPN connects the trader’s computer with a server somewhere on the internet and allows them to browse the internet using the server’s internet connection.
If the server is located in a foreign country, it will look like the user comes from that country, and they can easily access things that would normally be restricted.
The VPN is different from the ISP because it encrypts the user’s data and it protects it from cyberattacks. All traders and brokers should install a VPN on their devices because their data is their most valuable asset, and protecting it is a priority.
VPN not only that protects internet users from becoming the target of cybercrime, but it also prevents the Internet Service Provider from spying on them and accessing their information.
Collaborate With Cybersecurity Professionals
Some brokers may find this solution a little bit excessive, but it’s vital for keeping their operations safe.
All the above solutions are helpful in boosting the security measures of a trading company but someone still has to monitor the effectiveness and security of the trading platform to identify and solve security threats before they affect the users.
Unfortunately, if you are not an expert in cyber-security, you cannot keep up with the latest advancements in the market and you can expose your traders to data theft.
Only a cybersecurity expert can effectively protect the trading platform and the users. They would install the needed updates and systems that could prevent a data breach.
Invest in Cybersecurity Research and Training
If you are running a brokerage company, you have to make sure that you eliminate every vulnerability that can facilitate data breach.
Sometimes, the human factor is the one that causes data breaches, and it’s important to train your employees on the latest security protocols and practices.
Studies show that in 2017 around 40% of all cybersecurity incidents were caused because of an employee’s lack of knowledge. As a broker, you have to make sure that you take all the measures to protect your trading platform from cybercrime because it can affect your Forex broker reviews.
Even if you keep all your systems up to date, and you are using the latest security solutions on the market you cannot keep your data safe if your employees are not following the right practices.
These are only some cybersecurity basics to help brokers and developers to protect their trading platforms.
There are many other strategies they can adapt to properly protect the trading process from cybercrimes.