In most cybersecurity conversations, terms such as “digital footprint” and “data breaches” gets thrown around so often, that we often tend to overlook the dire implications that they have. In the ever-evolving threat landscape of today; no device, no enterprise, and no individuals are entirely safe from the looming threat of a cyberattack. Rather than treating the imminent menace of a data breach, a malware attack, or some other cybercrime as a matter of “if”, it’s high time that enterprises treat cyberattacks as a matter of “when.”
Taking into consideration the prevalence of trade platforms, an uncovered base that opens up multiple avenues for cybercriminals to divulge in, are this forex, or other alternative online trading platforms. Whether we want to accept it or not, hackers are everywhere, waiting for the slightest discrepancy in an organization’s security defenses, so that they may sneak in and wreak havoc.
An example of hackers launching attacks in a position where the victim’s defenses were weakened can be seen in the series of breaches reported by Ecuador, in the aftermath of WikiLeaks founder, Julian Assange, arrest from Ecuador’s embassy in London. Although the Ecuadorian attacks targeted the country’s foreign ministry, the presidential office, and the central bank; there are still several examples in which hackers went after the layman.
In the course of recent years, one such notable example when cybercriminals targeted normal individuals includes the Marriott hotel breach, which led to hackers gaining access to the passport numbers of 5 million customers. Similarly, massive corporate entities such as Yahoo!, eBay, along with governmental entities have all been at the receiving end of such cybercrimes.
Fortunately, however, several countries have established certain legislations, and protocols to play their part in combating the ever-increasing influx of cybercrime. Taking the overall bleakness of the digital landscape into account, the overarching need for trade platforms to amp up on their security becomes quite apparent.
In an attempt to steer our readers in the right direction, we’ve compiled an article that delves into the several ways that trade platforms can be secured from the onslaught of threats facing them.
When it comes to securing a trading platform, enterprises and individuals need to realize that the cybersecurity practices used t0 secure companies won’t be able to withstand securing an online forex trading platform, since they usually trade in various instruments such as currency, etc.
That being said, cybersecurity on a forex trading platform works both ways- that is, in order for a trading platform to be successful, it should be built with the principles of cybersecurity being kept in mind.
Considering the fact that the greatest vulnerability facing trade platforms is the risk of foreign trade data being exploited, or stolen by cybercriminals- the people responsible for creating trade platforms should keep in mind the discrepancies present in trading platforms today, and try to somehow “fix” them while maintaining the key features of a trading platform- such as providing information on risk management, the current stats of the forex market, assessment procedures, regional and national regulations, amongst other vital information. The vulnerabilities also arise because of the common mistakes during trading.
A rather simple way of building trade platforms that propagate the principles of cybersecurity, without foregoing the trade aspect, is by adhering to cybersecurity practices that have proven themselves to be effective. The most notable examples of such cybersecurity practices include running periodic vulnerability tests on network architecture and source codes, along with ethically hacking into the network to ensure that the defenses actually hold up against breaches, and conducting penetration testing.
Additionally, trade platforms and a robust cybersecurity policy can work in tandem with each other to ensure that both the cybersecurity and trade goals are being met simultaneously. Some ways through which these goals can be met include the following:
- Using modern technologies, such as machine learning and artificial intelligence to monitor and authenticate the identities that access confidential data on the platform.
- Taking a risk-based approach to cybersecurity, which allows for individuals to exercise a greater level of caution, which also helps in them enduring a fewer number of losses.
- Formulating, and campaigning for a secure, online infrastructure, which in turn ensures the safe trading of instruments and commodities on forex and other online trading platforms.
At the end of the article, we’d like to reinstate what we’ve said above, that is, that despite the multiple threats facing trading platforms today- taking baby steps in the right direction towards cybersecurity, serves as a small beacon of hope in a digital landscape that can sometimes feel overwhelmingly bleak.
With the steps that we’ve mentioned above by your side, any potential forex trader can enjoy the rather fulfilling process of trading, without having to worry about the ever-present threat of being hacked.