Trading and cybersecurity are closely connected. But in recent years, we often hear about numerous security risks and data hacks that threaten the safety of traders’ funds. To protect trading operations from cyber thieves, a lot of traders utilize custom trading software. In this article, we will see the main risks which can prevent you from secure trading and 5 tips on how to avoid them.
Risks of trading online
Identity theft. This is a crime related to the theft of personal or financial information for the purpose of making transactions or purchases.
Phishing schemes. Scammers can force you to disclose your personal information, account number, credit card numbers and passwords. You can get a convincing-looking email from your provider. But actually, it’s just a copy that allows you to log in to your account by clicking the link. It goes to a duplicate web page designed to collect your passwords. Your real account immediately becomes vulnerable.
Malware. Cyberthieves can inject spyware or viruses into your computer to gain access to your information. They can also get credentials to your financial accounts by tracking keystrokes.
Data breaches. This is a security incident in which all sensitive data is copied and transmitted. The most common causes of data breaches are app vulnerabilities, weak credentials, insider error, malware, and more.
5 tips to protect your online trades
Today, almost any custom trading software supports strict security procedures to protect you when you access your account. Here are the top 5 security measures that will help you keep your money safe.
#1 Multi-factor authentication
MFA is a security system that requires more than one authentication method to verify your identity to enter the system: PIN, fingerprint scan, answer to a secret question, enter a one-time password, etc.
#2 Automatic logout
Configure your account to automatically log out of a secure session after a period of inactivity. For instance, after several minutes of inactivity, your app will ask you if you wish to continue work. If you don’t respond, the system logs out automatically.
#3 SSL encryption
Secure Sockets Layer encryption includes the use of a 128-bit key to encrypt and decrypt data files between a web server and a browser.
#4 System monitoring
It is the monitoring of the entire security system for violations and threats, for example, malware or fraudulent applications.
#5 Secure servers
All encrypted data is located behind secure firewalls, in fully secure facilities. These servers guarantee secure online transactions.
Online trading is becoming increasingly popular, and hackers are becoming more sophisticated. Any trading company needs to take security measures to protect their accounts. And in this case, сustom trading software will become your main assistant being the most secure option.