How can Forex brokers avoid being victims of cyber attacks?

The Forex industry has gone through incredible changes in recent years, primarily because of the development of modern technologies. A lot of Forex brokers appeared, offering services to customers and they try their best to make sure these services have high quality. The competition has grown as well because among so many brokers it is difficult to choose the most optimal one.

Technological developments have had a positive impact on the work of Forex brokers, but at the same time new threats and dangers appeared as well. For example, we have seen a lot of cases when the websites of brokers were down because of cyber attacks. These attempts to steal data are extremely sophisticated and sometimes it is not feasible dealing with them. Let’s have a look at what methods can brokers turn to in order to avoid being victims of cyber attacks.

Implementing Security Systems

A lot of Forex brokers invest money in adopting high-level security systems that ensure the safe and stable operation of a website. In this way, they can also protect their customers from illegal interference. We all agree that a high-level security system is a must. Whenever you are checking the top Forex brokers list and the rating of each brokerage company, you are guaranteed that these brokers will have systems that ensure the safety of their clients.

One of the most prominent ways to ensure the safety of your clients is to introduce 2FA. Hackers make use of the fact that there is no need to enter the code received on your mobile phone in order to access your personal profile. Because of that, a lot of accounts are compromised. Implementing security systems is the best way to avoid complications posed by hackers.

Training the Staff

It is necessary that the staff is educated so that they can avoid all kinds of complications when it comes to cyber attacks. Fraudulent emails are very similar to ordinary ones and frequently there are difficulties to note the differences. A lot of members of the staff inadvertently click on malware or ransomware that result in massive problems for a brokerage website. Carrying out training sessions and seminars would be helpful for FX brokers to protect themselves as well as their clients.

Analysis of Incidents

If your company has been subjected to a cyber attack, it is necessary to conduct a thorough investigation and identify the reasons that contributed to the successful implementation of the attack. After identifying the reasons, it is necessary to think over and implement compensatory measures so that in the future such an attack does not affect you.

There are known cases of companies being subjected to cyberattacks, which led to serious financial damage. And even if after a while a similar attack was repeated, then luck was again on the side of the hackers. This suggests that the company does not analyze incidents, which means that it will continue to incur losses until it begins to react to the situation. It should be remembered that the lack of analysis of incidents associated with the first attack may lead to the possibility of a second attack.

Using Threat Intelligence

It is unlikely that your company is the only one to face a cyberattack. Typically, entire industries are attacked unless it is a targeted attack. Therefore, the issue of obtaining information about the emergence of new threats is so important.

Almost all major antivirus and security vendors offer appropriate early warning systems for cyber threats, for example. It is unreasonable to refuse the use of these services and timely tracking of possible threats, since information security analytics is becoming the cornerstone of any effective protection system, and this trend will only grow in the future.

Updates

An important rule for protecting against cyber attacks is the organization of patch management. To draw some comparisons, a cyberattack using the WannaCry virus showed that Windows systems that had the latest security updates were not affected by this attack. By making timely system updates, companies minimize the risks of exploiting vulnerabilities in attacks.

For example, several companies managed to repel the attack of the WannaCry ransomware virus, thanks to the well-functioning patch management system, and the fact that the necessary updates are promptly installed on the workstations and servers, which allows timely elimination of software vulnerabilities.

Periodic Audit (pentest)

One of the most effective ways to determine the real security of a company is to conduct a test attack, the so-called penetration test or pentest.

During this test, experts simulate the actions of an attacker trying to penetrate the network. Unlike a real attack, experts do not set themselves the goal of harming the ongoing business processes of the company, but to identify the real entry points of the attacker to implement the threat.