The Challenges For Data Security Faced by Online Trading Firms

With the rise in e-commerce, the risk of cyberattacks has also increased. It is crucial to intertwine cybersecurity with online trading to protect the supply chains, for data security, and, as a result, save the entire business. Businesses take a major hit when faced with data breaches as a result of cyberattacks.

To better understand and deal with these threats, the experts have shared the most crucial data security challenges faced by online trading firms;

Access to data

“The use of analytics and machine learning to monitor network activity is becoming increasingly important in the study of risks and abnormalities as cybersecurity defenses become more advanced. In reality, expecting data to be localized limits organizations’ ability to analyze risk across global operations and supply chains using big data analytics. The risk and cost of a data breach are further increased when data is forced into specified areas. The agreements in the CPTPP and USMCA to cross-border information flows (with suitable exceptions) and avoid data localization requirements promote digital commerce prospects and cybersecurity outcomes.”

Anthony Mixides, Managing Director at Bond Media

Information Sharing

“Real-time sharing of threat and vulnerability information to raise awareness, prepare actions, and assist targets in adapting and responding has become a key component of cybersecurity strategies. With working with governments or organizations across national borders, the trust difficulties that arise when transferring proprietary or sensitive information is exacerbated. Despite this, the United States is working to strengthen information exchange with international partners and allies, as well as along supply chains. 

“Commitments to create public and private sector information-sharing platforms might be included in trade agreements. For example, the trade agreement between the United States, Mexico, and Canada contains a commitment to exchanging information and best practices for addressing and responding to cyberattacks.”

Daniel Foley, Founder of Daniel Foley SEO

Spear-Phishing

“With the current changes, Covid-19 brought, online transactions and online trading increased their popularity significantly. More people are getting interested with high hopes in the modern world. But because the majority are already so into them, it became a target for cybercriminals and data thieves. One security challenge I see firms can encounter in trading online is spear-phishing. They usually send targeted and personalized emails from a trustworthy source but actually a website full of malware that can trick you into revealing important information for a specific individual or groups or organizations they can use. 

“To beat it, staff should undergo proper training in cybersecurity red flags and how to act on them. Pay for your staffs’ reliable security software on their work devices. Educate your clients on security protocols.”

Chris Worrell, Chief Privacy Officer of Privacy Bee

Common Web Hosting

“One of the most important things you need to know is common web hosting. Other users on a web server run their websites and not everybody is most secure – feeble passwords, or something in a file, you know the deal. So all you have to do is ensure that your file and folder permissions are locked down. I suggest 755 to directories, 644 to files, and 640 to configuration files (e.g., local.xml Magento).

Data Malware and Ransomware

“Data malware, which can be similar to ransomware, is one of the most troublesome threats I’ve encountered involving data. Malware can circumvent security measures in a variety of ways, which is why staying vigilant is critical when combating these threats. If ransomware infects your system, your data will be held hostage until you pay a large sum of money. While powerful antivirus software can keep most types of malware at bay, additional precautions must be taken to keep all malware at bay. 

“In addition to antivirus software, I consider implementing a whitelisting antivirus program, a perimeter firewall, and systems for event logging and intrusion detection. You should be able to strengthen your security measures and take the necessary steps to successfully navigate these challenges.”

Marilyn Gaskell, Founder TruePeopleSearch

Phishing

“Online trading has been disrupted by e-commerce security threats. Up to 32.4 percent of all successful threats are directed at the industry each year. Hackers commonly use a variety of malicious techniques to target e-commerce store admins, users, and employees. Phishing is a cybercrime that aims to steal users’ confidential data, such as login and passwords, as the most common challenge. 

“This is accomplished through mass email campaigns on behalf of well-known brands, as well as personalized messages within various services such as social media. Messages frequently contain a direct link to a fake website that looks identical to the real one, or to a website that redirects the user to a different location. When a user visits a fake page, cybercriminals attempt to trick him into entering his login and password for a specific website, allowing villains to gain access to bank accounts.”

Rameez Usmani, Tech and Security Expert at CodeSigningStore

Natasha Hardy
Community Manager Natasha has worked for cryptocurrency companies before joining the team. Has helped tremendously in managing our community and online presence since.