The invention of mobile software has made online trading possible. Traders have over time, benefited from the availability of the tools they need, which is both software and hardware, for mobile transactions on web trading platforms. However, as technology continues to become sophisticated, welcoming, and available, the webspace continues to become a security concern.
Since digital trading in one way or the other involves the use of IoT devices, you need to take the necessary precautions to keep your data and funds safe. Remember that it only takes 5 minutes to hack an IoT device.
- Due diligence
Before getting into the details on how you can protect yourself from cybercriminals, you have to ensure that you are working with a legit trading robot. This is where due diligence comes in. The only way to know what you are signing up to is through research. On this page, you can get reviews by professionals on reliable trading robots available in the markets.
With insights from reliable professionals and skilled analysts, you can have the information you need to make the right investment decision. Once you have ensured that you are working with an honest platform, you can implement other measures to protect yourself and your investment.
The first step towards cybersecurity is the use of strong passwords. This, however, does not mean you should only rely on passwords for data protection. However, they go a long way in giving attackers a hard time trying to access your data. Using obvious passwords such as your name, and your date of birth is not advisable.
Instead, use passwords that have a mix of letters in upper case and lower case, asterisks, and numerics. Random and meaningless passwords are the hardest to guess. Also, do not write down the passwords somewhere anyone else can access. Strong passwords will only be useful if you protect them from landing in the wrong hands.
- Regular change of passwords
By regularly changing your passwords, you ensure that no hacker gets any closer to accessing your data. Also, it is a way of denying someone who has acquired your password continuous access to your data. It is also a way of making saved passwords invalid, for instance, after losing a device.
- Protect your gadgets
Lost devices are responsible for 15% of data breaches. Losing your laptop and other endpoint devices you use in trading like tablets and phones can be catastrophic to the security of your data. After a device is lost or stolen, the first you should do is try to track it and retrieve it.
You can, however, be proactive by encrypting data on your devices to render it useless to third parties. Also, you can buy a mobile device management software that has features that allow you to separate your private and work profile. Such solutions allow remote management. In the event that your device gets lost or stolen, you can wipe sensitive information from where you are.
Protection does not stop at preventing criminals. With an antivirus, you can stop malware for accessing your system and breaching data. It is critical to note that antiviruses get outdated. This is because new malware is created every day, and your antivirus may not be designed to protect your computer from the new viruses. Regular antivirus updates can go a long way in keeping your gadgets safe from attacks.
- Software updates
Attackers use outdated software as the entry point into your system. This is mainly because the security patches get outdates with time too. Sting with old operating systems, programs, and software can hurt your data. The security needed for keeping your data safe is no longer there, making it easier for attacks to be launched.
- Avoid using public wireless networks
One of the advantages of digital trading is that you can do it remotely. All you need is an internet connection, an endpoint device, and your logins. Unfortunately, the convenience comes with a setback. Using public Wi-Fi increases your vulnerability to attackers. You are better off using VPNs when you are away from your private network.
Man-in-the-middle attacks take place through public Wi-Fi. When you log in to your trading robot, the attacker eavesdrops and getting your information. Also, through public networks, you can easily be redirected to a clone website, where you get to give your login information to hackers unknowingly.
Also, note that hackers do not need to go all tech on their invasion. They could be seated right behind you and can easily collect your login information. The process is called shoulder surfing. If you are trading in public, look around and ensure that no one is within proximity where they can see how you are keying in your logins.
Using public computers for financial activity is never a good idea. Hackers are out there waiting for you to use public devices so that they can make an attempt at your data.
- Be aware of your environment
It is essential to be in touch with your trading platform and robots. This means you should be looking out for things such as discrepancies in your transactions within the platforms. If you note anything unusual, you might want to communicate with the helpdesk of your trading platform.
Using two-factor authentication will provide an extra layer of your security. Passwords are necessary and helpful; however, they will work better alongside another type of user authentication like codes. If hackers get hold of your password, they will still not be able to access your data until they get through the second phase of authentication.
Cybercrime is on the rise. As technology advances, things continue to get worse as hackers invent more sophisticated ways of launching their attacks. You can never assume that you are safe. That is why you need to be proactive and protect your digital trading account and robots. Working with legitimate trading robots, using strong passwords and two-factor authentication, and avoiding public networks and computers are some of the ways you can stay protected.