Online Trading Security Dos and Don’ts

Online Trading

The rise in online trading, cryptocurrency trading, and money-making and risk-taking online has skyrocketed. However, because of this, it is important to understand the details as to the dos and don’ts of online trading and related and associated business transactions.

The do’s of online trading and business transacting

The first rule of online trading is to remain secure. No matter how pressurized the financial trades may become and how fast you think that you need to make decisions and act, keep all online trade activities and actions as secure as possible. You also need to make sure to establish a zero-trust protocol when it comes to all of your trades. This means limiting endpoints and remote access points, ranging from your mobile phone, the office desktop, laptop, and tablet.

You also want to make sure that you prioritize cybersecurity. For example, if you are regularly electronically signing documents, you need to choose one of several reliable  DocuSign alternatives to be able to sign and process signed documentation safely as soon as possible and not worry about sourcing wet signatures. This is particularly important if an online transaction that requires signed authorization is timely. 

Lastly, you’ll want to make sure to keep all tech, hardware, and software up to date. One of the easiest ways to minimize attacks and infiltration of your network and or device it to keep all software and hardware as up to date as possible. The most up-to-date virus, spyware, and malware definitions and understanding of the various cyber and fraud threats’ types, levels, and design will allow for the appropriate defenses.

The don’ts

When conducting online trading, it is important to also know what not to do. For one, you should make sure not to share log-ins or passwords for shared work. The ability to co-work or work collaboratively is a promoted feature of the modern workplace, and in the fast-paced environment of online trading and stockbroking, it has been common for colleagues to be trusted to finalize deals and transactions as you do something else. It’s common, and it’s not very safe. Simply don’t do it.

You will also want to make sure to avoid clicking on or distributing unknown links. There are always quiet periods and admin time where the constant and mindless process of confirming trades and communicating with clients dominates. Keep focused and ensure that there are no unwanted clicks. Don’t send any trading information or open links to the latest training advice and tips from unknown sources. It sounds a simple thing, but you’d be surprised at how many of us simply forward or unwittingly open something we believe may be good advice, and that looks genuine.

Lastly, it is important to not think that you are un-hackable. This is about a change in mindset. You must understand that all businesses and all IT setups are hackable. The number of US businesses being hacked is on the rise. The cybercriminals out there have access to the latest tech and cutting-edge dark web software, so be prepared and keep updated. Training, readying, and preparedness around the latest cybercrime and related security issues will keep you a step ahead.

The world of online trading, stockbroking, shares, and cryptocurrencies are all the rage these days as they are some of the best ways to make real and long-term profits in an uncertain economy. This may indeed be the case, but what is certain is that any online financial transactions, trades, and processes must be supported with the requisite cybersecurity in order to keep you and your clients safe.