Forex companies are as important as banks and financial institutions themselves. They provide services related to buying and selling foreign currencies in the global financial markets. Due to the ease of doing business online, the number of these companies is increasing.

Being the hotspot of global currency trade, hackers are actively targeting forex companies’ digital systems and online platforms. Online forex trade platforms experience breaches in their system, allowing hackers to make unauthorized transactions. This is why many forex businesses have started investing heavily in upgrading their cybersecurity.

Keep reading this article to learn how you can enhance your forex company’s cybersecurity for protection against hacks and attacks.

Top 6 steps to enhance your Forex company’s cybersecurity

Once a forex company’s system is compromised, it can lead to data theft and financial damages. However, there are steps to safeguard your organization online. You can get help from experts in identifying potential weaknesses in your system. Moreover, you can install high-end safety applications that can provide maximum protection to your digital data and assets.

With that said, let’s take a look at some steps that will assist you in enhancing your forex company’s cybersecurity.

Conduct a Security Audit

A forex company has a large database of client information and online assets. Safeguarding these things is of vital importance. However, weak protocols and outdated systems can create vulnerabilities in a company’s security architecture.

You can contact experts who can assist you in identifying potential vulnerabilities in your IT systems. Certified experts have the tools through which they can find and patch security loopholes in computer-aided systems. You can acquire managed detection and response services from cybersecurity companies to conduct thorough security audits of your digital systems.

Enable Multi-Factor Authentication

The majority of breaches are caused by weak credentials or stolen passwords. Each year, hackers steal thousands of accounts and incur financial damages because of a simple password. Moreover, people and organizations who face online thefts have disabled multi-factor authentication. Adding multi-factor authentication can greatly increase your forex company’s cybersecurity.

MFA adds an extra layer of security for user logins. This feature forces users to provide two or more pieces of evidence to allow the right to access. This means if a hacker is able to guess your passwords, they won’t have access to authorize a login attempt from a trusted device. You can contact security experts to help you enable MFA technology on your company’s digital systems.

Provide Cybersecurity Training

Many cybersecurity breaches happen due to human errors. It’s either an employee who clicked an untrusted link or inserted an infected storage drive on the company’s systems. This is why forex companies are opting to provide cybersecurity training through experts for their employees.

To an untrained eye, email-based phishing scams look very convincing. For example, a hacker may pose as a higher management employee and send an infected file to you for audit. Clicking the link will instantly infect the system, and the hacker will gain access to it. This is how cybersecurity awareness training can enable your employees to become clever and vigilant.

Implement Device Management Policies

It is highly probable that your forex company has numerous operational devices. In addition to official devices, employees may also use their personal gadgets for work. In such a scenario, your company’s digital systems and security infrastructure can become vulnerable.

You can hire experts to implement strong device management policies for your forex company. This will allow you to authorize people who have encrypted information and PIN codes to add a trusted device to the system. Any device that is not authenticated or fails standard security will be blacklisted, and the protection software will block its access.

Tighten Network Communications

Weaken network security can easily let in hackers. It’s like inviting a thief into the house with its key hanging outside the front door. A frail network security architecture can lead to breaches in your forex company’s digital system. Don’t worry; cybersecurity companies can help you secure your network communications.

Experts can assist you in installing antivirus, firewalls, antispyware, and antimalware applications on your systems. This way, you can control who can access confidential information and who can get into your digital systems. Moreover, all the information that goes out and comes in is encrypted and hard for unauthorized personnel to decipher.

Implement an MDR Solution

Even after having the finest systems and security team, your systems can still be vulnerable to breaches. You might have a monitoring team during the day, but they can’t stay alert 24/7 to mitigate online threats and risks. This is why implementing MDR solutions can benefit your forex organization in multiple ways.

Through MDR, you can monitor and protect your endpoints, emails, data, and traffic. Cybersecurity experts can implement automated technology to quickly identify threats. In case a breach occurs, the system automatically kicks in and limits its impact on your organization. You can get managed detection and response solutions from experts to enhance your Forex company’s threat monitoring and cybersecurity.

Improve Your Forex Company’s Security with MDR!

Security is the most important necessity for modern businesses. Forex companies have a huge number of daily transactions. Any lapse in the system can incur enormous financial damages and tarnish the organization’s reputation. Get MDR services today from a reputable agency and enhance your firm’s cybersecurity!