Online trading and cybersecurity are growingly intertwined with the expansion of global data flows. With global interconnectivity grows the exposure to security threats and cyber-attacks. Cyber attackers are now using more sophisticated techniques to target systems. Individuals, small businesses, trading systems or large organizations are all affected. Thus, all these companies have understood the importance of cybersecurity and are focused on adopting all possible measures to deal with cyberthreats.
What is cybersecurity?
Cybersecurity is the process and techniques involved in protecting sensitive data, computer systems, networks, and software applications from cyber attacks. Cyber attacks are general terminology that covers a lot of topics, but some of the most popular are:
- Tampering with systems and stored data
- Resource exploitation
- Unauthorized access to the targeted system and access to sensitive information
- Disrupt the normal functioning of the company and its processes
- Use ransomware attacks to encrypt data and extort money from victims
Trading platforms and trading accounts are also vulnerable to a cyber-attack. Therefore, as an online trader, you need to put in place a security measure to protect your trading account from the scammers and your assets from revealing your private information.
How to secure your trading account
Securing your trading account is one of the basics that every investor must master. Take the time to discover our recommendations to do everything to ensure your investment portfolio.
- Choose the correct email address
- Secure your password
- 2-Factor Authentication for trading account
- Systematically log out of your account
- Beware of Phishing
Choosing the right email address
It’s not instinctive, yet your email address is the key element in the majority of your interactions online. Do you remember how many times you’ve used your email address to sign up for a newsletter, create a forum account, or subscribe to a social network? The more you’ve used your email address online, the more likely it is to land in evil hands.
To secure your account and your username, we recommend that you create an email address dedicated to your trading and your investments.
- How to choose your email address for your trading account?
- Do not use your first or last name in the email address.
- Don’t refer to your date of a birth, wedding anniversary or another date significant to you.
- Do not use the first name of your spouse, children, someone in your family (or your pet)
- Include numbers and special characters such as + $%! @
- Choose a serious email address service known for its security (Google, Microsoft etc.). Avoid services that are little known and less prepared for cyber attacks.
Secure your password
Your password is the key to the security of your investment accounts! But not all websites are equally rigorous in handling and securing sensitive data about you. To prevent a hacker from seizing your password, we recommend four actions to take:
- Use a unique password that you will only use for your trading account.
- Do not keep a copy of your password in an online file or on a computer/tablet connected to the Internet.
- Use a strong password. As with your email address, your password must not refer to your daily life (date of birth, name / first name of people you love, etc.).
- Change your password regularly.
2-Factor authentication to protect your assets
You’ve probably heard of two-factor authentication, also known as 2FA, popularized by Google. It is an easy method of protecting your trading accounts and securing your connections.
By activating two-factor identification, you will have to enter a code which is sent to your phone each time you enter your username and password to access your trading account.
Each time you log into your account, you will receive a code by SMS which must be entered on the site.
Log out of your accounts once you finished trading
If you are accessing your Espace Trader account or your trading account from a computer that is not yours, for example at work, always remember to log out once you are finished.
Avoid saving your username and password as much as possible on computers/tablets/smartphones that may be used by others than you.
In case you are using a public computer, be vigilant and make sure that no one observes you enter your password or sensitive information (your PayPal or credit card details, etc.).