Case Study 1:
The latest report by Boscom implies that the main threat to a company’s data comes from outside like hackers, industrial spies, and competitors. This report reveals a disturbing fact: nearly eighty-five percent of any company’s former employees have left their place of business with sensitive data – if not with actual documents. On the other hand, Snowden’s theft from the NSA was visible and newsworthy. The Boscom report shows how easy it is for employees to walk away with sensitive data.
From the above scenario, it is easy to understand why companies have difficulties maintaining data security, especially when the risks come from their very own employees. Employee access to data is vital not only for their work but to the company’s success in general.
Let’s look at this through a practical example relevant to our forex industry: A Forex brokerage has several departments, each of which needs access to sensitive data to function adequately. From sales representatives to members of the marketing team (for instance, email marketers), various aspects of client information must be visible to different people through adequate software that ensures compartmentalization. Employees should protect the security of sensitive data – when compartmentalization cannot be stressed enough. It is the only way a brokerage can prevent information from potential threats without compromising productivity.
The two most important tools at a brokerage’s disposal are a good CRM and good encryption level data security. The former allows management to determine who is privy to what data and the latter prevents unauthorized persons from accessing information via non-company computers hackers. Another benefit of good encryption data security is that it prevents rogue employees from sending confidential data, as it is useless without the proper decryption, which they do not have.
To best implement these countermeasures, it is crucial to first decide on a data security policy by all possible means. In addition to the technical measures employed, management must also clearly define the internal rules and regulations, such as the prohibition of USB drives on company property, the security of logging on with a different employee’s username, and more. Although this seems like stating the obvious, nothing is obvious when it comes to securing your data.
According to the latest findings, Edward Snowden of NSA made it clear that data vulnerability is pretty much visible. In the context of the Forex industry, adequate countermeasures significantly decrease a company’s vulnerabilities. With Snowden in mind, one must also keep in mind that people like him stealing information and their resources: national intelligence agencies have more resources than a competing business, and their operatives are willing to take risks to get information. People like Snowden steal information for ideological reasons. On the other hand, business intelligence steals information for money and profits. Therefore, the countermeasures needed to deter theft in the private sector are also more affordable and accessible.
We live in a world where our data is constantly and continuously at risk. However, there are also many technological solutions and standard operating procedures that significantly reduce this risk. Always be vigilant about the potential threats. Even remember these threats, significant as they may be, are also manageable and that maintaining data security does not need to come at the expense of productivity and profits.
Case Study 2:
If one were to take a snapshot of the Forex Industry, it is easy to understand that FX is the software that allows you to run your brokerage business. FX is the most popular platform on the market today. So popular that it overshadowed its updated version – FX. However, an often-neglected fact is that FX is one of several hundred platforms available to brokers in this world.
FX Platform earned a lot of popularity and fame. It provides you white label branding and logo to your meta-trader four platforms. Generally, it comes with a plethora of charting tools and indicators. On the other hand, MT4 comes as a mobile application, and its alert service allows for an integrative product that puts vital information at the broker's fingertips.
We at Trade Soft offer FX platform format, which means that we have it on our servers and allow our clients to use it under certain conditions. Our FX trading platform gained so much prominence that clients started using this for their own brokerage business.
At the same time, there is no denying that the brokerage agency preference is mainly towards FX. It is because new traders rarely know about existing technologies beyond FX and use them even less. Thus, FX trading platform allows all traders to learn the basics of Forex trading.