Policies and Protocols - tackling cyber threats to FX trading operations

Cyber attacks are increasing in both number and sophistication and no market is immune, including FX. Nicholas Pratt examines the nature of the threats and the work being done to limit the damage.

Amid all the recession and volatility of the last seven years, one market continues to thrive – that of cyber crime. The nature of these threats continues to escalate at a staggering rate. The tools have become more sophisticated and the attacks have become more frequent. In short, cyber crime has become an industry, demonstrated by the existence of the so-called Dark Market, an underground, online stock exchange where criminals and hackers can trade stolen personal data, malicious codes and viruses, hacking tools and expertise.  Seemingly every week brings news of a major data breach caused by a cyber attack. The most recent case was the hack of adultery website Ashley Madison and the leak of 37 million users’ email addresses onto the internet.  The most damaging revelation from the leak was that of the supposed 5.5 million female members on the site, only 1,492 women had checked any of their messages making it the adultery equivalent of a dark pool where almost everybody is selling...continued

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