Trading on betting exchanges like BetPro requires connecting to their platform through a trading station or API. As real money is on the line, it’s critical to take precautions to secure your trading technology. This article outlines advanced methods to lock down access and prevent unauthorized changes that could disrupt your trading strategies.
Use a Dedicated Computer or Device
The Risks of Using Shared Hardware
Using your everyday laptop or computer for exchange trading introduces vulnerabilities. Other users, software, and websites you interact with could potentially access files, steal login credentials, or make harmful changes if given the chance. It’s best to use a dedicated device that’s isolated from these dangers.
Choose from Various Secure Options
Convenient solutions for dedicated secure hardware include:
- Single-purpose mini PCs and laptops
- Tablets restricted to only essential apps
- Virtual machines that compartmentalize trading systems
- Cloud-based trading platforms with no local access
Focus the dedicated device only on trading essentials like order/position management while limiting exposure to threats.
Harden Your Operating System
Go Beyond Default Security Settings
Out-of-the-box OS configurations emphasize usability over security to appeal to the masses. Manually harden OS settings to add protection layers like:
- Stronger password policies
- Additional user access restrictions
- Reduced unnecessary services/features
- Extra network/shared resource protections
Regularly update the OS and apps to patch newly discovered vulnerabilities.
Utilize Additional Safeguards
Consider supplementary safety measures like:
- Encrypting sensitive files/partitions
- Adding secondary authentication
- Running an endpoint cybersecurity solution
- Enforcing strict app/macro permissions
Carefully determine the right blend of protections against associated complexity.
Control Network Access
Limit External Entry Points
Minimize network ports, protocols, and services to only essential needs. Disable discovery mechanisms that expose open access points. Place trading systems on isolated network segments if possible.
Harness a Virtual Private Network
Encrypt traffic and mask your IP address from the public internet by connecting through a corporate VPN or premium service. Ensure the VPN offers robust encryption, uses secure protocols, and has independent audits verifying no logs are kept.
Configure Other Defenses
Additional options to consider:
- Next-generation firewalls analyzing content/context beyond port/protocol
- Web application firewalls blocking suspicious API behaviors
- Obfuscating network setup details from port scans
Apply network controls judiciously to avoid functionality impacts.
Employ Multiple Layers of Authentication
Go Beyond Simple Passwords
Basic single-password authentication leaves critical weaknesses. Enhance security using multifactor authentication to verify identity through:
- Biometrics like fingerprints or facial recognition
- One-time codes from an app or hardware token
- Fallback authentication numbers/emails
This protects access if any one factor gets compromised.
Enable Further Checks with SSO
Tie trading apps into an overarching single sign-on (SSO) system centralizing login authentication. SSO introduces possibilities for:
- More authentication factors
- Access logs/alerts
- Automatic lockouts from too many failure attempts
- Revoking sessions deemed suspicious
Properly configured SSO significantly elevates security.
Create System Redundancy and Failovers
Avoid Single Points of Failure
The standard trading station setup has innate fragility—whether from cyberattacks, software crashes, hardware failures or accidents, a single disruption can take the whole system temporarily offline.
Build Resilient Infrastructure
Construct infrastructure with adequate redundancy to continue functioning if components get impaired. Possibilities include:
- Backup trading computers and hot failover systems
- Extra network links with automatic rollover
- Mirrored disk drives
- Uninterruptible power supplies (UPS)
- External data centers or cloud infrastructure
Test failover capabilities regularly for confidence the protections work properly.
Enable Gradual Degradation
Ideally build in flexibility to handle some component disruptions without full system failure. Examples:
- Segmenting trading functions into discrete containers/VMs that can be individually protected
- Coding trading algorithms to skip malformed data or gracefully handle missing inputs
- Using redundant multicast market data feeds
This allows trading to continue reduced functionality instead of total shutdown during incidents.
Have an Incident Response Plan Prepared
Document Processes for Security Events
Despite best efforts, some security incidents will inevitably occur. Prepare procedures for detection, containment, eradication & recovery when they do, including:
- Monitoring systems for signs of intrusion
- Severing network connections of compromised components
- Investigating the root cause and full impact
- Removing artifacts left behind by attackers
- Restoring data from backups untainted
- Reporting incidents to business stakeholders
Keep Controls Current
Regularly test and update your incident response plan to address new attack methods and configurations. Conduct cybersecurity drills injecting real-world breach scenarios to practice effective reaction.
Seek External Support When Needed
For sophisticated security events beyond internal capabilities, have trusted managed security services provide supplemental insight and resources.
Conclusion
Summary sentence emphasizing main point
Safeguarding a BetPro exchange trading system requires diligence countering the latest cyber threats. Apply these advanced techniques to lock down access, maintain resilience, and respond effectively when issues unavoidably occur. With proper precautions in place, you can focus efforts on flawless trading execution.
Frequently Asked Questions
What’s the quickest way to set up a secure trading station?
Using a cloud-based trading platform removes local access vulnerabilities and management overhead. Leading services provide their own hardening while exposing only necessary APIs.
Is open-source software too risky for exchange trading?
It can be, depending on your review. Only use reputable open-source tools with many reviewers to limit chances of embedded threats. Code changes should undergo audits before adoption.
How often should I patch and upgrade security?
Ideally immediately once stable patches are released for critical vulnerabilities. Automate mechanisms to apply updates across the environment. Review logs to catch any unforeseen impacts.
What compliance regulations apply to securing trading systems?
Most exchanges specify minimum controls needed for market access under contract. Additionally FINRA, SEC, and NFA regulations detail cybersecurity expectations to legally operate.
What should I do if a trading account gets compromised?
Immediately disable the account to prevent further damage. Check infrastructure access logs to determine the extent of the breach for containment and removal. Reset all credentials after addressing identified deficiencies. File compliance reports if sensitive data got exposed.