Trading successfully requires access to data and the ability to execute trades quickly. As an advanced trader on BetPro Exchange, it’s critical that you implement cybersecurity best practices to keep your network, devices and data safe. This allows you to focus on trading strategies instead of fending off hackers.
Use a Hardware Wallet for Currencies
Hardware wallets like Trezor or Ledger offer cold storage for your cryptocurrency holdings offline. This air gap keeps coins protected compared to hot storage on an internet-connected device. Hardware wallets have robust encryption to thwart malware attempts.
When making transfers, double check the recipient address on the wallet screen before confirming to avoid costly errors. Store recovery seed phrases in secure offline locations in case devices are lost or damaged.
Install a Virtual Private Network (VPN)
A VPN conceals your IP address and online activity by routing traffic through an encrypted tunnel. This prevents snooping on public Wi-Fi and hides your location. VPN services like NordVPN or ExpressVPN offer malware protection to block suspicious sites.
Configure VPN connections on all devices including computers, phones and tablets. Some VPNs allow routers to be set up for blanket household coverage. Turn the VPN on before accessing any trading accounts for anonymization.
Use Two-Factor Authentication Where Possible
Two-factor authentication (2FA) requires providing your password plus an additional code from your phone when logging in. This protects against password compromise by introducing a secondary credential that only you possess.
Exchanges like BetPro support 2FA using Time-based One Time Password (TOTP) apps such as Authy or Google Authenticator. Set up 2FA for email, trading platforms, wallets, and cloud storage to turn on added account security.
Install Anti-Virus Protections
Cybercriminals leverage malware including viruses, worms and trojans to steal data or encrypt files for ransom. Protect Windows PCs with antivirus programs like Bitdefender or Kaspersky which proactively monitor for threats.
Additionally install anti-malware software like MalwareBytes for extra scanning capabilities. Scan new files and external drives for stealthy infections before opening. Update antivirus definitions daily or enable auto updates so your software recognizes the latest threats.
Avoid Public Wi-Fi for Trading
Public networks at coffee shops or hotels may lack encryption or other safeguards. Connecting to them on trading devices risks snoops stealing account credentials or using man-in-the-middle attacks to redirect payments.
Likewise beware of shoulder surfing if accessing accounts on phones or laptops in public areas. Use VPN connections to enhance security over public Wi-Fi. Refrain from accessing sensitive accounts on shared networks altogether if possible.
Create Strong Unique Passwords
Weak reused passwords remain one of the biggest security issues for traders. Cybercriminals can use credentials stolen on one site to access more valuable exchange and wallet accounts.
Followmodern password best practices by using passphrases over 12 characters incorporating numbers, symbols and uppercase with unique credentials per account.
Set Up Password Manager
Generating and remembering strong passwords for every account presents a challenge. Password managers like LastPass or 1Password solve this by storing encrypted credentials behind one master password.
The password manager auto fills usernames and passwords on sites and apps. Premium versions add advanced features like sharing credentials securely between approved users. Enable two-factor authentication for additional protection on the password manager itself.
Establish Principle of Least Privilege
The principle of least privilege dictates that users should only have access to the systems and data necessary for their role. Any permissions beyond this minimum scope increase exposure if accounts are compromised.
For example exchanges may offer various access levels for APIs and wallets. Similarly cloud storage often has fine grained controls for sharing files or folders selectively. Assign the most restrictive adequate permissions to minimize fallout of lost credentials.
Handle Company Devices Carefully
Employers sometimes provide mobile phones, laptops or tablets for remote trading usage. These devices often have confidential business data and authenticated access into internal networks. Extra precautions are necessary for protecting company assets.
Never jailbreak or root company equipment as this undermines built-in security controls. Additionally avoid pairing personal cloud storage, social media or email accounts which could commingle data assets. Encrypt devices using software like Bitlocker or FileVault to secure data at rest.
Establish Separate Funds for Trading
Maintaining separate business finances apart from personal spending enables better tracking and protection. Open a distinct credit card and bank account to use solely for trading purposes.
This simplifies monitoring software, accounting, taxes and auditing around trading activities. If exchange or wallet accounts are breached, cyber criminals won’t access your personal assets. Keep the amounts minimized in funds beyond what is required for active positions.
Develop Secure Remote Work Habits
The COVID-19 pandemic necessitated widespread remote work outside of secured office networks. Without vigilance this can expose confidential data through new attack avenues. Always use virtual private networks (VPNs) when accessing company assets remotely.
Be mindful of open guest networks which are heaven for hackers to intercept credentials or inject malware. Refrain from using the same devices for both personal and work functions. Keep updated antivirus software active across all equipment. Secure home routers and Wi-Fi networks with modern protocols and long passwords.
Keep Software Updated
Vendors constantly release security patches to fix vulnerabilities in operating systems, applications and firmware. Cyber criminals exploit unpatched bugs to breach defenses.
Enable automatic updates across all platforms and software. For services lacking auto updates periodically check and install latest versions manually. If devices are past end-of-life without updates, consider replacing them to sustain protection.
Backup Data Regularly
Ransomware attacks encrypt files demanding payment for decryption keys. Without accessible backups this can catastrophically impact trading analysis records and historical data. Design a comprehensive backup plan onto external drives as well as cloud syncing crucial folders.
Versioning capabilities on business cloud platforms like Google Drive allow restoring previous intact copies prior to corruption. Test restoration periodically to ensure backups are correctly configured and contain the anticipated data components.
Conclusion
Securing trader networks requires vigilance across devices, software, credentials, connections and behaviors. Implement layered controls using VPNs, passwords, multi-factor authentication, encryption and next generation endpoint solutions. Frequently update components while restricting access to least privilege principles and segregating funds. Establishing sound cybersecurity and data recovery protocols enables concentrating fully on trading rather than stressing about hacks.
Frequently Asked Questions
Should I use SMS-based 2FA or TOTP apps?
TOTP applications like Authy provide stronger 2FA protection than SMS texts. Phone porting fraud enables criminals to intercept text messages including authentication codes. Avoid relying solely on SMS for 2FA.
How often should I change passwords?
Current guidelines recommend changing passwords only if evidence suggests credentials have been compromised. Otherwise focusing on other controls allows longer duration password use.
Is public Wi-Fi always risky for trading?
Use caution on public networks since lack of encryption provides opportunities for MITM attacks. Only access accounts and trade over VPN protected Wi-Fi using memorized URLs instead of clicking mystery links.
Should I store recovery phrases on paper or digitally?
For sufficient redundancy, record wallet recovery phrases on durable paper kept secure in multiple locations. This protects against flooding, fires or device failures.
Can hardware wallets be infected with malware?
Hardware wallets provide the ultimate cold storage protection for coins in electrical isolation. Without connection to the internet or applications, infection risks are essentially nil.