Cybercriminals are taking advantage of the interconnectedness of the digital economy and digital finance platforms to target traders accessing multiple financial markets across multiple asset classes. Reports expect global cybercrime costs to grow by 15 per cent per year over the next three to four years, reaching $10.5 trillion by 2025, up from $3 trillion in 2015.
Cyber-criminals are targeting trading platforms to access the brokers’ client records. To address the latter concern, FX traders need to choose a regulated platform and operate in a transparent setting to act more diligently when responding to the fallout from a cybersecurity threat. Traders wanting the safest platforms should look out for those governed by a robust regulatory and compliance framework and that adhere to the strictest standards of client onboarding. However, the challenge is one of cat and mouse – cybercriminals are always evolving.
The scale of the challenge should not be underestimated. In January, more than $80 million of digital assets were stolen from a decentralized finance platform when a blockchain extension by Qubit Finance, a DeFi lending firm, was exploited by…
