Spread betting has become a very popular form of trading that allows people to speculate on the movement of a financial asset without owning the asset in question. It is one of the many trading models that is exclusively digital in nature, which makes it very flexible and provides an ease of access that cannot be matched by many other investment types. This heavy reliance on technology, however, makes it an attractive target for hackers seeking to exploit vulnerabilities in trading systems and platforms.
If these cyber attacks are successful, even just a little, they could lead to billions of pounds in damages and losses to the companies that own the platforms and the traders.
So, let’s explore how spread betting platforms are rising to this challenge and ensuring that their platforms are cyber risk-free.
Cyber Risks Facing Spread Betting Platforms
Cyber threats are becoming more dangerous than ever, and spread betting platforms are a major target for most of these cyberattacks. Why? Spread betting platforms handle millions of pounds in transactions every day and store valuable personal and financial information of the traders on their online platforms. This makes them highly attractive to cybercriminals looking for quick payoffs.
Also, spread betting is highly dependent on speed, so a delay (no matter how slight) or system failure can lead to massive losses. Hackers exploit this urgency, knowing that downtime can pressure platforms or traders into paying ransoms or making rushed decisions.
Common Cyber Attacks On Spread Betting Platforms
Phishing Attacks
Hackers send fake emails or messages that are made to look official to unsuspecting users. The user unknowingly shares their login details or ..
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