Trading Routine: How To Track Suspicious Events In Different Locations

Tracking Suspicious Events

Financial security can be compared to a constant arms race between cyber criminals and businessmen who try to magnify their assets. Trading and financial organizations bear the brunt of the losses occurred due to fraud because their active assets are more liquid and it attracts criminals in all shapes and forms. Security expenditures also turn to be forced losses.

In late 2013 for example, United States entered the age of the mega breach when Target Corp. lost 40 million credit-card numbers to Russian-hackers. And it didn’t stop there; other companies such as Adobe Systems Inc., Home Depot Inc., J.P. Morgan Chase & Co., Anthem Inc. and eBay Inc., fell victim to hackers.

Tense situations like these call for efficient tools for tracking suspicious events. An opportunity to detect and analyze these threats will produce an amplified outcome, i.e. significant revenues for businessmen.

In fact, trading companies generate huge amounts of information. And the main purpose of any corporate security system is to analyze the data and define suspicious events.

How to create an effective system to analyze and monitor corporate information?

Every day, companies are entrusted with the personal and highly confidential information of their customers, therefore creating an effective security policy, which is executed as planned, is extremely important. Experts in custom trading and brokerage solutions emphasize the following security issues that should be taken into account during the elaboration and integration of a security system:

1) Flexible scenarios

It is very well known that swindlers are continuously searching for sophisticated and innovative ways to commit fraud. Since hackers will scan for susceptibilities the minute they are discovered, an organization must have a routine in place for checking its own networks regularly. To address the challenge, we can’t employ universal scenarios; the only thing left is to use some specific methods. A ‘Threats and Alerts’ system should support a flexible parametric structure with individual indicators adjustment, giving the operator a possibility to regulate basic security scenarios and take into consideration all the factors.

2) Analysis algorithms plugged on demand

Using the same information security tools and analysis algorithms demonstrates different levels of efficiency throughout the course of time. Some of them are up-to-date, others become obsolete. That is why the operator needs an analytic tool base that could be implemented within the context. At the same time, the solution provider should refresh and update the analytic tools base.

3) Online Geoscreening

Upon analyzing hacker attacks and fraudulent operations, specialists in custom e-commerce apps agree that the visualization of information on transactions and financial tools usage is of great importance during the initial stage of detecting suspicious events. Sometimes experts’ intuition and analytic skills prevail over automatic monitoring systems. That is why it’s crucial to provide the operator with well-organized and visualized information.

4) Machine learning algorithms

escalator-769790_640

Many specialists recommend another double system to track suspicious events. It is based on Machine Learning algorithms. The efficiency of such a system can be noticed only after a certain period of time when the algorithms already analyzed the needed amount of information. That’s why it is vital to launch this system as an independent sub-program as early as possible to obtain another security tool to address financial frauds.

Conclusion

As no one can predict the nature of a future threat (internal or external) it’s a must for a company to have an individual dynamic platform for analyzing information streams within and outside the institution.

By Yana Yelina

Louis
Employees’ privacy, personal identities and privileged access credentials are at risk because enterprises are sacrificing security to get more work done. While 85% of enterprises have a dedicated budget for mobile security, just over half, ...
Episode 16: Bigger is not always better: the benefits of working with smaller cloud providers
The benefits of working with smaller cloud providers A conversation with Ryan Pollock, VP Product Marketing and Developer Relationships for Vultr.com - Everyone knows who the big players are in the cloud business. But sometimes, ...
Mark Ardito
OPEX is the new battleground I recently wrote in CloudTweaks about how cloud is forcing CIOs to work more closely with their C-suite colleagues to sell the benefits and its role as a business driver ...
Louis
Devops teams are sacrificing focus on security gate reviews to meet tight time-to-market deadlines amid growing pressure to deliver digital transformation and digital-first revenue projects ahead of schedule. Compensation plans for CIOs, devops leaders, and their teams prioritize time-to-market performance, ...
Frank Suglia
Managing Data Sprawl Over the last two years, our world experienced a dramatic acceleration of digital transformation. The COVID-19 pandemic upended normal operations for many businesses and shifted the pace of technology adoption into warp ...
  • Plural Site

    Pluralsite

    Pluralsight provides online courses on popular programming languages and developer tools. Other courses cover fields such as IT security best practices, server infrastructure, and virtualization.

  • Isc2

    ISC2

    (ISC)² provides IT training, certifications, and exams that run online, on your premises, or in classrooms. Self-study resources are available. You can also train groups of 10 or more of your employees. If you want a job in cybersecurity, this is the route to take.

  • App Academy

    App Academy

    Immersive software engineering programs. No experience required. Pay $0 until you're hired. Join an online info session to learn more

  • Cybrary

    Cybrary

    CYBRARY Open source Cyber Security learning. Free for everyone, forever. The world's largest cyber security community. Cybrary provides free IT training and paid IT certificates. Courses for beginners, intermediates, and advanced users are available.

Cloud Community Supporters

(ISC)²
Aws
Hp
Ca
Cisco Logo

Cloud community support comes from sponsorship advertising and collaborative network partnership initiatives.

Contact us for more information on how to get involved in our flexibly priced programs!