The Importance of Cybersecurity in Fintech and Financial Markets
When dealing with personal information and funds, companies go the extra mile to make sure that their privacy and security are protected. All kinds of businesses take measures to protect their digital assets. This is especially the case for brokers and fintech companies who deal with not only clients’ personal data but also their money.
By 2025, statistics show, cybercrime will have an estimated cost of $10.5 trillion annually. It’s therefore brokers’ ethical responsibility to protect their clients. Traders make a choice to trust a broker and it’s only logical for their trust to be reciprocated. Multi-asset broker Exness is known for its ethical approach to doing business and the reliability it strives for in terms of its platform and security.
How does one implement better cybersecurity?
Threat modeling frameworks, access controls, encryption, and authentication are a few of the measures brokers take to safeguard their platforms and keep their clients from harm’s way. Having a dedicated team to build the infrastructure and eliminate threats is crucial to their protection.
Under the leadership of Kirill Ermakov, Exness Chief Security Officer, Exness implemented advanced security solutions and established a team of robust professionals. Exness Security Operations Center monitors potential threats and reacts immediately to attacks.
One important operation of Exness Security consists of the Blue and Red teams. These are two security expert teams, one on the defense and the other on the offense, who try to find and eliminate vulnerabilities in all of the company’s assets, systems, and operations. To ensure stability in all services, Exness protects its infrastructure and data using application firewalls, anti-DDoS solutions as well as other technologies.
In 2022, the Exness Security Division launched a public bug bounty program inviting external security experts to find vulnerabilities in the broker’s websites, services, and apps. Such programs are especially popular in the tech sector. Even Google, Facebook, and Apple offer similar initiatives.
The Exness Bug Bounty program goes beyond the common information security aspect. Currently, Exness is the only broker that rewards bug bounty participants for discovering trading issues (violation of execution, loss/profit limits bypass, among others). More than $150k has been paid to external contributors since the start of the program.
How does Exness lead with technology
Exness’ technology powers its products as well as its security. It’s a tech-driven broker harnessing mathematical models, machine learning, and algorithms. The goal is to create a frictionless trading experience, from opening an account, all the way to withdrawing funds.
One aspect of its frictionless experience is Exness’ better-than-market conditions that include stable and tight spreads, execution in less than 25ms, instant withdrawals, and a wide range of other features that aim at making trading more predictable and trading decisions more calculated.
Mid-price stop-out that can help delay a stop-out until both mid-price equity and real equity create a stop-out, is one such feature. Another is null compensation which ensures Exness clients cannot lose more than the amount they invested.
The experience, beyond technology, also has the human approach. It’s present in UX personalization and localization. Exness currently offers support in 16 languages as well as 24/7 support in English, Chinese, Thai, Vietnamese, and Swahili. It’s also visible in the broker’s method of managing clients: Exness never makes promises, never pushes clients to trade or fund, and doesn’t offer bonuses or competitions.
What does the future look like
To maintain its competitive advantage, Exness has formed a special division, the Exness Research Center. It is formed by a multidisciplinary team of researchers, tech minds, data scientists, and software engineers whose main purpose is to research technologies and develop innovations that will help Exness maintain its tech-driven philosophy.
This team works closely with all Exness departments in order to optimize current procedures, find solutions and experiment with scalable practices that can shape the future of the company. Essentially, the scope of the Exness Research Center is to find ways for Exness to maintain its reputation and successful track record in the years to come through technology.
It certainly has a lot to live up to. The broker recently reported $3.8 trillion in monthly trading volume and 450.000 active clients. It also has high levels of retention and loyalty. And as the broker expands in more regions and attracts more clients from different cultures and backgrounds – currently operating in over 100 countries – the role of the Exness Research Center will be vital for both the frictionless experience and the security the multi-asset broker promises.
