A vital business function of any organization, especially in the financial trading industry, is protecting its clients’ data and client sensitive information. Having a system in place preventing data leaks is an essential part of your cybersecurity initiative. In this article we will be talking about some preventive measures to protect brokers from risks of data loss, specifically about access levels and rights, or what we are calling user permissions, which are also incorporated in our YOONIT system.
There are many factors that could put your data at risk, lack of control mechanisms and unauthorised access for instance, and having no control over permissions and system access levels creates unnecessary cybersecurity risks. By utilizing different methods in controlling user permissions, you can help reduce the damage that could be done when the account of an employee becomes compromised.
Different permission types and their characteristics
If your trading support solution comes with permission controls, you can manage what users are allowed to do on both broad and granular levels. For example, in our YOONIT system you can designate user roles, such as admin or other back-office users and align roles and access permissions with your employees’ positions in the organisation. Depending on if you’re looking to manage access at an individual level or in bulk, there are two different types of permission settings that can get you the desired result:
- User permissions: The method of granting or denying access to parts of your brokerage’s management systems or CRM at an individual level lets you have more granular control of the system access. However, this method comes with drawbacks such as increased management work, as changes to permissions settings must be done for each user separately.
- Role permissions: Role-based permissions allow you to add a layer of categorization on top of what is provided by user-based permissions. Instead of access being given to each user individually, role-based permissions let you assign users to groups with specific capabilities. Some common groups include account managers, sales team, and back-office managers. The advantage of this approach over user-based access is that it is much easier to edit user capabilities in bulk because changing the permissions of a particular role will change the settings for all users assigned to that role.
Benefits of permission control for brokers
When managing many employees, security is maintained efficiently by ensuring employees are granted only the necessary access level to perform their job. A good trading support and management software simplifies the access administration by grouping access intuitively based on different criteria. Our clients have reported that utilizing permission controls within YOONIT system leads to multiple benefits for their team and the entire brokerage, as such:
- Higher operational efficiency: It lets brokerages quickly add and change role or user permissions, as well as implement them across the platform in one click. With permission settings, brokerages can easily add new users and give them predefined roles, saving time on configuration.
- Increased productivity and reduced costs: Spending less time on administrative tasks in addition to having granular control over permissions allows employees to work more efficiently and autonomously which has significant economic benefits.
- Helps eliminate security risks: The majority of data breaches and data leaks are usually caused by an action or inaction of someone within the company. Whether accidental or intentional, restricting unnecessary access to sensitive information means reducing the potential of privilege abuse and data exposure.
Data exposure will cost you both financially and in terms of customer trust in your brokerage and brand. You should periodically conduct audits of users and roles to ensure their continued relevancy and accuracy. Staying up to date will significantly reduce costs and improve your brokerage’s overall security posture.
YOONIT is a web-based modular trading support system, comprising a complex of tools and solutions, developed to help forex brokers unlock their full potential and fulfil their operational needs. With its unique toolkit, brokers can handle complex tasks ranging from precise access control, onboarding KYC procedures, account management, real-time risk management, marketing and more. As your day-to-day processes evolve, YOONIT will provide you with the ability to rapidly reinvent workflows and ensure peak performance while at the same time reducing potential cybersecurity threats.
To discover how YOONIT can support your brokerage, contact us for a consultation or request a live demonstration.