Firewall and database security: An unavoidable aspect in online commodity trade

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Firewall and database security: An unavoidable aspect in online commodity trade

Post  Carol Moreton on Fri Sep 03, 2010 12:09 am

Commodity trading firms were fewer in number just a few decades ago. However, with the advent of the internet, commodity trading firms are proliferating like never before. It is now possible to start an online commodity trading platform with the minimum of investments. Infrastructure can be added only when business expands.

Nevertheless, the cutthroat competition has resulted in many unhealthy practices. Firms now eavesdrop on the data of other players and try to outwit their opponents by indulging in unfair business tactics. Thus, the question of database security is given high priority by the various players.

Installation of appropriate firewalls between two trading platforms is a must. It can be directly connected to a trading exchange and a secured internet trading set-up is one of the most essential requirements for creating a secure trading environment. This is achieved through the installation of 'firewall'. What is a 'firewall'? A firewall blocks unauthorized intrusion into data lines.

A firewall is actually an intelligent program. An investor's information is maintained at the broker's database or in a virtual data warehouse, which is accessible to others as well. In order to have restricted or selective access to the authorized clients, the broker's system has an access control policy. This is basically to maneuver and route the authorized traffic into the trading network (private network) from the Internet (public network). This means that the broker's system will provide access only to the account information of the investor in question.

The threat perception through the internet is rather high. Therefore, firewalls need to be updated almost on a daily basis. Hackers and other mischief mongers are on the prowl from all parts of the globe. Therefore, if there is a report of a threat or a virus, the best option will be to shut down the system until the threat is contained and the anti-virus options are in place.

Carol Moreton

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