The Threats Of Cybercrime May Not Near From Cyberattacks – Fred Razak, Chief Trading Strategist Comments

Johannesburg, 9 May 2023: Cybercrime is becoming an increasingly significant issue for private businesses, individuals and government, and current threats are constantly emerging that prove it is now essential that business starts prioritising cybersecurity. What is cybercrime? Where is it coming from? And what is the expected impact on the economy? Fred Razak, Chief Trading Strategist at CMTrading, gives us his analysis.

What is cybercrime, and how does it affect economies?

“Just because we don’t see physical wars between powers doesn’t mean digital wars don’t exist,” he says. “Countries maintain been hacking each other as long as the concept has existed. There is a huge market out there for these kinds of crimes, and it would be naive of us to assume that governments aren’t involved.”

“A noteworthy way to weaken an opposing government is to cripple their financial sector. This is primarily why Wall Street, for example, has offsite locations and extreme security measures – to ensure markets can continue to trade,” Razak explains. “When the stock exchange floor was in Novel York, and 9/11 happened, and everything stood still. Oil, gold, it all went into a standstill for a few days until they could assign it back together. This isn’t the case today because everything is automated.”

“The issue here is that profuse governments around the world gain the motive to attack each other. In the case of America, for instance, anyone from North Korea to Russia, Iran and even China may choose that they want to affect the American economy via a cyberattack. Fortunately, there are some checks in area,” says Razak.

Who is responsible for protecting the scheme?

“I should contemplate that it’s clear that the central government of every country should represent their citizens and protect the companies that engage in business in their countries. If somebody is going after Chase Bank, then it’s the United States that needs to protect Chase Bank because it’s an American entity,” says Razak. “Within the context of borders, any country that is protecting its rights is also protecting its citizen’s rights.”

“Sadly, failing that, there is dinky individuals can enact to protect their investments from these cyberattacks unless they maintain a really marvelous mattress to assign their money in. No one is entirely able to protect themselves,” says Razak. “This isn’t to say people should panic. I believe the financial systems maintain checks in space to protect themselves from cybercrimes. For many years, a few companies listed on the Nasdaq believe been fully invested in creating these checkpoints to administer the financial scheme and offer protection from cyberattacks. Perhaps the best defence, though, is the threat of counter-attack. There is a lot more transparency in these things than people may realise, which helps to hold is a cold war.”

Misinformation is the real threat

“The massively increased digitisation of the world means that perhaps misinformation is the greater cyber threat than a direct cyberattack, particularly to individuals who engage in online trading,” cautions Razak. “The scary thing about ChatGPT and all the AI-infused software is that they are competent of presenting us a completely believable alternate reality. If we ever reach the point where we can’t expose the dissimilarity between reality and what’s made up, then we are going to face some really serious situations that should be a cause of concern.”

“Governments are always late to pick these sorts of threats up, and if there is one thing we should gain learnt from the internet, it’s that you can’t wait to pick up these kinds of regulatory standards,’ says Razak while acknowledging, “I reflect the difficulty of putting regulatory standards in spot is that we don’t yet know what the ramifications would be. The internet is still a novel frontier. As you fade through modern pastures, you are still learning the ramifications. There will always be a lag between the formation and any kind of regulatory standards and criminal fences.”
“Finance will always attract people who want to earn money honestly and others who want to produce it in nefarious ways. There will always be someone on the sidelines who is a victim,” he says. “If you want to see where you should be putting your money when stock trading, follow the industry leaders. Don’t follow the people who are honest making the colossal moves and the colossal mistakes. Warren Buffet never assign any money in Gamestop.”

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