Why Ignoring Bank Application Security Is Too Costly

In this article, we discover how protecting banking applications throughout the software development lifecycle can improve regulatory compliance, increase application security, and reduce development costs. Banking applications are a favorite and frequent target for attackers. Attackers infiltrate these applications to disrupt accessibility, delete or steal sensitive information such as credit card data. Insecure online applications also give criminals access to corporate networks and server programs, allowing them to modify or steal data from the applications themselves.

Moreover, as with other software defects, early detection and correction can actually save money in the future. Many analysts, banking QA and software development experts agree that identifying and fixing bugs in the early stages of development typically costs thousands of dollars, and tens of thousands of dollars once the application is in production. Moreover, at stake the reputation of the company and individual managers, and the leakage of sensitive user’s data, which they definitely will not be happy about.

As you will see, enterprises can reduce security-related maintenance costs while simultaneously delivering noticeably more secure and regulatory-compliant apps by simply adding security to existing development checkpoints, such as when current feature and performance tests are finished.

Solving a complex task

Security issues can arise in online banking applications for several reasons. First, security issues are rarely considered at the functional requirements stage. Developers do not include security features in their applications because the application owner does not initially require security.

Second, even when developers do think about security, they cover only the bare minimum, such as encryption, access control, authentication, and authorization. They also often fail to perform thorough input validation to prevent cross-site scripting and SQL injection. As a result, developers leave a large number of security flaws in the source code.

Toward secure bank app development

Addressing security issues that arise during the design and development phase is time-consuming. However, companies that have taken previous initiatives, such as implementing capability maturity models and configuration management databases, know that their efforts pay off because a structured process over time produces better results, is more efficient, and results in cost savings.

Similarly, standardizing development methodologies such as rapid application development, waterfall, and agile will lead to more efficient development, time savings, and improved quality. Clearly, improving the software development lifecycle by having the right security testing tools and prioritizing software security is a highly effective long-term business investment.

The basic idea is to set quality testing standards and involve all stakeholders (business owners, application owners, security, compliance, audit and quality assurance) in the process from the beginning.

Phases to be considered

• Top-level sponsorship: The first and possibly most important step is this one. Gaining the organizational changes necessary for success without executive-level endorsement for safe software development and compliance is challenging, if not impossible. Strong executive support enables organizations to create comprehensive web application security programmes that help them satisfy compliance requirements, prevent security breaches, and save time and money that would otherwise be spent on security flaws.

• Involvement of all stakeholders: Businesses should use a defined method for creating secure software. This implies that security should be assessed by security teams, analysts, design, development, QA, and audit throughout the course of production. In this way, security concerns may be handled as they come up during the development and deployment phases of an application’s life cycle, from the analysis of its business needs.

1.   Requirements phase

At this early stage, it is useful to identify legal, security policy and regulatory compliance requirements. Does the application contain data subject to government or commercial regulation? Will the application access highly sensitive data or be stored on the same server or network? If so, security needs to be given special attention. The compliance and security officer must evaluate and approve the design and functional needs of such applications.

2.   Design phase

Security teams should create misuse scenarios and threat models during the engineering design phase. Usage scenarios define program requirements, and misuse scenarios look for ways that attackers can infiltrate a banking application to gain network access or steal money. The QA team can use threat modeling in the application itself to identify potential threats and vulnerabilities by modeling threats in the application itself. vulnerabilities by modeling threats in the application itself. vulnerabilities by modeling threats in the application itself. For example, will a successful DDoS attack affect the availability of other applications? Does the application connect to important databases? If so, will stronger authentication be required?

3.   Build phase

Implement safe coding standards. Developers should utilize secure coding procedures throughout the development process. Developers must ensure that input is accurate, follow the principle of least privilege, and generally adhere to platform and language-specific coding guidelines. This is perhaps one of the most challenging areas of the secure development initiative. The challenge is to consistently educate developers on trends and best practices for developing secure banking applications.

4.   Secure code review

Throughout development, security defect reviews must be included in addition to the quality and functional code reviews. Here, software inspection tools can support the automatic detection and correction of security-related flaws. It is essential to run integration tests as the application development nears completion. For example, many software security safeguards function as standalone units and should be verified as such, other flaws are only discovered after the application has been put together.

5.   Test phases

Integration of security as the third element of application testing (after functionality and performance) is the key to success. Once the program meets standard QA benchmarks, the QA teams also check for security flaws.

Selecting a web application vulnerability assessment platform that can evaluate both established web applications and those created using contemporary web services and technology is crucial for these application security assessments. Choose an automated scanner that works with your development environment, offers quick scanning capabilities, extensive security assessment coverage, and precise conclusions resulting from integrated black-box, white-box analysis.

6.   Deployment phase

Rollout of secure applications. Ascertain that all recommendations for secure deployment are followed. Secure deployment refers to the installation of bank software with all secure defaults enabled, which means that all file permissions are properly established and that the application’s configuration’s secure settings are used. The security of the programme must be maintained during the course of its existence after it has been deployed. A comprehensive method for managing software patches must be in place. New risks must be assessed, and vulnerabilities must be controlled and prioritized.

7.   Production

Web applications that were once secure can become insecure as a result of changes. A vulnerability that gets into the system after the audit may go undiscovered if security is a one-time task. In order to construct secure bank apps, you should consider application security as a process that is integrated across the whole development life cycle. Every team member involved in creating and maintaining your online apps should adopt security principles.