Cybersecurity incidents have an unprecedentedly large impact on the financial services sector, with reports of up to 300 times more incidents than other industries. If a business in this sector is subject to an attack, there is a risk of personal data and funds being lost, as well as a potential loss of trust from the public. Without the trust associated with strong security credentials, a business may find itself unable to continue.
Despite the widespread notion that there is little that can be done to protect against malicious attacks, there are in fact a number of measures that can be taken to bolster defenses. The financial services sector in 2023 will be heavily reliant on the quality of the security measures in place; customers must have confidence in the safety of the leading digital companies, as this is the basis of their success. Therefore, in order to ensure sustained success over the next year and beyond, it is essential that this trust is not only maintained, but also enhanced.
In order to guarantee the protection and security of your clients, as well as the reliability of your business, it is essential to incorporate a range of highly efficient methods and technologies into your financial software development process. Doing so will help to ensure the safety and integrity of your business, as well as the security of the clients you serve.
Strategy and Software Protection: Striking a Balance
It is essential to maintain a balance between progress and security when it comes to the development of the financial sector over the next three years. The successful implementation of mobile platforms, the expansion of IoT applications, the use of third-party suppliers, and the facilitation of borderless data exchanges will be key contributors to this success. However, with the increasing prevalence of these technological advances comes an increased risk of cyberattacks on users of banking and other financial services.
The issue then arises of how to maximize profits while minimizing losses through the responsible use of such tactics. To address this, two forms of weaponry have been identified which assist in counteracting the associated risks. These include the improvement of the techniques used to develop financial software, as well as strengthening the security measures in place to protect customers’ personal data. To ensure that these goals are achieved, five primary areas must be considered, each of which are addressed by the relevant methods and tools.
- Embrace new methods of organising and carrying out software development
- Quality control testing should be performed extensively on all projects.
- Determine whether blockchain technology may be a viable choice for exchanging data.
- Analytics based on data science may be used to keep tabs on people’s honesty and actions.
- Hire a third-party specialist in software security.
For new types of dangers to your data and reputation, these methods provide guidelines and solutions for the year 2023.
Update Your Approach to Software Development Planning and Implementation.
The banking and insurance sectors are making use of the most sophisticated software development methods available to ensure the production of reliable and secure software applications. These methods involve the creation, testing, and implementation of software programmes, providing a framework for their development.
Agile and DevOps are two prominent software development methodologies that emphasize the importance of security considerations from the outset of the product creation process. This process is divided into distinct cycles, or “iterations”, in which the programme is rigorously tested to ensure its reliability, with new features and fixes being added at each stage.
As technology has advanced, so have the guidelines for safely and securely transferring, archiving and deleting sensitive information. It is now widely understood that physical and logical security are essential for protecting financial software. Adhering to appropriate procedures when developing software is essential in order to ensure its safety.
Submit Work to Strict Quality Control Procedures
When quality assurance testing is both centralized and decentralized, it allows for the production of more dependable goods. Software testing is often regarded as a secondary process, assigned to untrained internal personnel at the conclusion of the release cycle. Only comprehensive, persistent testing by external security professionals can guarantee a product’s safety by identifying and removing any potential vulnerabilities in the code or omissions that could render it open to attack.
It is essential that all financial software development plans incorporate security testing and the capacity to appoint Quality Assurance (QA) specialists at any stage of the development cycle. This is in order to ensure the highest levels of security and quality assurance are achieved.
Look at Blockchain Technology as a Potential Means of Information Exchange
Blockchain technology has become widely known due to its association with digital currency, but its real value lies in its practical and secure data transmission capabilities. By storing data across a network of computers with a live validation process, blockchain technology makes it almost impossible for hackers to gain access to or manipulate the information.
Blockchain technology is a digital ledger which records and stores all the details of a database’s transactions and data transfers, making them publicly available. This can help to reduce the risk of potential security breaches, while simultaneously improving transparency and trustworthiness in the workplace, allowing businesses to operate more effectively. Consequently, blockchain services can be a beneficial asset to any organization.
Analyze Trust and Behavior Using Data Science
The implementation of data science techniques to enhance consumer profiling and service delivery can be beneficial in terms of protecting sensitive data. To ensure the validity of data and the detection of any abnormal activity, it is essential to have a comprehensive understanding of the way in which data is transmitted within the organization.
The focus of this shift is to move away from simply strengthening the existing security measures in your financial software, to responding quickly and effectively when an attack is detected. Machine Learning can be used to identify any suspicious digital activity that may occur at your organization, as it is able to analyze past transactions and detect any anomalies.
In the next decade, data science will serve as a digital sentinel, keeping a constant vigil over all the data that passes through your company.
Hire a Third-Party Security Consultant
The security of computer programmes is an area of study that requires dedicated research and practice. Restoring credibility after a data breach becomes publicly known is no simple feat. This is why it is essential to have experts assess all software that features your company’s name prior to releasing it to the public. If your team does not have the resources or proficiency to address security matters, it is advised that you enlist the services of an external specialist.
By engaging the services of experts in the field of financial software development, you can rest assured that your business objectives will be fulfilled without compromising on security. Our customized, end-to-end software solutions are designed to ensure that your products are developed to the highest standards, providing you with peace of mind.
It is recommended to enlist the services of a suitable external supplier in order to put the necessary cyber and data security elements into place. This supplier should be able to provide advice and assistance with the planning process, as well as make effective use of the latest security technologies. If the individual or organization has the means to implement these measures independently, it is advisable to get in touch with them.
The 2023 Security Challenges and Solutions
Securing your goods is an investment in your company’s future prosperity.
By the year 2023, trustworthiness will be essential for the financial services industry to be successful. The loyalty of customers to your business will be a determining factor in whether you are able to fulfil their desire for more personalized and convenient financial solutions that the digital age is providing.
The software developers at Works are Organizations with the most to lose from information insecurity should take the necessary steps to protect their data. Our team can help you to create a bespoke, modern security solution specifically designed for the financial sector, or provide ongoing monitoring of your existing systems to ensure that your customer’s data is safe and secure. Don’t take the risk – contact us today to ensure that your organisation is protected from the latest digital threats.