Financial services companies fall victim to cybersecurity attacks 300 times more often than companies in other sectors…
300 times more frequent cyber threat to financial services customers .
So how do you use these tools responsibly to maximize ROI while minimizing risk? The weapons to combat these threats are twofold. You can update the methodologies used in financial software development, and you can update the technologies that protect sensitive information. These strategies and technologies cover 5 main themes:
- Modernize your software development planning and execution
- Subject projects to rigorous quality assurance testing
- Investigate blockchain technology as a data sharing option
- Employ data science analytics to monitor trust and behavior
- Hire an outsourced software security expert
These approaches offer 2020 solutions and standards to protect your information and reputation against a range of emerging threats.
1. Modernize your software development planning and execution
The main software development methodologies currently employed in the financial services sector are frameworks used to plan, create and deploy effective and secure solutions.
Exemplified by Agile and DevOps approaches to software development, these strategies are designed with security built into the process of innovation and product evolution. Development is divided into a series of iterations where the application is constantly checked and rechecked for stability as improvements are made to the code.
There is also a growing appreciation for physical and logical security in each iteration, with strict guidelines for the handling, storage, and destruction of sensitive data. The methods used in financial software development are crucial to the security of the final product.
2. Submit designs for rigorous quality assurance testing
Integrated yet independent quality assurance testing leads to more robust product development. Too often, software testing is considered a side issue left until the end of the release cycle or handled by internal teams who are not QA experts. Only continuous testing by impartial, external security experts maintains product integrity and removes weaker code snippets and bugs that create vulnerabilities.
You should implement security testing from the beginning of your financial software development plan and be prepared to hire quality control experts throughout your production cycle.
3. Investigate Blockchain Technology as a Data Sharing Option
Blockchain technology made headlines alongside the rise of cryptocurrencies, but it is best understood as a more efficient and secure way to share data. The approach records and stores information across a network of connected computers through a real-time validation mechanism that makes it very difficult for hackers to access and compromise the data.
It is a form of electronic ledger that makes a permanent and transparent record of transactions and data movements available to everyone in a shared database. Blockchain services can help you work smarter by reducing risk and improving accountability and security.
4. Employ data science analytics to monitor trust and behavior
The same data science practices that help you better identify and serve your customers can also protect your confidential information. Having a comprehensive understanding of the movement of information across your enterprise can verify data reliability and detect unusual behavior.
Here, the emphasis is on shifting from threat prevention and defenses built into financial software development toward greater detection and response. It's a type of machine learning that uses a real-world transaction history to detect any unusual digital activity in your business.
Data science is the watchdog of the next decade, an always-on digital sentinel monitoring every piece of information that flows through your business.
5. Hire a third-party software security expert
Software security is a specialized field that requires specialized attention. The damage to your reputation resulting from a public data breach can be extremely difficult to repair. That's why it's important to have specialized eyes on each software that carries your brand and reaches your customers. If you don't have dedicated resources on your team to handle security issues, you'll need to consult an outside expert.
Financial software development consultants give you the peace of mind that your product and your customers are protected. Full-cycle software development specially designed for you ensures your products meet business goals without compromising security.
The right third-party vendor can implement each of the cybersecurity and data security capabilities described above, providing guidance and planning assistance as well as efficiently employing the latest security technologies. If you don't have the resources to apply these strategies yourself, partner with someone who does.
How to meet future security demands in 2020
To ensure your growth, you need to protect your products.
Success in the financial services sector in 2020 and beyond will depend on trust. While your customers may demand the more accessible and personalized financial solutions that the digital age is producing, their loyalty depends on your ability to keep their confidential information secure.
