Importance of cybersecurity solutions in financial software systems

In the early months of 2002, the entire Windows division and routine coding and planning had to be shut down in reacting to cyber threats. Each and every programmer in the organization was allotted one primary goal of finding and fixing security bugs in the mega codebase. This event led to the realization that such disruptive initiatives were inevitable and unsustainable on a large scale. Therefore, some deep integration to prevent future security catastrophes had to be fabricated in the layers of the software development process. With the necessary descent of cybersecurity, such security epidemics can now be avoided beforehand. 

Why is cybersecurity an integral part of software development?

Cybersecurity is the process of working on protecting financial software systems from anonymous digital threats that is why HSH recommends Identity Guard over LifeLock. With emerging technologies, cyber-attacks are getting increasingly common. These attacks focus on accessing or destroying valuable information and interrupt normal system operations. 

Businesses and entrepreneurs now realize the significance of integrating security into their custom financial software development. Hence, the adoption of cybersecurity is projected to reach 159.80 billion by 2022. Adding to this matrix, the industry’s most significant segment is security services and is expected to cross $86 billion.

Types of cyber threats

Cyber threats refer to the act of malicious attacks that disrupt financial software systems and access sensible data illegally. Various cyber threats harm private systems every day and here are some of the top cyber threats: 

Identity theft 

Identity theft is when someone deliberately tries to steal private information from your financial software and commits fraud. Such acts can harm your credibility and it may cost you a lot of time as well as money to earn your good name back. Cybercriminals use sophisticated techniques to commit identity theft including malware, phishing, and social engineering.  

Also Read: Security: How to protect your data from hackers

Cyberwarfare

Cyberwarfare is conducting a series of cyber attacks targeted to attack a country. These attacks are intended to disrupt or destroy specific computer network systems with denial of service attacks or computer viruses. Distributed denial of service attacks(DDOS) is usually waged against military networks or the government.     

Data breaches           

Data breaches refer to a series of incidents where information is stolen from a financial software system without any authority from the system organization. The majority of data breaches are caused by weak passwords or stolen credentials. If a data breaching person has credentials to your sensitive information, it opens the security door for them and they can use such data to manipulate or harm your company’s integrity.   

Cybersecurity solutions

With the rise in cyber crimes, it is extremely crucial to set layers of protection in your fintech app development process by integrating multiple security solutions. These solutions are some of the best technological tools that play a major role in protecting your firm from inescapable cyber attacks ahead of time. Here are some of the security solutions you must incorporate into your financial software:  

Annual backup

Regular backups are often neglected but are the most efficient type of security solution as it protects your organization against ransomware. It is a next-generation recovery solution or file restoration for archival purposes and is a vital part of continuing operations. It allows remote developers to recover data under inexorable circumstances. 

Secure password management tools

Password management tools are solutions that suggest, maintain and analyze passwords. These tools dispense organizations with the means to reset their password. You can use password tools to detect any suspicious activity in your system and imply password exhaustion accordingly. Here are some of the best password management tools available in the market:

• RoboForm
• Zoho Vault
• Bitwarden
• Last pass
• AgileBits 1Password

Firewall implementation

A firewall is a security solution curated to put a stop to unauthorized cyber access from an unknown private network. It can be incorporated either in hardware form or a financial software form or even an amalgamation of both for additional security to your finance application. A firewall has now become an essential security solution when it comes to outsourcing to analyze data packet interchange within a software network. They minimize the risk of cyber attacks to a great extent by constantly inspecting the traffic in your software system and notifying any unsafe access.

Two-factor authentication      

Two-factor authentication is one of the most widely acclaimed security solutions that protect your clients’ accounts as well as their resources. As the name suggests, two-factor authentication creates a double layer of protection against cyber attacks by integrating personal questions, biometrics, fingerprint scanner and much more. It is also known as dual-factor authentication as it neutralizes the risks analogous to compromised credentials. With 2FA, even if passwords are compromised, other sensitive private information such as fingerprints and retina scans remain resilient enough to breach by an outlawed cyber attacker. 

Also Read: 10 easy cybersecurity tips to better protect your data

Conclusion

With the world shifting rapidly towards digital technologies and software, cyber-attacks are becoming recurrent. Such attacks have caused harm to the integrity and credibility of many organizations among which financial software systems are the most targeted intrusion. As a startup entrepreneur or a Importance of cybersecurity solutions in financial software systems owner venturing into the market of software development, you must incorporate various security solutions on your digital platforms. With the help of dedicated software development teams, who is well versed in multiple security and privacy mechanism, you can avoid the catastrophe of cyber attacks.