Going digital is all the rage nowadays. Online stores and sellers are popping up in numbers at an unbelievable rate. So it is no surprise that banks and financial institutions are following suit.
Banks offer their services through online apps or some form of mobile platform. But as with any form of digital transaction, web security is always a top priority.
So how do you ensure that your online banking app is secure? There are a number of steps that you can take to ensure this and give users the peace of mind they deserve when using your online banking app.
Establishing an SDLC
Software Development Life Cycle (SDLC) is the first step in ensuring the security of your online banking app. SDLC guarantees continued development of the app and that security protocols are continually evolving throughout the app’s lifecycle.
Identifying and understanding the security requirements of the app
During this stage of the SDLC, at least one member of the web security team must work with the build team to identify potential security risks. Only after this identification process has been accomplished and the necessary security needs established should actual development begin.
Any online banking app comes with sections of risk known as the attack surface
Analysing the attack surface is a complicated yet necessary step in ensuring security as it identifies the most critical and vulnerable areas in the software where a malicious attack can occur.
Threat modelling should be implemented as part of the SDLC
Threat modelling will aid software developers in understanding which of the security features are necessary to ensure that security is built into the app from the beginning. Threat modelling matches a security response to a particular threat that occurs anywhere in the app.
Perform SAST followed by IAST
As part of the SDLC, Static Analysis Security Testing (SAST) in its most basic form is a way of testing the app’s source code for vulnerabilities. Performing a SAST identifies possible flaws in the app during its early stages of development.
Problems can then be addressed before the app reaches a point where changes become too expensive and difficult to implement.
After the SAST, Interactive Application Security Testing (IAST) should be performed. Unlike in SAST where codes are tested for security, IAST puts a live version of the app through a rigorous process of “hacking” where an external threat or “hacker” tries to break into the app in any way it can.
This combination of both static and interactive security testing ensures a secure app that is free from vulnerabilities before it is released and goes live.
Security gates should be created as part of the SDLC. They are guarantees that create a minimum level of security for source codes.
This minimum level of security identifies code that is considered to be a high-level risk and should be returned to developers for a fix. Security gates should be implemented regardless of the app’s developmental stage and should never be ignored.
Implement a Continuing Secure Developer Education Program
By continually educating developers in application security development, you are ensuring that you will have in your employ developers who will put security as their top priority in every stage of software development.
Modern application now stresses the importance of a higher level of web security. Consumers want to of course safely transact and be able to do almost anything using their mobile devices or computers. This leaves you to put more thoughts into how to increase organisation security.
Especially when it comes to online banking, those security measures and considerations will be far even greater, demanding strong planning and execution so that you can maintain the high level of security consumers deserve.