Security | Threat Detection | Cyberattacks | DevSecOps | Compliance

The banking and fintech industries live and die on the reliability of the online services they offer. It’s vital that the sensitive data that the industry handles is robustly protected, and that the software and applications that it uses are secure. For effective software and application security, it’s critical that banking and fintech organizations rapidly detect, identify, and remediate software vulnerabilities.

Coming off a rough and wild end to 2021 with Log4Shell in all our minds, Snyk jumped out of the gates quickly and began providing the AppSec world with new capabilities that did not disappoint. In this blog, you can review most of the key investments we made in 2022 to improve performance, add new ecosystems, and support the enterprise.

Modern applications are sophisticated, with different third-party software and hardware components and complicated integrations compared to legacy applications. With these complications, there is an increase in exploitable vulnerabilities in the application layer. Thus, application security is one of the most critical aspects organizations should focus on to secure their applications from cyberattacks.

The ongoing rise in open source vulnerabilities and software supply chain attacks poses a significant risk, and it will only increase. According to the Mend Open Source Risk Report, modern security best practices such as software composition analysis (SCA) are vital for stemming the rising tide of open source vulnerabilities in applications and software.

Application security is an essential part of the software development lifecycle, and getting it right should be a top priority in today’s ever-evolving and expanding digital ecosystem. Application security is the practice of protecting your applications from malicious attacks by detecting and fixing security weaknesses in your applications’ code.

Software applications are the weakest link when it comes to the security of the enterprise stack. In The State of Application Security, 2022, Forrester reports that the majority of external attacks occur either by exploiting a software vulnerability (35 percent) or through a web application (32 percent). Source: Forrester: The State of Application Security 2022

Most developers aren’t security experts. This isn’t because we don’t care about security, it’s just that there are only so many hours in the day and features come first. Fortunately, developers don’t need to be security experts to build secure apps — they just need the right tools.

As organizations are increasingly prioritizing application security continues to become a top priority for organizations, application security risk assessments is atop many bucket lists. Every application is unique and carries threats factors. It's critical to implement processes and tools to identify and remediate security issues before shipping.