All industries are feeling the pain of preventing rising risks to their applications, private information and customers’ data, and it is not surprising that this is especially true in the financial services sector. In fact, fintech companies on average spent more than $18 million in 2019 battling cybercrime, while other markets’ companies spend an average of $13 million addressing cybersecurity concerns each year.
While these numbers can be depressing, a recent virtual roundtable we hosted with some of the best AppSec brains in fintech uncovered three steps organizations can take to secure their fintech applications and protect their customer data. The panel included Erick Lee, director of Security at Intuit; Jeremiah Kung, first vice president and global head of digital cybersecurity at East West Bank; and Karthik Rangarajan, security lead at Robinhood.
The panel discussed how hard is computer science trends, best practices for what is working in their organizations and recommendations for security leader peers who are tasked with addressing application security at their organizations. The group agreed that there’s a lot of creative thinking and exciting work happening around AppSec, and that includes across all of DevOps and engineering, not just those charged with application security. These notions can’t help but leave one feeling optimistic.
While the spirited discussion covered a variety of topics and trends, here are the three high-level recommendations organizations should follow to best secure their fintech applications.
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