FinTech

by Team Azilen

November 09, 2023

The Gold Standard of Security: Unleashing DevSecOps for FinTech

Let’s start this blog with some shocking statistics.

In 2022, there were 1,829 reported cyber incidents in the financial industry worldwide, down from 2,527 in the preceding year. (Source)
Finance firms lose approximately $5.9 million per data breach, 28% higher than the global average. (Source)
232,101,892 individual records were affected as a result of these breaches (Source)

Ever wonder how your favorite FinTech apps keep your money safe while offering lightning-fast services?

This is all possible through a powerful approach called DevSecOps.

And in this blog, we’re going to demystify DevSecOps for FinTech and show you how it’s transforming the world of FinTech!

The #OAIC have release their 2022-23 annual report!

The OAIC reported a 34% increase in #privacy complaints and 5% increase in notifiable data breaches. The top sectors issuing data breach notifications were health service providers and finance.https://t.co/uYrkfB1SIc

— Sainty Law (@SaintyLaw) October 25, 2023

Navigating the Challenges in FinTech Product Security

1. A Delicate Balancing Act in Regulatory Compliance

The FinTech sector operates within a complex regulatory environment, which navigates a web of standards and compliance frameworks.

Be it the Financial Crimes Enforcement Network (FinCen) or the Prudential Regulation Authority (PRA), adherence to these regulations is non-negotiable.

In addition, achieving compliance while maintaining a seamless user experience poses a significant challenge.

Meaning, maintaining the balance of security and user convenience requires in-depth planning and robust implementation.

2. The Ever-Present Menace of Continuous Threats

FinTech product companies find themselves under constant attack from a wide range of cyber threats.

These range from phishing attacks to sophisticated Advanced Threats (APTs) orchestrated by well-funded cybercriminals.

To avoid these attacks not only requires robust security measures but also agile and proactive security practices.

But what’s the biggest challenge here is – identifying and mitigating these threats before they breach your FinTech product at full scale.

3. Continuous Monitoring for Real-Time Transaction

In FinTech, transactions occur in real time.

This makes the necessity of continuous monitoring highly important in order to detect and prevent security incidents promptly.

Achieving this level of monitoring without disrupting the transaction process is a significant challenge.

4. Secure APIs and Microservices

The use of APIs and microservices in FinTech is non-negotiable.

However, securing these APIs and microservices presents a top challenge, as any vulnerabilities can potentially expose sensitive financial data.

There are multiple security measures to secure APIs and microservices.

However, ensuring that these security practices are constantly applied across the entire FinTech product ecosystem is a challenging task.

5. Maintaining the Balance Between Speed and Security

Speed and innovation – the FinTech industry thrives on these two aspects!

However, balancing the need for rapid development alongside robust security measures is an ongoing challenge.

Achieving this balance requires a strategic approach that includes automated security testing and commitment to continuous improvement.

DevSecOps for FinTech: How it Accelerates Your SDLC?

DevSecOps represents a paradigm shift in software product development, seamlessly integrating security into the development process.

It ensures that security is not an afterthought, but rather an integral part of the entire software development lifecycle within the dynamic FinTech ecosystem.

In DevOps, the security tests are performed after the end of the CI/CD pipeline.

These security tests take hours, days, or sometimes weeks if the system is too complex.

The security team may find thousands of vulnerabilities and issues and send them to the development team to fix in the new version.

However, because of the efficient DevOps cycle, a couple of versions have been created, which are already in the queue for the security audits.

Now, you can see the problem here.

You have the super-optimized DevOps process that you have built and are proud of.

But right before the audit, the security checks and audits block the whole process, delaying the release for weeks.

So, how to fix the problem? By integrating security in DevOps!

In other words, start thinking about security audits at the beginning and address issues as soon as they arise rather than worrying about them after new features are developed and tested just before being released.

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How DevSecOps Protect Your FinTech SDLC?

In FinTech product development, it’s important to ensure that your SDLC procedures are not only agile but also fortified with industry-standard security.

And DevSecOps plays a pivotal role in achieving this goal.

1. Security from Day One

With DevSecOps, security isn’t an afterthought. It’s implemented into the development process right from the beginning.

It’s like building a house with strong walls right from the first brick!

This approach makes sure that security isn’t avoided in the rush to develop and release new features or functionalities.

2. Automatic Safety Checks

DevSecOps in FinTech offers smart and robust automated tools that keep an eagle eye on any issues.

These tools provide real-time feedback on the security posture of the application, allowing teams to identify and respond quickly to potential threats.

This continuous monitoring ensures that security remains a top priority throughout the development lifecycle.

3. Regulatory Compliance as Code

DevSecOps turns rules into code. Means, compliance requirements are integrated directly into the SDLC itself.

Automated checks ensure that your FinTech product meets regulatory standards from the outset.

This not only streamlines the compliance process but also reduces the risk of non-compliance and associated penalties.

4. Collaboration and Communication

DevSecOps fosters a culture of collaboration and communication between development, operations, and security teams.

This makes sure that security measures are seamlessly integrated into the SDLC.

It promotes knowledge sharing which allows teams to work together towards a common goal – delivering secure, high-quality FinTech products.

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5. Rapid Incident Response

If an unusual security incident happens, DevSecOps helps fix it fast.

Automated incident response systems can be put in place to detect and mitigate threats as soon as they are identified.

This ensures that any potential security threats are addressed rapidly, minimizing the impact on the SDLC and the entire organization.

Why DevSecOps for FinTech is a Game Changer?

Did you know that in their 2023 Data Breach Report IBM found that organizations with high levels of DevSecOps implementation saved $1.68 million compared to those who didn’t! #devsecops #cybersecurity #trolleyesecurity pic.twitter.com/iRZpPPKiBW

— TrollEye Security (@TrollEyeSec) November 7, 2023

1. Rock-Solid Security

DevSecOps ensures that security is an integral part of the development process, rather than a standalone function.

This approach leads to more robust and resilient FinTech products.

By embedding security into the SDLC, organizations can be better equipped to withstand emerging cyber-attacks.

2. Speed and Innovation

DevSecOps accelerates the development cycle by automating security processes.

This enhanced agility allows organizations to deliver new features and updates at a rapid pace.

Moreover, it also helps in responding quickly to market demands and stay ahead of the competition.

3. Trustworthy for Customers

When your customers know their crucial information or data is safe, they trust you even more.

This trust is invaluable in an industry where protecting customer data is of paramount importance.

It strengthens the relationship between the organization and its customers, leading to increased customer retention and loyalty.

4. Saving Costs

Early detection and mitigation of security vulnerabilities are more cost-effective than dealing with issues later in the SDLC process.

DevSecOps helps organizations save on potential costs associated with data breaches, reputational damage, and compliance fines.

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5 Expert DevSecOps Practices for Unbreakable Security

1. Start with a Solid Foundation

Lay the groundwork with a top-notch framework tailored to your FinTech’s unique needs.
Make sure security is built in from the beginning rather than added as an afterthought.

2. Automate, Automate, and Automate

Embrace automation to consistently implement security policies and checks throughout the development pipeline.
Leverage CI/CD pipelines to catch vulnerabilities early and often by using platforms such as Checkmarx, Fortify, Veracode, etc.

3. Continuous Threat Modeling

Treat security as an ongoing process, not a one-time event.
Regularly update threat models to account for emerging risks.
Identify and prioritize potential threats to your FinTech’s ecosystem.

4. Shift Security Left

Encourage developers to take ownership of security by providing them with the right tools, training, and resources.
Integrate security testing into the development process, which allows teams to identify and address issues before they reach production.

5. Collaborate for Compliance

Foster a culture of collaboration between Dev, Sec, and Ops teams.
Encourage open communication and shared responsibility for security.
Ensure compliance with industry regulations and standards, and actively engage with compliance teams.

Achieve Security Excellence with Our DevSecOps Solutions for FinTech

We are a software product engineering company.

For the past 14+ years, we have been helping FinTech product companies to propel their journey from idea to implementation and all the way to product success.

We understand the pivotal role that security plays in shaping the future of finance.

Thus, our DevSecOps solutions stand out as a promise of trust and resilience.

With our team of experts, we infuse every line of code with security consciousness so that you can embrace a brighter and more secure future for FinTech software development.

For us, security isn’t just a checkbox but it’s a promise we’re committed to keeping.

So, let’s secure a bright future for FinTech!

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