FinTech organizations are currently using technology to help improve financial services and processes. It is considered to be one of the fastest growing sectors in modern times where the market share has been expected to hit a double rise within years to come. With such a rising share in the market, it is always mandatory to check in with the FinTech app security. Much like looking into the latest android app development, it is important to know how to create a secure FinTech app to keep data thefts at bay.
More to learn about FinTech:
To say the least, FinTech will include everything right from e-com transactions to mobile banking, cryptocurrencies to insurance, and more. Even though the traditional customers and banks are adapting to evolving technology happily, the FinTech industry is mainly a significant target for fraudsters and hackers. Around 70% of the FinTech firms are stressing out about the data security level.
However, by focusing on some principal features and giving them the right priority, your web application development will always remain protected from any kind of theft. The team from Webdecorum is here to talk about those well, with you.
Few tips to follow for FinTech app development:
For crafting secure mobile app development services or an app, one major part is to integrate security at every possible layer of the process. It is mandatory for all the team members to ensure the safety of the procedure.
- There needs to be consistent monitor transactions and report some suspicious ones.
- Then you will get the chance to use alternate authentications like facial recognition software, retina scan, and more.
- It is vital to always keep a close watch on all the IP addresses, device info, and location of the user.
- For extra security level, the team from Webdecorum will ask you to employ complex two-factor authentication, without wasting any time further.
- It is always your choice to force the users to go for complex passwords for the best and most rewarding answer now.
Ways to help in securing code:
It is a known fact that important data will remain saved on the users’ and servers’ devices. That helps to create a stronger algorithm that needs to be the top-most priority, according to the team from Webdecorum. The code, over here, needs to be agile and must be easily portable between devices. It is also mandatory to check the code regularly to avoid loopholes. If you want to improve app security, make sure to follow the points listed below!
- Secure the sensitive data:
The main step is always to determine which data seems to be more sensitive and needs added security. Among all the measures used for reinforcing secure data, installing an SSL certificate on site is the common method. Some of the other methods will be using web application farewell and also avoiding data transformation in clear text form.
- Vital protection against SQL injection:
SQL seems to be pretty effective among hackers, even to this date. So, it must never be ignored. The easy way to test the vulnerability of an app is to conduct your own attacks on apps and check whether they are successful or not!
- Always try to prevent any broken access control:
It is always important to clearly define access control while trying to craft a secured version of the FinTech app. Failing to cover this step will always lead to unauthorized data access for sure.
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- Addition of the input validation:
Input validation will always help in deterring attackers from just injecting apps with malicious code. It is noted to be a highly recommended security step, designed for developers out there.
Ways you get to achieve the best response for security:
- Using the power of HTTP:
HTTPS SSL certificates are proven to be pretty vital for all forms of web traffic, mainly the FinTech ones. It ensures proper communication encryption between the server and the browser. The tech giant Google was also forced to use the power of HTTP SSL Certificates over here.
- Protection of the web servers:
Application servers are always noted as the major targets. All the other system files, logs, or OS files must be maintained in separate drives for extra security. For preventing any form of cross-site scripting and data injection, it is vital to focus on Content Security Policy.
- Always check out for the third-party components:
It is mandatory for the developers to start managing third-party API at the earliest. They should always be monitored and updated. There should be a backup plan to be in place in case they ever come across any sign of vulnerability.
- Make sure to always keep servers for essentials:
Always be sure to avoid installing any form of unnecessary apps or even software on the server. It will not just add extra weight to the server, but there will be loopholes added invisibly. These loopholes, later, will give workload to the security team. So, make sure to keep the structure always towards the minimalistic count.
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- Remember to work on the operating system daily:
There are various forms of operating systems used by the FinTech firms like CentOS, Windows, Ubuntu, and more. These are the complete backbone of infrastructural security. The operating systems will send out security updates and all the security flaws to users as one major alert to consider. Make sure to improve that section by updating system updates at a consistent rate!
Adding up security within regular workflows:
There are multiple security surveys, which will reiterate in a repeated manner and that ensures unawareness of firm employees regarding the vulnerability of cyber attacks. Clicking the unsafe URL will compromise the entire security of the organization.
It is vital for the firm to have a proper precautionary plan to never compromise on security. Right from data backup policy to non-disclosure policies, these are some significant ways to improve the security level of the FinTech app. The team from Webdecorum is more than happy to share their thoughts with you and help you to avoid any data theft in near future.
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