Since FinTech apps deal with highly sensitive personal and business data, security should be at the forefront of finance and banking solutions development. However, the reality is different. Here’s what it takes to build a highly secure FinTech application.
Data storage issues, weak encryptions, data leakages, are just some of the vulnerabilities frequently discovered in FinTech applications.
According to the State Of Application Security Report by Immuniweb, 98 of 100 reputable FinTech startups are vulnerable to phishing and hacker attacks. These figures spill the light on a serious issue: an entire industry, which should be 100% secure and dedicated to protecting clients’ data.
But the fact is that the data is an easy target for cybercriminals. The notorious example of Equifax, responsible for some of the most significant data breaches in history, and, most recently, Earl Enterprise, proves that neglecting security can be devastating.
The data uncovered by independent investigators brings troubling news: some of the most popular FinTech mobile apps are insecure and virtually expose their users’ data to the risk of theft.
Under these circumstances, building secure FinTech apps with data protection in mind is not only a hallmark of a responsible and trustworthy company but will also give your FinTech application a distinct advantage over competitors.