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Why is Software Security Testing Essential for Banks?

Software Security testing is vital in ensuring the preservation of data and assists in sustaining the functionality of the software as well. In the cyberspace we live in, we are bombarded with copious amounts of data, which are integral to the working of a company. Preservation of this sensitive data against vulnerabilities, risks, and threats has become a mounting concern. Security Testing is the answer to the increased cyber hazards we are facing and will continue to face in the future.

A Bank is an institution in which software security testing is integral for safeguarding confidential information, ensuring secure online cash transactions and banking services. Online frauds is something for which testing software security is a necessity, since the internet is fraught with hackers who manipulate customer information to extract cash.

According to a latest report – Retail Banking Trends and Predictions 2017, “Large regional banks, community banks and credit unions ranked security and authentication as a top 3 priority roughly 18% of the time, while large national banks indicated this as a top 3 priority 10% less often (8%).”

In case of a security failure on the part of the banks, it leads to the loss of customer base and reputation of the concerned bank. To avoid this debacle, the bank must take measures to ensure proper security testing mechanisms of banking software and applications. Failure on the part of security measures can also result in monetary loss of the banks.

Software security testing includes:

  1. Vulnerability scanning
  2. Security Scanning
  3. Penetration Testing
  4. Risk Assessment
  5. Security Auditing
  6. Posture Assessment
  7. Ethical Hacking

For application or software security testing we have tools like:

  • Static Analysis Tools- are tools that examine patterns and identify vulnerabilities in the source code.
  • Dynamic Analysis Tools- are tools that assist in taking out strikes on the application/software to check for any defects or problem areas.
  • Interactive Analysis Tools- take the aid of the code library over a stipulated time to generate an upgraded version of the software. This will then be used to unearth a specific behaviour, pattern or vulnerability.

The various stages for testing banking software or applications include:

  1. Requirement Analysis
  2. Requirement Review
  3. Business Requirements Documentation
  4. Database Testing
  5. Integration Testing
  6. Functional Testing
  7. Security Testing
  8. Usability Testing
  9. User Acceptance Testing

Since the domain of Banking is most susceptible to cyber attacks, the paramount concern here is to protect the software by precise security testing. Banking software provides assistance in performing functions like transferring and depositing fund, balance inquiry, transaction history, withdrawal etc.Since banks deal with highly personal financial details and data, it is necessary that the activities performed by bank software run smoothly and devoid of any errors.

To know more about effective software security testing solutions, contact Avyaan

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