Is your Banking App not crash-proof? Here’s what you can do!

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Is your Banking App not crash-proof?
Heres what you can do!
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Is your Banking App not crash-proof? Heres
what you can do!
Online Banking frauds have been very common in
the last few years and as a result, globally,
consumers have lost millions of dollars in online
banking. Despite all the distrust and
apprehensions around online banking, financial
and banking apps continue to launch and get
promoted. Financial apps are even in demand,
especially, the applications that enable instant
payment via mobile devices. In such a compelling
scenario, how can enterprises with innovative
ideas ensure a crash-proof and secure
application? Also, if security testing is the
only way out, why are applications still facing
unstable performance in the consumer
space? According to a report, The average cost
of a data breach per compromised record was 148,
and it took organizations 196 days, on average,
to detect a breach. Overall, the total cost,
per-capita cost and average size of a data breach
(by number of records lost or stolen) have all
increased year over year. With growing
cybersecurity scares, these losses seem to
potentially increase and cause a serious turmoil
in the market scenario. Additionally, the growth
of Fintechs (Financial Technology) has resulted
in the use of smartphones for mobile banking,
investing services and cryptocurrency. Their
ultimate objective is to make financial services
easily available and approachable for general
consumers. The concept of Fintechs revolve around
leveraging technology for enhanced consumer
experience and seamless consumption of financial
services. Hence, in any possible scenario, the
application cannot break!
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Is your Banking App not crash-proof? Heres what
you can do!
Why security measures for accessing banking apps
are not enough? With increasing cybersecurity
risks, every online portal or a news portal has
been publishing articles around securing your
mobile application and finding a secure access
point for it. For instance, directions such as,
install authenticate anti-virus software, avoid
using Public Wi-Fi or Use VPN software, regularly
install latest updates of your Smartphones
operating system, keep changing your password
regularly and keep it strong, avoid signing-in
your net-banking accounts via mailers, and much
more. These directions are very much essential,
but how good these can be if your application
itself is flawed. Today, banks and businesses are
under strict scrutiny to ensure necessary
security measures for safety of customer
information. As per the guidelines of the Data
Protection Act 1998 (DPA), organizations must
develop the required organizational and technical
measures to protect sensitive consumer data from
unlawful processing, accidental loss or
destruction of or damage to personal data (data
security breach). Ultimately, data controllers
must remotely prevent the possibility of
compromising the data in any way, which applies
particularly for banks and financial
institutions. Additionally, banks and financial
institutions are expected to keep the recently
implemented EU General Data Protection Regulation
(GDPR) into perspective before launching their
financial applications in the consumer space. A
360 degree view of the consumer and regulatory
scenario is essential before enterprises,
innovators, or fintechs decide to deep dive into
the application development mode.
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Is your Banking App not crash-proof? Heres what
you can do!

Think differently to crash-proof your banking
applications None of us can imagine the expected
problems that may occur if our banking
applications crash, and worse of all, if there is
a breach. According to a report by Deloitte,
Cyber risk is a top concern for financial
services risk managers. Staying ahead of changing
business needs and addressing threats from
increasingly more sophisticated actors are top
challenges for executives. This level of maturity
is also reflected in the way cyber risk is
currently managed at many banks. In particular,
funding for cybersecurity continues to increase
and there is greater cooperation among banks,
counterparties, and regulators, including sharing
of information and best practices. Yet cyber risk
is only getting more complex, and in ways that
are not fully understood and predictable by
many. Read Full Blog at https//www.cigniti.c
om/blog/security-testing-for-banking-financial-app
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