Learn the way Checkmarx and AWS have partnered to assist your monetary providers agency adapt to the evolving panorama
The best way we financial institution has modified past recognition. The place transactions as soon as happened in individual throughout the partitions of spectacular buildings, we now see cellular and on-line banking on the rise. Wherever, anytime, palm-of-your-hand banking is the norm, and our expectations are formed by the seamless, customized app experiences which have change into the default within the digital universe. On the similar time, the worldwide acceleration of digital banking licenses has created a brand new aggressive panorama populated by fast-moving market entrants and born-in-the-cloud suppliers.
One factor that hasn’t modified, although, is the place of belief on the cornerstone of the banking system. Certainly, in at this time’s risky financial and cybersecurity atmosphere, constructing model belief is extra essential than ever. Whether or not you’re a legacy model or a brand new market entrant, any lack of belief compromises your capacity to succeed.
So monetary providers corporations face a unbroken problem: how one can innovate on the velocity required with out compromising buyer security and system safety? Most are turning to the cloud for solutions. Its flexibility and scalability are making it central to monetary service organizations’ efforts to embrace new tendencies and ship progressive providers at tempo.
AWS has some intriguing options to satisfy the problem. The cloud chief supplies a full suite of providers to assist banks obtain the agility to thrive within the digital age, whereas licensed companions similar to Checkmarx make sure the safety of the purposes and providers banks develop.
Just lately, the group at AWS recognized seven key tendencies which might be impacting the monetary providers business. Right here we take a deep dive into three areas the place AppSec is very related and discover what they imply for the sector.
Pattern 1: Buyer expertise — speed and safety have to be twin priorities
At this time, the financial energy is passing to a digital-native technology with little loyalty to legacy banking manufacturers and nice expectations of how private and enterprise monetary providers ought to carry out. This implies buyer expertise is the trendy business battleground. Banking have to be hyper-personalized and service-led. More and more, banking is built-in into shoppers’ day-to-day journeys by way of embedded monetary providers inside trusted manufacturers similar to Starbucks and Uber.
Banks are leaning closely on AI and machine studying to foretell buyer wants by way of evaluation of inside and exterior datasets, whereas the omnichannel drive continues by way of options similar to authentication primarily based on voice recognition, real-time sentiment evaluation of customer support calls, chatbot assist, and automatic self-service choices.
AWS helps these initiatives and plenty of extra by way of cloud-powered large information evaluation that permits banks to leverage AI and machine studying on a large scale. It additionally, in its personal phrases, “helps compress time to innovation and, ultimately, time to value, by facilitating rapid development, testing, and deployment to produce new ideas and customer propositions.”
AWS permits banks to speed up innovation by way of its cloud-native utility growth providers, however in addition they want to make sure the code they create is safe and resilient. Attaining utility safety assurance with out placing a brake on supply velocity is essential. Nevertheless, a current Checkmarx survey of banking and insurance coverage CISOs discovered that 84% of respondents present process digital transformation and implementing a cloud-native technique have been involved about safe utility growth and deployment.
As an AWS accredited associate, Checkmarx understands that safety should work on the velocity of DevOps. The Checkmarx One
Utility Safety Platform is designed for the cloud growth technology and delivered from the cloud, bringing built-in one-click AppSec testing that permits monetary providers firms to deploy safer code — quick.
Pattern 2: Ecosystem-based banking and banking-as-a-service — APIs take heart stage
The open banking period is unlocking the doorways to larger innovation and collaboration. Suppliers can now seize new alternatives to develop merchandise that blur the boundaries between various kinds of monetary providers. They’re establishing options that provide their banking providers, together with totally managed banking propositions, to 3rd events securely through microservices and a standard platform.
AWS identifies two key approaches to this development. The “marketplace” strategy sees banks offering “value-added and contextualized services to their customers such as ERP integrations or personal finance management.” The goal is to deepen the connection with particular person and enterprise prospects past fundamental service provision.
The “banking-as-a-service” strategy sees banks providing a spread of providers — from standalone particular regulatory-driven providers like Know Your Buyer’s Buyer (KYCC) to completely managed choices that allow any group arrange a branded banking service.
Middle-stage in each approaches are the financial institution’s APIs, designed to permit banking services to be distributed to prospects and third events. Modernizing API structure within the cloud accelerates the event and testing of APIs, making them simpler to combine in addition to offering scalability.
Checkmarx API safety provides banks and their prospects and companions an important service that helps uncover, management, and mitigate API safety danger. It provides full visibility into your API stock and identifies vulnerabilities and misconfigurations. Controlling API danger is an integral part of growing monetary market ecosystems and banking-as-a-service options.
Pattern 3: Cyber occasion restoration — decreasing the assault floor and responding to regulatory necessities
Given its nature, it isn’t stunning that the monetary providers sector faces extra cyberattacks than every other. On high of those exterior incursions comes the disruption of digital transformation, which may additionally create vulnerabilities together with third-party and provide chain danger.
Banks are investing in a spread of measures designed to handle and mitigate danger and speed up restoration from any assault. Decreasing the assault floor and minimizing vulnerabilities is a necessary exercise if the sector is to safeguard its repute and keep buyer belief. Moreover, the rising library of laws designed to make sure banks are assembly their safety obligations means they should undertake options that assist compliance.
AWS provides a wealth of options to make sure consumer information is protected and banks can recuperate rapidly from assaults. These embrace Amazon Easy Storage Service (Amazon S3), key administration providers, software-defined firewalls that facilitate community isolation, and geographic sovereignty options that meet compliance necessities.
These and plenty of different choices maintain Amazon’s a part of the shared safety cut price, nevertheless, banks are additionally accountable for securing the workloads they deploy in AWS. That is the place Checkmarx steps in, offering complete AppSec options that combine seamlessly with AWS SDLC instruments to safe the complete course of. Checkmarx addresses all forms of utility danger, from customized code errors to open supply element vulnerabilities, API dangers, and infrastructure as code misconfigurations.
These are dynamic occasions for monetary providers corporations, and AWS with Checkmarx are serving to them capitalize on alternatives whereas defending in opposition to threats — each malicious and aggressive.
Fascinated about studying extra?
We’re exploring these tendencies intimately in our webinar on Could 4, 2023, the place AWS and Checkmarx will clarify how one can flip AppSec right into a aggressive benefit as you proceed your cloud transformation journey.
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