Security News > 2021 > May > Application security not a priority for financial services institutions

Contrast Security announced the findings of a report based on a comprehensive survey of development, operations, and security professionals and executives at enterprise-level financial services institutions.

The report explores the state of application security at these organizations, and the findings indicate that the security of these applications - that have access and control over consumers' finances - is not a priority or major concern for most of them.

With most attacks on financial services institutions executed at the application layer at a time when customers demand more digital services, and customer-facing applications are developed in-house, application security is mission critical.

Given application security is an increasing concern for enterprises, 75% of respondents report that their application security budget is increasing in 2021, and 24% say that increase is more than 15%. Despite this emphasis on application security, only 40% of organizations place direct responsibility for application security under the CISO. So while budgets are increasing at many organizations, some may not have a solid strategy in place to use those funds wisely.

"It is clear that application security strategies have not matured at most of the financial services organizations represented in this survey," said Jeff Williams, CTO at Contrast Security.

"The good news for institutions looking to build out their strategy is that implementing a modern application security platform can dramatically accelerate their program and produce real improvement quickly. Instrumentation-powered application security can provide continuous security testing at massive scale, providing highly accurate feedback to developers in real time, empowering them to find and fix their own vulnerabilities without direct help from application security specialists."

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