Security Journey Blog

Code Red: Closing the Cybersecurity Skill Gap in Finance

Written by Security Journey/HackEDU Team | Oct 18, 2024 5:49:58 PM

The financial industry is in the crosshairs of cybercriminals. With troves of sensitive data and high-value transactions, it's a lucrative target.  

But here's the alarming truth: many financial institutions are struggling to defend themselves, not because of a lack of technology, but a lack of skilled cybersecurity professionals.  

Learn About The Top 5 Challenges for Security Managers in Financial Services (and How to Overcome Them) 

In this article, we delve into the critical importance of secure coding training as a key strategy to bolster your cybersecurity posture and protect your financial institution from the ever-evolving threat landscape. 

 

The Cybersecurity Landscape in Finance: A Perfect Storm 

The finance industry is a prime target for cyberattacks due to its reliance on sensitive customer data, high-value transactions, and stringent regulatory compliance requirements. Unfortunately, the increasing sophistication of cyber threats is often met with a shortage of skilled cybersecurity professionals, creating a perfect storm for security breaches. 

What is the True Cost of PCI-DSS Non-Compliance? Read More! 

According to a study by IBM's X-Force Threat Intelligence, 71% of cyberattacks observed used stolen credentials, indicating a significant vulnerability for financial institutions. This statistic highlights the growing prevalence of cyber threats in the finance industry. These attacks can have devastating consequences, including: 

  • Financial Loss - Cybercriminals often target financial institutions for monetary gain, leading to significant financial losses. 
  • Reputational Damage - A data breach can severely damage a financial institution's reputation, eroding customer trust and leading to costly lawsuits. 
  • Legal Repercussions - Non-compliance with industry regulations, such as PCI DSS, can result in hefty fines and penalties. 

The lack of skilled cybersecurity professionals within finance organizations can exacerbate these risks. When security teams are understaffed or lack the necessary expertise, it becomes more difficult to detect and respond to threats in a timely manner. This can create opportunities for attackers to exploit vulnerabilities and cause significant harm. 

 

Secure Coding: A Critical Skill for Finance  

Secure coding is the practice of writing software code in a way that reduces the risk of security vulnerabilities. It is a crucial skill for finance professionals, as it can help to protect sensitive data and prevent cyberattacks. By following secure coding practices, developers can help to ensure that their software is resilient to attacks and that it meets industry standards for security. 

There are many common coding errors that can make software vulnerable to attack. Some of the most common errors include: 

  • SQL Injection - This occurs when user-supplied data is not properly sanitized before being used in SQL queries. This can allow attackers to execute malicious SQL commands, which can be used to access or modify data. 
  • Cross-Site Scripting (XSS) - This occurs when user-supplied data is not properly sanitized before being displayed on a web page. This can allow attackers to inject malicious scripts into the page, which can be used to steal user information or hijack sessions. 
  • Buffer Overflow - This occurs when a program attempts to write more data into a buffer than it can hold. This can lead to the program crashing or to the execution of malicious code. 

 

Benefits of Secure Coding Training 

Secure coding training can provide a number of benefits to organizations, including: 

Improved software quality and reliability - Secure coding practices can help to reduce the number of security vulnerabilities in software, which can improve the quality and reliability of the software. 

  • Reduced development costs and time-to-market - Secure coding practices can help to reduce the number of security defects that are found during the development process, which can save organizations time and money. 
  • Enhanced developer skills and confidence - Secure coding training can help developers to develop their skills and gain confidence in their ability to write secure code. 
  • Strengthened the organization's overall security posture - Secure coding training can help to strengthen the organization's overall security posture by ensuring that all employees who develop or modify systems that process, store, or transmit cardholder data are trained in secure coding practices. 

 

PCI DSS and Secure Coding: A Must for Finance Organizations 

PCI DSS is a set of requirements that all organizations that accept, transmit, store, or process cardholder data must meet. The PCI DSS includes a number of requirements related to secure coding, including: 

  • Requirement 6.3 - Develop and maintain secure coding practices. 
  • Requirement 6.4 - Implement secure coding standards and procedures. 
  • Requirement 6.5 - Conduct regular security code reviews. 
  • Requirement 6.6 - Provide secure coding training to all employees who develop or modify systems that process, store, or transmit cardholder data. 

Secure coding training is essential for achieving and maintaining PCI DSS compliance. By providing secure coding training to their employees, organizations can help to ensure that their software is developed and maintained in a secure manner. 

Visit our Business Guide to PCI-DSS Compliance Training for more information 

Secure coding practices can also help organizations to meet other compliance standards, such as HIPAA and SOX. These standards require organizations to protect sensitive data and ensure that their systems are secure. 

 

Closing the Cybersecurity Skill Gap in Finance 

The financial industry, with its sensitive data and high-value transactions, is particularly vulnerable to cyberattacks. To mitigate these risks and protect your organization, investing in secure coding training is not just a good practice but a strategic imperative. 

The Evolving Finance Threat Landscape: Why Continuous Security Training is Non-Negotiable 

By equipping your developers with the knowledge and skills to write secure code, you can significantly reduce the likelihood of security breaches, protect your customers' data, and safeguard your organization's reputation.  

Secure coding training is not only a compliance requirement but also a proactive measure that can enhance your overall cybersecurity posture and ensure the long-term success of your financial institution.