How Financial Firms Can Protect Themselves from Web Application Attacks?
Shivam Pal
Digital Marketer II SEO Specialist II Link builder II content marketer II Outreach specialist
There was a time when Gold or cash reserves used to be the most valuable asset held by any bank or a financial institution. However, like everything else in the world, financial services have gone digital too, which means that the most important asset held by any bank or financial institution today is – customer data.
There are more ways than one for malicious entities to get their hands on customer data or any other sensitive information that a financial institution might hold. Now, ransomware is probably at the top of our heads whenever we think of such threats, but the IT stalwarts in the financial industry must not disregard the threat that is posed by web application attacks. Web applications, if not secured suitably can turn into vulnerable entry point for entities with malintent, thus exposing the organization’s network and data to them.
As per recent reports, it has come to light that in 2017, the most strongly targeted categories of web application attacks were – IT & Finance (including both, banks & e-procurement platforms) that had daily attack rates of 1,014 and 983.
Web Application Attacks
Web applications are essentially pieces of software that let the users submit & retrieve data from an internet database through their browsers. This data is then transferred through a web server and delivered to the user. If, however, these web applications are not secured, they are vulnerable to being hacked by malicious entities or elements.