When it comes to data security, a banking application is among the most sensitive categories of software. A single stray line of code could potentially expose vast amounts of user data to a hacker – and a single breach can inflict irreparable damage on the reputation of the bank.
UK Banking Apps: Rising Threats
Recent years have seen a rise in malware targeting banking applications. This is especially prevalent on mobile platforms, which the majority of users gravitate towards. There are a number of methods employed by hackers, but among the most popular is an overlay that runs over the top of the application, stealing credentials as they’re input by the user.
Common App Design Weaknesses
If the code within a banking app isn’t sufficiently obscure at the client side, then it becomes easier for a hacker to work out how the internal logic works – and then exploit it. Sometimes, the use of debugging tools might allow a hacker to more easily do this, and it’s vital that designers prepare for this possibility. Finally, the use of unencrypted external messages can create a point of entry for malicious actors.
Security Essentials: Encryption & MFA
So, what does a good, robust app look like? To begin with, it will need to be encrypted sufficiently, so that any packet sent by the app can never be read by a malicious interceptor. Authentication that relies on many factors, rather than just a password, should be insisted upon. Finally, it’s vital that developers constantly examine and stress-test their own code. Doing this in groups, and offering internal incentives for the detection of bugs, can make this much easier.
UK Compliance 2025: Key Requirements
Security isn’t just commercially desirable – it’s often a regulatory necessity. Financial regulators like the FCA will insist that responsibility is taken at board level, and that incidents are reported promptly. You’ll also need to demonstrate that your systems have been subjected to regular, rigorous testing.
Managed Firewalls: A Core Defence
If you’re hosting your firewall within your organisation, then you might struggle to stay on top of the malicious traffic that might enter your systems. This can leave your backend exposed. Managed firewall services are a powerful way to deal with this particular problem.
Conclusion
Without proper security, and proper resilience, your banking app will not be able to earn and retain the trust of your customers. What’s more, you might find yourself facing stiff legal penalties. This is a problem that you should take seriously – which means being constantly proactive!
