The security industry has the unenviable task of educating and reminding organizations of the rising risks to their FinTech applications and customers’ data.
The security industry has the unenviable task of educating and reminding organizations of the rising risks to their FinTech applications and customers’ data. They’re certainly not wrong — financial services incur the highest cybercrime costs of all industries. In general, companies spend an average of $13 million fighting cybercrime annually (for banks, that figure is more than $18 million). The costs are increasing, and so are the attacks.
However, while the landscape can seem bleak, these conversations often belie another aspect of the security industry — the fact that there are many reasons to be optimistic. This was especially apparent in the recent virtual roundtable that we hosted with some of the best AppSec minds in the FinTech space. The panel featured Erick Lee, Director of Security at Intuit; Jeremiah Kung, First Vice President and Global Head of Digital CyberSecurity at East West Bank; and Karthik Rangarajan, Security Lead at Robinhood. I had the pleasure of moderating the conversation.
The group discussed trends, what they’re doing that’s working, and tips for fellow security leaders who are spearheading application security at their organizations. The upshot: For companies big and small, there’s a lot of exciting work and creative thinking happening around application security — and it’s not just relegated to AppSec teams (or more likely, AppSec individuals) but occurring across engineering.
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