Security is becoming more vital as the number of applications available in the market continues to grow by leaps and bounds. Unfortunately, the number of hackers and attempts to access valuable information through these applications are also on the rise. Companies, in turn, are spending more on an annual basis due to these attacks. According to a recent IBM Report, companies spent an average of $4.35 million per data breach in 2022. Costs were significantly lower, according to IBM, for organizations with a more mature security posture.

Application security is the process of applying tools, techniques, and best practices to prevent security vulnerabilities from being exploited by external security threats. The first layer of security starts early on during the application planning and development phase. Application development, securing the software, and security testing are often treated as separate tasks, but it's imperative that they be treated as one. "Bolting on" security at the end of the application’s development is expensive and often requires significant changes to adequately protect your customers and brand integrity. While additional time is needed to conduct security testing during the development phase, it ultimately protects you and your clients from a cyberattack — saving a potential loss of millions of dollars, significant constraints on time and resources, and a detrimental impact to your customers and your brand.

Here are some recommendations from our cybersecurity experts to help safeguard your applications from security vulnerabilities:

Implement an Application Security Program

While many organizations might have a security program in place, it may not be at a level that will provide the best possible protection for their software products. When setting up a new program or evaluating an existing one, keep the following in mind:

• Identify an individual or team with deep security knowledge to lead an assessment of your current structure. If you don’t have someone with this level of knowledge, leverage a third party to assist.
• As part of the assessment, identify current gaps and the necessary steps to achieve the highest level of security posture your applications require.
• Educate and enable your developers as part of the program to help instill a culture of security. Help them understand vulnerability risks and consequences so they become part of the solution early in the Software Development Lifecycle (SDLC).
• As you activate and maintain your security program, periodically assess the performance and adjust, as needed, to ensure effective results. Even though the program may be running smoothly now, continue to evaluate and update based on new standards, which are continually changing to help ensure you have the best possible of protection.
   

Leverage Industry-Standard Tools

Cyber attackers are always on the move and looking for security loopholes in applications. They are quick to find new ways and techniques to compromise a system. Therefore, it's vital to leverage a tool set to identify vulnerabilities before they can be exploited by hackers. Here are some tips to keep in mind as you determine the best tools for your organization:

• There is no magic wand or one-size-fits-all, single tool in the market. Your tool set should include a combination of industry-standard tools that will cover a broad spectrum.
• There are many low-friction tools available in the market that will help enable developers’ buy-in of secure application development. Effective tools, including penetration testing, are designed to minimize the effort and potential disruptions throughout the SDLC.
• The most efficient tools in the market are those that automate the testing process and identify any security vulnerabilities before code is committed.