Next to healthcare, fintech has been the biggest target for hackers. Fintechs deal with a lot of money. So the wrongdoers have eyes on them.

However, this should not be why you should not. So the question arises how do you protect it? Be aware of these application security risks:

🏆 1 - Injection:

In this attack, an attacker feeds software with questionable input. An interpreter will process this input as part of a command or query. This, in turn, modifies how that software is run. One of the oldest and most harmful forms of attack is injection. They can result in system compromise, denial of service, data theft, and loss of data integrity. Insufficient user input validation is typically the leading cause of injection vulnerabilities.

🏆 2 - Broken authentication:

Broken authentication is a catch-all term for several flaws that hackers employ to masquerade as authorized users online. Broken authentication, in general, refers to deficiencies in the session management and credential management processes. Because attackers can impersonate users using either method—hijacked session IDs or stolen login credentials—both are categorized as broken authentication. Attackers use many tactics to exploit these flaws, from massive credential stuffing attacks to incredibly focused schemes to obtain a specific person's credentials.

🏆 3 - Sensitive data exposure:

On the other hand, sensitive data exposure occurs when the database is not adequately protected, resulting in the erroneous exposure of sensitive data. Vulnerabilities can be caused by inadequate (or nonexistent) encryption, programming errors, or human error.

🏆 4 - XML external entities (XEE):

An example of a particular XML entity is one whose defined values are loaded from sources other than the DTD in which they are stated. From a security standpoint, external entities are particularly intriguing since they enable the definition of an entity based on the contents of a file path or URL.

🏆 5 - Broken access control:

Broken access control essentially refers to a situation in which an application or system's intended permissions are violated, and attackers can access, alter, delete, or do other actions.

🏆 6 - Security misconfiguration:

Security measures incorrectly configured or left insecure are known as security misconfigurations and put your systems and data at risk. A misconfiguration could result from poorly described configuration changes, default settings, or a technical problem with any component in your endpoints.

🏆 7 - Cross-site scripting (XSS):

An attack in which the code of a reliable application or website is injected with harmful executable codes. Attackers frequently provide a malicious link to a user and entice them to click on it to start an XSS attack.

🏆 8 - Insecure deserialization:

A flaw in which untrusted or unknown data is utilized to launch a denial-of-service attack (DoS attack), run code, get around authentication, or otherwise abuse an application's logic.

🏆 9 - Using components with known vulnerabilities:

This type of vulnerability arises when the libraries and frameworks an application uses virtually always run with root capabilities. If a weak point is exploited, it is simpler for hackers to gain control of a server or lose a lot of data.

🏆 10 - Insufficient logging & monitoring:

Missing properly formatted security-critical information logs, context, storage, security, or prompt action to detect an event or breach. The average amount of time needed to identify and contain a data breach is 280 days, according to the 2020 IBM Breach Report.