Cloud computing and mobile technologies have drastically transformed the business landscape. Today’s world is powered by applications, and as a consequence, all companies are investing in IT and incorporating software in their operations—regardless of their stature or what they do.
As more and more enterprises are now embracing the idea of developing their own applications, the risk of cyber attacks and hacks have also risen significantly. While they greatly enhance the way your company interacts with its customers, web applications present cybercriminals with another entry point to your important assets and sensitive data. According to the results of a survey conducted by Telstra, nearly 60% of companies in Australia detected a breach in cyber security during 2016. Furthermore, Verizon’s Data Breach Investigation Report (DBIR) reveals that web applications are the number one source of data breaches.
Therefore, it’s safe to say that application security has become a necessity for organizations, rather than an option. This blog post will bring light to the importance of web application security.
Protection of Confidential Information
When it comes to e-commerce and online shopping, the main concern of most individuals is the safety of their sensitive personal information. This is why they hesitate to share personal data online. Web application security is crucial for companies to assure their customers that their data and information is in safe hands.
Maintain Market Reputation
Cyber attacks are increasing in frequency and sophistication at a daily basis and there aren’t many companies left that haven’t suffered a security breach at some point. Even Amazon, one of the world’s largest online retailers, was recently hit with a data breach. However, companies that do manage to remain safe from such attacks reap the rewards of a better industry reputation and a rise in the number of customers they serve.
Lawsuits & Penalties
Data breach or any other type of exposure of confidential information can have serious consequences for a company. In addition to loss of customer loyalty, data breaches can result in legal liabilities and lawsuits against your company.
Your company might have to pay large amounts of money as settlements. Moreover, some industries have regulations and legal compliance requirements which mandate a certain level of application security. An example is the PCI-DSS (Payment Card Industry Data Security Standard). Failure to meet these requirements and regulations can result in fines and even cancellation of certification.
With Lean Security’s web application scanning services, you can fortify the defences of your organization’s application and prevent cyber attacks and data breaches. Contact us for further information.