Safeguarding software integrity is crucial, especially in vital industries such as finance. According to a report by Carbon Black, the financial sector experiences an average of 10,000 security alerts per day, outstripping most other industries. As the technology landscape evolves and expands, it’s imperative that your defenses strengthen alongside it. 

So, how do leading financial institutions shore up their cyber defenses and protect their software assets? The answer is Application Security Posture Management (ASPM). Join us as we explore ASPM’s transformative impact on security practices in the U.S. financial services sector.

The Rise of ASPM in Financial Services

Did you know that, according to Gartner, more than 60% of organizations will leverage ASPM capabilities to improve their application security posture by 2023? By providing real-time oversight and management of the entire software supply chain, ASPM equips financial firms with the confidence to confront the intricate landscape of cyber threats before they even emerge. From code to cloud, ASPM is becoming increasingly important in upholding the integrity, governance, and compliance of software releases throughout the sector.

When the average cost of a data breach in the financial industry is $5.85 million (IBM Cost of a Data Breach Report 2020), staying one step ahead of new threats is critical.

Understanding ASPM

We recognize the pivotal role ASPM plays in modern application security, but worryingly, the Ponemon Institute’s 2020 State of Application Security Risk Management report revealed that only 25% of organizations are effectively managing application security risk. Our eBook, ‘Application Security Posture Management (ASPM) from Code to Cloud: The Business and Security Benefits,’ offers an in-depth exploration of this important security tool. From assessing and measuring risks to establishing security guardrails, each step in the implementation process is outlined to help financial firms fortify their security posture effectively.

Continuous Compliance and SBOM

In the financial sector, continuous compliance is not only good practice but also a legal requirement. With Legit’s ASPM solution, you can:

Seamlessly integrate compliance measures into your existing security protocols. By aligning security guardrails to compliance requirements, you’ll enable continuous assurance and drift detection to meet regulatory standards consistently. 

Facilitate the mapping of security controls to specific regulations, supporting a wide range of frameworks, such as ISO27001, SSDF, FedRamp, SLSA, NIST, SOC2, PCI DSS, and CISA Attestation. 

Monitor and report on compliance in real time to quickly identify and fix compliance violations, safeguarding the integrity of each software release.

Enhance transparency and accountability with the incorporation of Software Bill of Materials (SBOM) and signed software attestations with comprehensive documentation of software components and their compliance status. 

A Summary: Key Benefits of Code to Cloud ASPM

ASPM adoption provides immediate value for financial institutions with:

✔  Productivity Gains: By consolidating vulnerability data and streamlining risk analysis, ASPM accelerates response times and facilitates automated remediation
✔  Risk-Based Prioritization: ASPM prioritizes risks based on their actual threat to applications, thus enabling financial institutions to allocate resources efficiently
✔  Reduced Friction Between Departments: ASPM fosters collaboration among security, DevOps, and software engineering teams, leading to a more cohesive and proactive approach to security
✔  Lower Operating Costs: Through optimized security control placement and configuration, ASPM helps firms minimize redundant coverage and identify cost-effective solutions
✔  Continuous Compliance: ASPM ensures regulatory compliance from day one, offering real-time risk scoring, drift monitoring, and detailed reporting capabilities

ASPM adoption is more crucial than ever for financial firms to bolster their cyber defenses. At Legit Security, we’re dedicated to empowering institutions with a cutting-edge ASPM solution. Our goal is to equip financial entities with the tools to navigate today’s shifting threat landscape confidently.

Ready to secure your software from code to cloud with Legit Security ASPM? Take the first step toward strengthened resilience, mitigated risk, and regulatory compliance.

*** This is a Security Bloggers Network syndicated blog from Legit Security Blog authored by Liav Caspi. Read the original post at: https://www.legitsecurity.com/blog/securing-the-vault-aspms-role-in-financial-software-protection