Sloppy coding + huge PSD2 changes = Lots of late nights for banking devs next year

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The Register – December 8, 2017

ROOT CAUSE: Poorly written code

ROOT CAUSE: Financial service firms have many older systems and in some cases have not spent the effort to upgrade them to modern security standards

ROOT CAUSE: financial sector [has] the need to support legacy… apps written in Cobol but also because of complex coding environments

ROOT CAUSE: Companies tend to prioritise user experience at the expense of cybersecurity

IMPACT: leaving banks at greater risk of attack and poorly prepared for big changes in the financial sector due to come into effect early next year

RECOMMENDATION: dedicate effort to remediating security vulnerabilities, even as the business continues to demand more functionality and wants it prioritised over defect-fixing

… The importance of following coding best practices is going to increase once the looming PSD2 for open banking regulations come into effect