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