Business Wire

Financial Services Software Has Fewer Security Flaws Than Most Industries

Share

Veracode, a leading global provider of application security testing solutions, today released data revealing that the financial services industry ranks among the best for overall flaw percentage when compared to other industries, but has one of the lowest fix rates for software security flaws. The sector also falls to the middle of the pack for high-severity flaws, with 18 percent of applications containing a serious vulnerability, suggesting financial firms should prioritize identifying and remediating the flaws that matter most.

The findings were outlined in the company’s annual State of Software Security report v12, which analyzed 20 million scans across half a million applications in the financial, technology, manufacturing, retail, healthcare and government sectors. Across the six industries, the financial sector has the second-lowest proportion of applications containing security flaws, at 73 percent. In last year’s report, the industry boasted the lowest number of software security flaws across all sectors but has been overtaken by manufacturing in this year’s study. Despite having fewer flaws overall, the financial services sector comes joint last with technology and government for the lowest proportion of flaws that are fixed.

“One of the advantages of serving the software development community for so many years is that Veracode can see changes in development practices across industries over time. We found that while financial services applications have fewer security flaws than last year, the sector lags behind other industries when it comes to fix rate. Our research showed that security training can significantly improve remediation speeds, and that companies whose development teams had completed hands-on training using real-life applications fixed flaws 35 percent faster than those without such training,” said Chris Eng, Chief Research Officer at Veracode.

Securing the Global Software Supply Chain

While there is undoubtedly still room for progress in terms of both flaw prevalence and remediation rates, when financial services organizations do fix vulnerabilities, they move at a quicker pace than most.

Eng said, “The U.S. Executive Order on Cybersecurity, alongside mandates on security controls regarding open-source usage, such as GDPR and the New York Department of Financial Services Cybersecurity Regulations, has highlighted the importance of securing the software supply chain. Being a highly regulated sector may go some way to explain the financial industry’s relative speed in addressing vulnerable libraries discovered through software composition analysis (SCA).”

Flaws in third-party libraries found through SCA tend to stick around longer for all industries, with 30 percent still unresolved after two years. When it comes to addressing open-source vulnerabilities, however, the finance sector remediates at the same pace as other industries for the first year but then quickens its pace to gain a month on the cross-industry average.

Although the finance sector outperforms most other industries in fix times for flaws discovered by dynamic, SCA, and static, the study found there is still ample room for continued improvement when looking at the number of days it takes to resolve 50 percent of flaws—116 days for dynamic analysis, 385 days for SCA, and 288 days for static analysis. With third-party components comprising as much as 90 percent* of an application’s codebase, scanning early and often using a combination of testing types reduces unplanned emergency remediation work and mitigates the risk of introducing third-party security flaws into software.

The Veracode State of Software Security v12 financial services snapshot is available to download here and a video of the findings is available to watch here.

* The Linux Foundation Statista, Joseph Perlow, “A Summary of Census II: Open Source Software Application Libraries the World Depends On”: https://www.statista.com/statistics/617136/digital-population-worldwide/, March 7, 2022

About the State of Software Security Report

The Veracode State of Software Security (SoSS) v12 analyzed the full historical data from Veracode services and customers. This accounts for a total of more than half a million applications (592,720) that used all scan types, more than a million dynamic analysis scans (1,034,855), more than five million static analysis scans (5,137,882) and more than 18 million software composition analysis scans (18,473,203). All those scans produced 42 million raw static findings, 3.5 million raw dynamic findings, and six million raw SCA findings.

The data represents large and small companies, commercial software suppliers, software outsourcers, and open-source projects. In most analyses, an application was counted only once, even if it was submitted multiple times as vulnerabilities were remediated, and new versions uploaded.

About Veracode

Veracode is a leading AppSec partner for creating secure software, reducing the risk of security breach, and increasing security and development teams’ productivity. As a result, companies using Veracode can move their business, and the world, forward. With its combination of process automation, integrations, speed, and responsiveness, Veracode helps companies get accurate and reliable results to focus their efforts on fixing, not just finding, potential vulnerabilities. Learn more at www.veracode.com, on the Veracode blog and on Twitter.

Copyright © 2022 Veracode, Inc. All rights reserved. Veracode is a registered trademark of Veracode, Inc. in the United States and may be registered in certain other jurisdictions. All other product names, brands or logos belong to their respective holders. All other trademarks cited herein are property of their respective owners.

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

For more information, please contact:

Katy Gwilliam
kgwilliam@veracode.com

About Business Wire

Business Wire
Business Wire



Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

PAN Finance Names Libertex ‘Global CFD Broker of the Year’29.3.2024 06:25:00 CET | Press release

As the first quarter of 2024 draws to a close, Libertex is thrilled to announce its first accolade of the new year! The established global financial publication PAN Finance has determined Libertex to be the ‘CFD Broker of the Year – Global 2024’ following a rigorous evaluation process conducted by the publication's highly experienced editorial and research teams. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240328235325/en/ (Graphic: Libertex) PAN Finance is a trusted source of global financial intelligence with an impressively wide readership across 150 countries. Its ecosystem includes a quarterly magazine, special reports, a news website, and various social media channels. As an organisation, PAN Finance is committed to providing concise, intelligent, and up-to-date news for a worldwide readership of specialists spanning the entire finance industry. The company's awards programme aims to serve as a true indicator of exc

Midea Group releases its first-ever ESG brand story with an unexpected VIP visit highlighting its commitment to sustainability.29.3.2024 02:39:00 CET | Press release

Midea Group: This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240328526418/en/ Background: Midea Group, a leading global technology group, recently released its 2023 Environmental, Social, and Governance (ESG) Report with ambitious sustainable development goals set for 2030. They include achieving over 500 megawatts of photovoltaic power generation, reducing greenhouse gas emission intensity (scopes 1 and 2) by 0.040, secure Energy Management System Certification for 50 factories, and achieve 100% carbon footprint accounting for major categories of smart home appliances. This is aligned with the Sustainable Development Report Standards of the Global Report Standards of the Global Reporting Initiative (GRI). The new report and campaign focuses on four dimensions: Protect the Blue Planet, Build a Harmonious Community, Practice 'Bring Great Innovations to Life', and Jointly Create the Prosperous Ecology. The campaign: Midea’s ESG

DC Secretary Announces Annual Determinations Committees Outcome28.3.2024 21:14:00 CET | Press release

DC Administration Services, Inc. has today announced the composition of five regional Determinations Committees (DCs), effective from April 27, 2024. Voting Dealers (for all regions): Voting Non-Dealers (for all regions): Bank of America N.A. Citadel LLC Barclays Bank plc Elliott Management Corporation BNP Paribas Pacific Investment Management Company LLC Citibank, N.A. Deutsche Bank AG Goldman Sachs International JPMorgan Chase Bank, N.A. Voting Dealer for the Americas, EMEA, AEJ, and Japan Determination Committees: Mizuho Securities Co., Ltd. The process for selecting DC members is specified in the DC rules. The DC rules, along with more information about the Determinations Committees and what they do can be found at the Determinations Committees website: https://www.cdsdeterminationscommittees.org/. View source version on businesswire.com: https://www.businesswire.com/news/home/20240328441002/en/Contact information Press Inquiries: Orlando Figueroa orlando.figueroa@citadelspv.com

Faster Recoveries, Improved Security: HTEC and G2 Risk Solutions Join Forces to Advance Bankruptcy Management28.3.2024 17:02:00 CET | Press release

HTEC, a global digital consulting, software engineering, and product development company, is announcing a strategic collaboration with G2 Risk Solutions (G2RS), the preeminent provider of end-to-end bankruptcy technology solutions. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240328622816/en/ HTEC & G2 Risk Solutions Partnership (Photo: Business Wire) Under the agreement, G2RS will engage HTEC to incorporate its leading-edge technology into G2RS’ premier bankruptcy management platform. As the creators of the most comprehensive national bankruptcy database and the first bankruptcy management portal, G2RS is an industry pioneer. By adding HTEC’s premium engineering to the G2RS technology stack, G2RS will offer new and innovative functionalities to help clients expedite financial recoveries, increase data protection, and reduce operational inefficiencies in the bankruptcy management life cycle. “We are thrilled to be a part o

The reopening of the Yokohama Museum of Art adds another innovative and distinctive venue for events in Yokohama28.3.2024 16:00:00 CET | Press release

After extensive renovations, the iconic Yokohama Museum of Art has reopened its doors to visitors from all over the world. The museum’s reopening paves the way to new and closer collaboration with international events in Yokohama. This extraordinary venue is the ideal setting for a one-of-a-kind gathering, in part, supported by the Yokohama Convention & Visitors Bureau (hereinafter YCVB). The Yokohama Museum of Art Founded in 1989, the Yokohama Museum of Art collects over 14,000 works of art that reflect the many facets of life in Yokohama—past, present, and future. The reopening of the museum coincides with the Yokohama Triennale, an international exhibition featuring contemporary artists whose decentralized exhibits turn the entire metropolis into an art museum. The 8th Yokohama Triennale is being held from March 15 to June 9, 2024, with the Yokohama Museum of Art being a pivotal venue for the exhibition. With the museum firmly back on the map as Yokohama’s leading artistic venue, YC

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom
HiddenA line styled icon from Orion Icon Library.Eye