Security by Sector: Synopsys and Finastra Partner to Secure Financial Services App Ecosystem

The subject of how information security impacts different industry sectors is an intriguing one. For example, how does the finance industry fare in terms of information security compared to the health sector, or the entertainment business? Are there some sectors that face greater cyber-threats and risks than others? Do some do a better job of keeping data secure, and if so, how and why?

The modern financial services industry is fast moving, hugely data-driven and incredibly profitable. However, it is also a sector that is heavily targeted by cyber-criminals, fraudsters and scammers.

Recent research from Blueliv found that the two greatest data security threats faced by the financial services industry are banking Trojans and mobile malware, with the firm’s report also highlighting an escalation of Trojan and mobile malware activity targeting the financial services sector over the course of 2019.

It was therefore both positive and reassuring to see that, recently, Synopsys and Finastra announced a partnership aimed at securing the financial services app ecosystem.

Finastra provides an open platform – FusinFabric.cloud – for developing, deploying and consuming financial applications. In the partnership, Synopsys helps to validate the security posture of all applications onboarded to FusionFabric.cloud, using solutions that include static application security testing, software composition analysis, penetration testing and code reviews.

“By partnering with Synopsys on our application validation program, we’re creating a win-win solution for financial institutions and Fintech developers,” said Nir Valtman, head of product and data security at Finastra.

“Financial institutions can streamline the onboarding process for new applications and bring innovation to market faster, and Fintech providers get third-party validation from an industry-leading application security company.”

Monotto, which helps financial institutions improve their technological footprint, is one of the early adopters of the platform and has already completed the application validation program.

“The FusionFabric.cloud platform has provided us with inroads to Finastra’s client base, and has driven demand for the RoboSave app, our automated savings tool,” said Christian Ruppe, CEO and co-founder, Monotto. “By going through Synopsys’ rigorous validation process before being made available on the FusionStore, banks have peace of mind that RoboSave meets the highest standards for security.”

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