It is important for every company to build secure security software. The responsibility of doing so falls on everyone involved in the process of Software Development Life Cycle (SDLF).
There are some best practices in this regard that companies should follow in order to minimize risk and maintain security.
CSO magazine’s executive editor, Scott Berinato, believes that hackers do not only affect the software but also impact the company’s brand image. They impact customer’s confidence in the brand affecting it permanently.
Customers generally do not blame the hackers in case of security failure, but the company that was supposed to provide them with adequate security. It is a never-ending challenge and companies must rise to it.
Organizations need to stay ahead of those performing such cybercrimes. Security breaches can have dire financial consequences, yet the loss of customer’s trust is the real cost to the organization.
Companies should make sure that they do not lose their customers by building a framework that keeps everything under control.
Most experts agree that in addition to a strong technical background, one needs to have an understanding of the business as well. Without knowing the business it is difficult to create the right security system for it.
Security is not an impediment. Its main job is to secure the business and reduce threats. From security software’s standpoint, knowing about a business helps identifying compliance and regulatory requirements of that business in the light of which the controls to be used are selected.
It is important to know the business, yet it is equally important to know the technology of the software as well. Failure to understand about it may lead to poor implementation of the software, which means one may not be able to derive the benefits out of it.
In case of in-house software development, it is important to understand the company’s infrastructure and its components. Software must be developed keeping in mind the company’s needs and assuring that it does not impact the company in any negative way.
In simple words, one should clearly understand the interplay of the already established security system with the new software. Understanding the technology helps you make the right decisions so that all kinds of risks are minimized.
In case of software procurement, it is important to realize that claims regarding the software’s features must be properly verified and scrutinized for implementation. Just the availability of security features does not mean that the software is secure. Correct implementation of the system is what actually makes the difference.
An unregulated industry is more the exception than the norm. The increase in privacy and requirements inflicts a grave burden on companies. In order to develop the right software and implement it correctly one must fully understand the policies (internal and external) that are related to the business. Failure to obey the regulations and security compliance may bring more trouble for the company than good.