Given how quickly the fintech sector is evolving and how fiercely competitive it is becoming, it is crucial to take all the necessary precautions to maintain dominance.
Developing web applications for the fintech sector is not without its difficulties. And in this blog, we are going to discuss the biggest challenge the industry is facing and how to overcome it.
Data Security: The Biggest Challenge of Fintech Industry
Making products that are both user-friendly and secure is the biggest challenge in Fintech software development right now. Since financial institutions store large amounts of sensitive customer data, even a small weakness in the code can have serious repercussions.
If you want users to make your product the go-to place for their financial needs, then you must balance functionality and simplicity.
You may run the risk of losing customer data to hackers if it does not have sufficient data security measures in place. That will make your reputation suffer, and there could be significant financial losses.
PHP Security Tools That Protect Your Fintech Software
1. PHP-IDS (Intrusion Detection System)
PHP-IDS an efficient, well-structured, and cutting-edge security measure for your PHP-based web application. It does not validate, sanitize, or filter any malicious input. The IDS identifies when an attacker attempts to break your site and responds according to a set of approved and tested filters.
Every attack is given a numerical impact rating, making it simple to choose what course of action should be taken in response to the hacking attempt. This tool is one of the best benefits of using PHP in web development.
This involves -
- Alerting the development team via email
- Showing a warning message to the attacker
- Terminating the user's session
2. Securimage
Securimage is a PHP CAPTCHA script that is open-source and free. Developers can use it to create challenging images and CAPTCHA codes to secure forms against spam and abuse. It is simple to incorporate into already-existing forms on your website to offer spam bot defense.
If PHP and GD support are installed on your web server, it should be able to run on almost any web server. From creating the CAPTCHA images to validating the entered code, Securimage handles it all. Make sure this tool is a part of your PHP web development services.
3. Pixy: PHP Security Scanner
Pixy is an open-source scanner static code analysis tool that scans PHP applications for security vulnerabilities. It mainly detects cross-site scripting vulnerabilities in PHP scripts.
Why Narola?
We all understand how critical data security for Fintech apps is. So if you are building a financial app, you wouldn’t want just anyone to be handling that project, right?
Narola Infotech is a PHP development company with more than 17 years of experience. Our 350+ IT experts have worked with over 1500 clients around the world in every major industry. In fact, our clients have appreciated our efforts and results over the years.
Do you want to build a secure and functional fintech platform? Feel free to contact us at any time, and our experts will get back to you to discuss your dream project.
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