Software applications have changed the way we conduct our lives. They help us manage our financial transactions, track logistics, pay for utilities, monitor a person’s vital signs, book tickets for airlines, communicate on social media, watch movies, play games, provide security assurance, and many other things. Applications are evolving with each passing day and are changing the way we perceive the internet. From giving birth to new business enterprises to reshaping the existing ones, software applications are here to stay.
Be it cloud computing, Web 2.0, the Internet of Things, or any other technology frontier, so to speak, software applications are dictating the pace of global change. The global market for software application development is growing at a frenetic pace. In fact, businesses are investing to develop such applications to gain a competitive advantage, create new markets, achieve efficiencies, optimize costs, and communicate efficiently, among others. It is expected to reach $206.38 billion in 2022 at a CAGR of 26.92 per cent (source: The Business Research Company).
If, on the one hand, innovations in software applications are taking place, possibly touching every realm of the global economy, security concerns are following suit. Malevolent actors out to steal sensitive individual or business data are using every possible means to ferret out information. These may include malware, trojans, viruses, ransomware, phishing, and others. According to Cyber Security Ventures, the cost of cybercrime globally will reach a humongous $10.5 trillion annually by 2025. The growing menace leading to severe consequences makes application security testing a critical requirement for businesses to compete. Let us understand this in detail.
What is Application Security Testing?
Application security testing entails evaluating the security of a software application or system to detect bugs or vulnerabilities that could otherwise be exploited by cybercriminals. A robust security assurance framework can help a business enterprise mitigate risks, prevent data breaches, protect sensitive data and information, comply with regulatory standards, and maintain the stability, integrity, and accessibility of critical systems.
Why Should Businesses Invest in Application Security Testing?
Global news is abuzz with reports of malicious attacks targeting software applications across industries and geographies. The implications of such attacks on businesses are always high, which may include reputational damage, costly lawsuits, high penalties, and so on. Many businesses have even collapsed and gone bankrupt on account of such hacks. To counter these threats, there is a business case for investing in application security testing.
In today’s business landscape, addressing security concerns with measures such as firewalls and intrusion detection and prevention technologies is not enough. Further, application hacks have become more complex and dynamic and look like standard Internet traffic, which is difficult to detect. So, businesses need to invest in security testing, either through in-house resources or by outsourcing the job to a professional security testing company. The compelling reasons for investing in cybersecurity assurance are as follows:
1. Ensure Regulatory Compliance
Several industries have strict regulatory norms that must be adhered to by businesses. These norms have been established to protect sensitive data, and any failure on the part of businesses to comply can invite severe penalties. These penalties can dent the reputation of businesses and hit their bottom lines. With application security testing, such businesses can ensure compliance with industry-specific regulatory norms.
2. Protect Data
Hackers can access sensitive customer and business information, leading to the loss or theft of such information. It goes without saying that such security breaches can result in customers losing trust in the business. Employing security testing services, on the other hand, can detect and fix bugs or vulnerabilities that could otherwise be exploited by threat actors.
3. Prevent Reputation Damage
A security breach can adversely impact the reputation of an organization. The latter could lose the trust of customers, clients, partners, and shareholders. In a competitive business environment where having high brand equity is critical to success, damage to reputation can turn out to be catastrophic.
4. Risk Mitigation
It is very difficult to regain the trust of customers, partners, and shareholders for any organization hit by a security breach. Application security testing identifies and fixes vulnerabilities before an attacker can exploit them. Thus, by mitigating risks, organizations can prevent the costly implications of a security breach.
5. Improved Customer Trust
Customers are known to trust businesses that have a robust cybersecurity framework. By employing professional security testing services, businesses can gain the trust of customers and improve their revenue streams.
Conclusion
Investing in application security testing can go a long way in helping businesses establish trust with customers and other stakeholders, protect critical assets, mitigate risks, meet compliance requirements, safeguard reputation, and achieve success.
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