Software security testing helps protect financial institutions and their customers from billions in fraud
BURLINGTON, Mass. – March 24, 2020 –– Veracode, the largest independent global provider of application security testing (AST) solutions, today announced that OneSpan Inc., a global leader in software for trusted identities, e-signatures, and secure transactions, is using the Veracode platform to help secure its solutions and protect financial institutions and other organizations from fraud.
OneSpan serves more than 10,000 customers, including 60 of the top 100 global banks, with solutions in identity verification and authentication, fraud analysis, and mobile app security, among others. Its customers rely on these solutions to achieve digital transformation securely and at scale. OneSpan uses comprehensive software security analysis within Veracode’s SaaS platform to integrate security into its software development lifecycle. Its development teams scan software for vulnerabilities daily, a best practice for achieving DevSecOps maturity.
“The financial sector is one of the most targeted industries with regard to cyberattacks and other digital threats. OneSpan’s customers invest in our secure solutions to help them fight fraud and protect sensitive information and processes. OneSpan follows secure coding practices to support secure software development,” said Frederik Mennes, Director of Product Security, OneSpan. “The Veracode platform enables our developers to automate testing and use testing tools in an integrated development environment (IDE) as part of our secure development process.”
The European Central Bank recently warned that a combined cyberattack on important banks could trigger global financial instability. In addition, malware, ransomware, and other threats targeted at both banks and consumers create an increased need for the advanced authentication, transaction and account onboarding, and fraud analysis offered by OneSpan.
“Organizations that provide their developers with the tools, training, and speed to address vulnerabilities directly within their workstream are not only more secure, but faster to market,” said Ian McCleod, Chief Product Officer, Veracode. “While the financial sector is among the most mature with advanced application security, financial institutions are under ever increasing pressure to move quickly to meet the needs of their customers. The security of the applications they use is a critical differentiator.”
The immediate cost of a data breach in the financial sector averages $5.86 million, according to a report by the Ponemon Institute, but that pales when considering the damage to brand reputation, customer retention, and stock price.
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OneSpan enables financial institutions and other organizations to succeed by making bold advances in their digital transformation. We do this by establishing trust in people’s identities, the devices they use, and the transactions that shape their lives. We believe that this is the foundation of enhanced business enablement and growth. More than 10,000 customers, including over half of the top 100 global banks, rely on OneSpan solutions to protect their most important relationships and business processes. From digital onboarding to fraud mitigation to workflow management, OneSpan’s unified platform reduces costs, accelerates customer acquisition, and increases customer satisfaction. Learn more about OneSpan at OneSpan.com and on Twitter, LinkedIn and Facebook.
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, on Linkedin, and on Twitter.
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