Major Software Security Risks in Banking Industry: Design Phase Perspective

Abstract

As the globe transitions to the internet age, software has emerged as the factor primarily essential to the success of the digital realm. Software now permeates every aspect of daily existence in the age of computers. It is relatively simple to administer software in any business for employees, employers, and other components of the organization. Our daily lives are made more convenient and hassle-free by this software. Shopping, news, processing sales data, architectural, medical, banking, and other aspects of our lives are all handled digitally. One of the most significant fields today is online banking, which also relies on software. Nevertheless, software security is also a significant concern. Any program, especially banking software, that has security flaws can cause us problems. The development of secure software becomes extremely difficult if there is a compromise at the design stage. Therefore, it must be avoided throughout the design phase. Software security risks are software flaws that allow harmful activities to occur accidentally. Consequently, it is a matter that must be properly managed during the design phase. The majority of Developers rely more on their knowledge and experience in risk management than on risk management frameworks. From the Common Weakness Enumeration (CWE), the authors have compiled a list of potential vulnerabilities that could be discovered during software design.