By Jorge Spratley, Product Manager, TestRail
Financial institutions handle many kinds of sensitive data, including personal data such as client social security numbers, transactional data like bank account and credit card passwords, trade secrets, and wealth planning details. This confidential information makes the financial industry a prime target for cybercriminals. While this isn’t a new revelation, recent trends reveal an alarming increase in the sophistication and frequency of attacks.
The consequences of a security breach can be catastrophic, including financial loss and damage to brand reputation and customer trust. According to IBM, the global average cost of a data breach in 2024 is $4.88M, a 10% increase from last year and the highest it’s ever been. For financial institutions, the cost can be even higher when factoring in regulatory penalties, legal fees, and the loss of customer trust. The recent CrowdStrike software outage also serves as a reminder of how a single vulnerability can disrupt operations worldwide. The need for robust cybersecurity measures has never been more critical as the sector becomes more reliant on cloud-based SaaS technologies and complex IT environments.
Considering these significant issues, the cost of a breach goes beyond immediate financial losses. Firstly, a recent report found that it takes 41% of organizations more than a week to restore service during an outage. Then, there’s the long-term impact on customer loyalty and brand reputation, which can be devastating. In an industry where trust is paramount, a single security failure can have far-reaching consequences.
An effective strategy for mitigating breach risks is through rigorous quality assurance (QA) and testing practices. No longer a mere support function, QA and testing have transformed into critical strategic components that have evolved within finance’s DevOps pipelines. Testing and quality professionals play an important role in preventative cybersecurity initiatives during the development process. If all goes well, they enable a quicker, smoother, and more secure product release. If they fail to pinpoint vulnerabilities during development, affected companies can face severe consequences from increasingly strict regulatory authorities.
DevSecOps and Shift-Left Testing
Integrating Security, QA, and DevOps is crucial for advancing software security. In the past, security was largely the domain of dedicated security teams at the end of the development process, with QA and development playing minor roles in ensuring releases were safe and secure. However, a more integrated approach has emerged as the industry has evolved. Coined “DevSecOps,” this term encapsulates this mature, security-forward stance, where security is not just a responsibility of the security team but is a shared priority across the entire organization in every phase of the development pipeline.
DevSecOps embraces “shift-left” methods, meaning that security testing is integrated early in the software development lifecycle. By adopting this approach, financial institutions can proactively identify and address vulnerabilities before they escalate into costly breaches. This collaborative effort ensures that while security teams may not have the bandwidth or expertise to thoroughly test a release, QA and development teams can contribute effectively by integrating security-focused practices throughout the development process.
This methodology aligns seamlessly with the financial industry’s emphasis on speed and efficiency. Identifying and remedying security risks can expedite time-to-market while enhancing system reliability. Traceability is also crucial for strong QA, helping to prevent outages and data breaches. By integrating security testing early in development, organizations can fortify their software, reducing the likelihood of costly disruptions and data loss.
Additionally, while QA primarily identifies and fixes bugs in the software, cybersecurity experts focus on finding security weaknesses that could be exploited. By adding security testing, like Mobile Application Security Testing (MAST), into the QA process, teams can better address security risks, understand the importance of security, prioritize preventing threats, and improve software quality. This approach boosts the overall quality and reliability of the software.
End-to-End Visibility: A Key to Success
As the financial sector evolves, the need for end-to-end visibility in QA and testing processes is becoming increasingly important. Innovative testing platforms offer comprehensive solutions that give QA teams the tools to centralize test management and share insights across the entire organization. This level of transparency and collaboration is essential for creating a culture of continuous improvement and ensuring that all stakeholders are aligned on security priorities.
For financial institutions, centralized test management is particularly valuable because it allows for creating scalable, repeatable workflows that can be seamlessly integrated into existing DevOps pipelines. This streamlines the testing process and promises that all necessary security measures are in place before deploying software. Such oversight is critical in an industry where a single vulnerability can have devastating consequences.
QA: The Backbone of Financial Cybersecurity
Financial professionals and their institutions have a business and moral obligation to ensure their client’s sensitive data doesn’t get into the wrong hands. To cement this, they must elevate their QA and testing strategies. These organizations can proactively identify and mitigate vulnerabilities by integrating robust security measures into the development lifecycle through shift-left testing and granular controls. Adopting cutting-edge testing platforms will strengthen their defenses against threat actors and ensure they thrive in the digital age with a proactive, security-first approach that reduces the risk of breaches and guarantees customer trust.
About the Author:
Having nearly a decade of experience in the B2B tech space, Jorge Spratley brings expertise from diverse industries, including retail, eCommerce, EdTech, and Fintech. With a background in Psychology, Business Communication, and Computer Science, Jorge’s global experience in Portugal, the UK, and Australia fuels his passion for innovation. He’s dedicated to delivering impactful solutions for QA teams and driving product excellence.
