digital banking software - modern earth concept, Technological digital globe world and futuristic abstract.3D rendering.

Introducing AppSensorFS: the answer to banking security

Author: Simon Cadbury

Back in the ‘90s, the emergence of the internet opened up organisations to the opportunities of the global market. With everyone connected to the world wide web the planet became significantly smaller and life was changed beyond recognition as we entered a new era of connectivity, communication, and collaboration.

However, as with every societal development there is a dark side. With everyone connected in cyberspace, we became vulnerable in ways we couldn’t have predicted. And while hackers had existed long before the internet, they quickly adapted to this emerging technology.

The rest, as they say, is history. Cyberattacks have proliferated, with every organisation now at risk. Not a week goes by without a noteworthy breach being reported – the most recent involving credit monitoring firm Equifax’s loss of nearly 143m people’s personal data, including confidential financial details.

Customer Fears

For consumers, fears of having their financial details stolen by nefarious hackers is something that has led to many a sleepless night. No surprise then that choosing a bank often comes down to security – with our own research finding that nearly three quarters (73 per cent) of consumers believe it to be a key factor.

It’s a similar picture for existing customers, with 47 per cent agreeing that they would lose faith in their bank in the case of a breach.

For banks and other financial institutions, responding to these concerns is essential.

Addressing this demand, we have launched Interact AppSensorFS, an advanced and innovative cybersecurity tool, that partners with digital banking software to use machine learning as part of its defence. Working in real-time, threats are instantly eliminated from within the organisation’s infrastructure.

An Innovative Approach

Developed in partnership with the Open Web Application Security Project (OWASP) – a global not-for-profit founded on improving the security of software – and the Queen’s University Belfast’s Centre for Secure Information, AppSensorFS is a new answer to a long-asked question.

This type of technology, though used extensively across other industries and sectors, has yet to be fully adopted by retail banks. Worryingly, most security tools used by banks are still focused on defending only the network and perimeter infrastructure – failing to defend anything else. If you think about your organisation as a castle, perimeter defences are analogous to the thick walls and surrounding moat – while these may keep out most threats, should any intruder manage to slip past the walls they would be then be free to run amok within the castle.

However, by working inside the perimeter AppSensorFS acts as the last line of defence. Using machine-learning, the solution looks for erratic or aberrant behaviour within an organisation’s infrastructure, and is able to assess if a bank’s system is under attack and, of course, act accordingly.

With the banking sector increasingly becoming more and more digital, offering both online and app services, it’s no wonder the question over security has become such an issue for consumers. And what’s more, as services become further digitised, the demand for security is only going to grow. Having an effective tool which combats an attack in real-time, offering an alternative to the more traditional security measures, is surely the answer to a world where cyberattacks are only going to become more strategic in their attack.  

digital banking software - modern earth concept, Technological digital globe world and futuristic abstract.3D rendering.
06 Oct 2017

Author: Simon Cadbury

Back in the ‘90s, the emergence of the internet opened up organisations to the opportunities of the global market. With everyone connected to the world wide web the planet became significantly smaller and life was changed beyond recognition as we entered a new era of connectivity, communication, and collaboration.

However, as with every societal development there is a dark side. With everyone connected in cyberspace, we became vulnerable in ways we couldn’t have predicted. And while hackers had existed long before the internet, they quickly adapted to this emerging technology.

The rest, as they say, is history. Cyberattacks have proliferated, with every organisation now at risk. Not a week goes by without a noteworthy breach being reported – the most recent involving credit monitoring firm Equifax’s loss of nearly 143m people’s personal data, including confidential financial details.

Customer Fears

For consumers, fears of having their financial details stolen by nefarious hackers is something that has led to many a sleepless night. No surprise then that choosing a bank often comes down to security – with our own research finding that nearly three quarters (73 per cent) of consumers believe it to be a key factor.

It’s a similar picture for existing customers, with 47 per cent agreeing that they would lose faith in their bank in the case of a breach.

For banks and other financial institutions, responding to these concerns is essential.

Addressing this demand, we have launched Interact AppSensorFS, an advanced and innovative cybersecurity tool, that partners with digital banking software to use machine learning as part of its defence. Working in real-time, threats are instantly eliminated from within the organisation’s infrastructure.

An Innovative Approach

Developed in partnership with the Open Web Application Security Project (OWASP) – a global not-for-profit founded on improving the security of software – and the Queen’s University Belfast’s Centre for Secure Information, AppSensorFS is a new answer to a long-asked question.

This type of technology, though used extensively across other industries and sectors, has yet to be fully adopted by retail banks. Worryingly, most security tools used by banks are still focused on defending only the network and perimeter infrastructure – failing to defend anything else. If you think about your organisation as a castle, perimeter defences are analogous to the thick walls and surrounding moat – while these may keep out most threats, should any intruder manage to slip past the walls they would be then be free to run amok within the castle.

However, by working inside the perimeter AppSensorFS acts as the last line of defence. Using machine-learning, the solution looks for erratic or aberrant behaviour within an organisation’s infrastructure, and is able to assess if a bank’s system is under attack and, of course, act accordingly.

With the banking sector increasingly becoming more and more digital, offering both online and app services, it’s no wonder the question over security has become such an issue for consumers. And what’s more, as services become further digitised, the demand for security is only going to grow. Having an effective tool which combats an attack in real-time, offering an alternative to the more traditional security measures, is surely the answer to a world where cyberattacks are only going to become more strategic in their attack.