Software and Security

← Agboola Boluwatife

Implementing a secure software system is beyond the scope of this piece; rather than just reading about it, I encourage you to take action and implement these practices. Nonetheless, understanding security risks and challenges is essential for developers especially in fintech and healthcare. The goal of software security is to maintain the confidentiality, integrity, and availability (CIA) of sensitive information. Attackers specifically look for gaps where actions that are not explicitly denied may be allowed. Therefore, it’s critical to deny access by default rather than leave potential vulnerabilities open.

I’d love to share the top security vulnerabilities you should watch out for. The OWASP (Open Web Application Security Project) provides a widely recognized list of security risks and guidelines to help developers build more secure applications. In fintech and HealthTech, where financial transactions and medical records are involved, security cannot be an afterthought. This article explores OWASP security risks and how developers can mitigate them in fintech and healthcare applications.

Top OWASP Security Risks and Challenges for Fintech and HealthTech

  1. Broken Access Control

    Access control failures allow attackers to gain unauthorized access to data or functionality. In fintech, this could mean unauthorized access to bank accounts. In HealthTech, an attacker might retrieve or modify patient records without permission.

    Mitigation Strategies:

    • Enforce role-based access control (RBAC) to limit user permissions.
    • Implement least privilege principles—users should only access what they need.
    • Use server-side authorization rather than relying solely on client-side validation.
    • Deny by default: Explicitly define what actions are allowed, rather than leaving access open.

  2. Cryptographic Failures

    Weak encryption practices can expose sensitive data. In fintech, weak encryption of credit card transactions could lead to fraud. In HealthTech, unprotected medical records could lead to HIPAA violations.

    Mitigation Strategies:

    • Use strong encryption algorithms (AES-256 for data storage, TLS 1.3 for transmission).
    • Ensure end-to-end encryption for sensitive data, including financial transactions and medical records.
    • Never store plaintext passwords; use bcrypt, Argon2, or PBKDF2 for password hashing.

  3. Injection Attacks (SQL Injection, NoSQL Injection, XSS)

    Unvalidated user inputs can lead to injection attacks, allowing attackers to manipulate databases or execute malicious scripts. In fintech, SQL injection could allow attackers to transfer funds fraudulently. In HealthTech, it could enable unauthorized access to patient records.

    Mitigation Strategies:

    • Use prepared statements and parameterized queries to prevent SQL injection.
    • Validate and sanitize all user inputs at the server side.
    • Implement Content Security Policy (CSP) to mitigate cross-site scripting (XSS).

  4. Insecure Design

    A lack of security considerations in the software design phase can introduce vulnerabilities. In fintech, failing to implement secure authentication could allow unauthorized transactions. In HealthTech, a poorly designed API could leak patient data.

    Mitigation Strategies:

    • Follow secure software development lifecycle (SDLC) best practices.
    • Conduct threat modeling early in the development process.
    • Implement multi-factor authentication (MFA) for sensitive operations.

  5. Security Misconfiguration

    Misconfigured security settings, such as exposing API keys in fintech or leaving cloud storage buckets open in HealthTech, can lead to data breaches.

    Mitigation Strategies:

    • Use automated security scanning tools to detect misconfigurations.
    • Disable default accounts and unnecessary services.
    • Regularly apply security patches and updates.

  6. Vulnerable and Outdated Components

    Using outdated dependencies or third-party libraries can expose fintech apps to fraud and HealthTech applications to data breaches.

    Mitigation Strategies:

    • Keep dependencies updated using tools like Dependabot or Snyk.
    • Use software composition analysis (SCA) to identify vulnerable components.
    • Prefer actively maintained open-source libraries.

  7. Identification and Authentication Failures

    Weak authentication mechanisms can lead to account takeovers. In fintech, this could mean unauthorized withdrawals. In HealthTech, it could lead to medical identity theft.

    Mitigation Strategies:

    • Use multi-factor authentication (MFA).
    • Implement secure session management with appropriate timeouts.
    • Enforce strong password policies.

  8. Data Integrity Failures

    Tampering with financial transactions in fintech or modifying medical records in HealthTech can have severe consequences.

    Mitigation Strategies:

    • Implement digital signatures for transaction integrity.
    • Use blockchain technology for immutable transaction logging.
    • Regularly audit logs for suspicious activity.

  9. Logging and Monitoring Failures

    Without proper logging, security incidents may go unnoticed. In fintech, an unnoticed security breach could lead to massive financial losses. In HealthTech, it could mean undetected patient record leaks.

    Mitigation Strategies:

    • Implement real-time monitoring using SIEM (Security Information and Event Management) tools.
    • Ensure sensitive information is not logged (e.g., passwords, credit card details).
    • Use alerts and anomaly detection for suspicious activities.

  10. Server-Side Request Forgery (SSRF)

Attackers can exploit SSRF to access internal systems, particularly in cloud environments. In fintech, SSRF could be used to bypass firewalls and extract sensitive financial data. In HealthTech, it could expose private medical APIs.

Mitigation Strategies:

  • Restrict external requests using allowlists.
  • Validate and sanitize all user inputs.
  • Use firewalls and access control lists (ACLs) to limit network exposure.

Best Practices for Security Prevention in Fintech and HealthTech

  1. Input Validation & Sanitization

    • Always validate user inputs at the server side.
    • Use regular expressions (regex) to filter out malicious input.

  2. Encryption of Sensitive Data

    • Encrypt stored and transmitted data using TLS 1.3 and AES-256.
    • Never store sensitive information in plaintext.

  3. Authentication & Authorization

    • Implement OAuth 2.0, OpenID Connect, or JWT for secure authentication.
    • Use RBAC to restrict permissions.

  4. Secure API Design

    • Use API gateways to filter incoming requests.
    • Implement rate limiting to prevent abuse.

  5. Logging & Error Handling

    • Ensure logs capture security-relevant events without exposing sensitive data.
    • Implement structured logging for auditability.

Conclusion

Security in fintech and HealthTech is non-negotiable due to the sensitive nature of financial transactions and medical records. OWASP provides a comprehensive framework for identifying and mitigating security risks. By implementing strong authentication, encryption, access control, and monitoring, developers can reduce vulnerabilities and build trustworthy systems.

The key takeaway is: Deny access by default, validate all inputs, encrypt sensitive data, and monitor everything. Security is not just a feature—it’s a responsibility.

Would you like additional fintech or HealthTech-specific use cases?