Overcoming AppSec Challenges in FinServ: How CIBC Balances Speed, Security, and Compliance

Financial institutions face a tricky balancing act: they need to innovate quickly while also following strict compliance rules in an environment where security is paramount. Recently, Snyk's Field CTO, Steven Schmidt, sat down with Mihai Saveschi, Senior Director of Security Service Management at CIBC, for a fireside chat to discuss these pressing issues. 

We’ve pulled key insights from their conversation on some of the most pressing AppSec challenges facing financial services organizations today. Gain firsthand insights from Mihai on how they’re tackling these challenges and strengthening their security posture with a developer-first approach. 

What are the top AppSec concerns specific to the financial services sector?

Financial institutions are confronted with a distinct set of risks that include cybercrime, compliance mandates, and data privacy concerns. The growing use of cloud infrastructure and third-party services further expands their vulnerability surface. Additionally, these organizations must find a way to balance addressing security challenges in both legacy systems and modern applications.

How can financial institutions address compliance while maintaining development speed?

One of the biggest challenges for financial institutions is meeting compliance requirements (such as PCI DSS and SOC 2) without hindering development speed. Automation is crucial for streamlining compliance efforts. Integrating continuous security testing and monitoring into the DevSecOps pipeline is also essential. Developer-first security tools play a vital role by enabling teams to address security issues efficiently without slowing down development processes.  

With the rise of AI-driven tools and automation, how should security teams approach vulnerability management?

AI-driven tools and automation are increasingly important in vulnerability management. AI tools can accelerate threat detection, vulnerability management, and remediation processes. However, it's important to acknowledge the challenges that come with AI, like ensuring that these tools are properly trained and capable of interpreting the complexities of financial applications. Organizations also need a balanced approach that combines automated tools with human oversight to handle new and high-risk vulnerabilities effectively.  

How can finserv organizations ensure that developers are equipped with the right security knowledge?

Equipping developers with the right security knowledge builds a strong security posture. Investing in developer education helps make security an integral part of the development lifecycle. Intuitive and developer-friendly tools, like Snyk's developer-first security tools, can help bridge the knowledge gap. In addition, security and development teams should collaborate to embed security at every stage of the development process.  

What does a successful AppSec strategy in the financial services sector look like?

A successful AppSec strategy in the financial services sector includes several key components:

• A well-defined risk management strategy that addresses both technical and regulatory concerns.  

• Continuous monitoring, fast response times, and clear communication across teams.  

• Building a security-first culture within the organization, where security is everyone's responsibility.  

Financial institutions can effectively navigate the complex application security landscape and protect their critical assets by addressing these key areas.

Unlock the full conversation and discover valuable strategies for overcoming AppSec challenges in the financial services sector. Watch the on-demand webinar now.