OneSpan selects Veracode to enable security testing for bank fraud prevention software

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Veracode has announced that OneSpan is now using its platform to ensure the security of its solutions and protect financial institutions and other organizations from fraud.

OneSpan integrates security into its software development lifecycle by using comprehensive software security analysis within Veracode’s SaaS platform, allowing its development teams to scan software for vulnerabilities daily, in line with best practices for DevSecOps maturity.

“The financial sector is one of the most targeted industries with regard to cyberattacks and other digital threats. OneSpan’s customers invest in our secure solutions to help them fight fraud and protect sensitive information and processes. OneSpan follows secure coding practices to support secure software development,” states OneSpan Director of Product Security Frederik Mennes. “The Veracode platform enables our developers to automate testing and use testing tools in an integrated development environment (IDE) as part of our secure development process.”

OneSpan is used by more than 10,000 customers, including 60 of the world’s top 100 banks according to the announcement.

“Organizations that provide their developers with the tools, training, and speed to address vulnerabilities directly within their workstream are not only more secure, but faster to market,” says Ian McCleod, chief product officer, Veracode. “While the financial sector is among the most mature with advanced application security, financial institutions are under ever increasing pressure to move quickly to meet the needs of their customers. The security of the applications they use is a critical differentiator.”

The Ponemon Institute has reported that the immediate cost of a data breach in the financial sector averages $5.86 million, and is followed by damage to brand reputation, customer retention, and stock price.

OneSpan recently added a pair of new directors with experience in financial services and cloud technology to its board.

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