The current economic climate following the pandemic has placed the technology industry in a crucial period. Companies are now faced with a shorter profitability roadmap and must either innovate and establish themselves in the public consciousness or risk failure.

Despite its importance, application security (AppSec) may not appear as a capitalizable asset like a new feature or product. In light of the current economic climate, companies may find it challenging to justify the expenses incurred by AppSec when profitability is the main focus. The bottom line still matters, but it is vital to recognize that AppSec is an investment that results in long-term benefits, despite its invisibility. Therefore, it is prudent to prioritize AppSec investment to ensure the long-term success of any technology company.

In the current landscape, AppSec is a non-negotiable, especially in that crucial push to profitability. Here is why you must remain steadfast in AppSec investment:

Risk and Compliance

In the realm of business priorities, compliance may not always receive the attention it deserves, and may even be viewed as an impediment to progress. Nevertheless, adherence to strict regulations is essential in establishing and maintaining high levels of data security and privacy. One example of such regulations is the Payment Card Industry Data Security Standard (PCI DSS), which is designed to ensure secure debit and credit card transactions. Any business that engages in such transactions, including marketplace and fintech solutions, is required to comply with PCI DSS. This compliance not only guarantees the safety of customer transactions but also engenders confidence in the business.

Non-compliance with data protection regulations is a serious concern for businesses as it raises concerns among customers and can lead to significant financial penalties and reputational damage. The recent high-profile breaches at Marriott and British Airways serve as cautionary tales. For instance, Marriott was fined £18.4 million for a 2014 breach that was discovered in 2018 and found to be in violation of the General Data Protection Regulation (GDPR). Similarly, British Airways received a £20 million fine for a breach that occurred in 2018. It is crucial for businesses to prioritize compliance with data protection laws to avoid such consequences.

Ensuring compliance may not be the most exciting aspect of organizational management, but the alternative of facing significant financial penalties due to non-compliance is far less desirable. Investing in application security is a key component of maintaining compliance with industry standards. An organization that successfully meets all compliance requirements is one that can instill confidence and trust in its customers.

Reputation and Trust

In today’s increasingly interconnected and technology-dependent society, we rely on multiple digital platforms to establish our online presence. However, these platforms are vulnerable to cyber threats, and there have been numerous instances of data breaches reported. Despite our trust in popular brands, recent cybersecurity attacks have highlighted the importance of being vigilant about safeguarding our digital information. In January 2023, major brands like T-Mobile, MailChimp, PayPal, and Twitter reported data breaches. Additionally, major password manager LastPass was also a victim of breaches in August and December 2022.

In the event of security breaches, customers may opt to cease using a brand’s services and seek alternatives, as monopolies are uncommon in the current market. This decision is often made in response to concerns about a brand’s ability to safeguard entrusted information. By investing in AppSec, organizations can mitigate this risk, as data breaches can trigger an exodus of loyal users. Maintaining a low security profile is advantageous for organizations, as it reinforces their commitment to customer satisfaction. Investing in AppSec is a demonstration of the value placed on maintaining a strong and trustworthy relationship with customers, and is a significant step towards achieving this goal.

Competition and Continuity

In today’s digital age, the seamless operation of online platforms and services is made possible due to the tireless efforts of skilled engineers. The provision of uninterrupted access to services that we often take for granted requires meticulous planning and an understanding of the importance of business continuity management (BCM). Disruptions can easily shatter the perception of continuity, which is now an essential element of brand management. As a result, organizations are increasingly investing in BCM, as indicated by the growth in the BCM market. Even major corporations like Samsung are taking active measures to obtain ISO certification for BCM, emphasizing the significance of this practice.

The exploitation of application vulnerabilities can result in operational disruptions or even the collapse of IT infrastructure. This can lead to negative publicity for the organization and hinder its ability to establish itself as a market leader. Customers are unlikely to trust products or services that have been affected by business disruptions. Investing in AppSec is crucial in mitigating the risk of such disruptions and ensuring that the business can continue to operate even during a security incident.

AppSec is not only a commitment to protecting customers’ data, but also a promise of product and service integrity. These intangibles contribute significantly to building brand loyalty. Moreover, if your industry peers are already investing in AppSec, overlooking it puts you at risk of malicious attacks. Therefore, it’s essential to be proactive by anticipating and addressing security concerns before they escalate. By doing so, you can avoid the need for incident response and minimize any potential security threats.

Effective and Efficient Development

But wait, there’s more!

Investing in AppSec goes beyond branding and has significant internal benefits for an organization. Incorporating AppSec into the development process helps developers align rapid innovation and iteration with security as a critical foundation. Instead of treating security as an afterthought in the pipeline, AppSec promotes a “Shift-left” culture where security is integrated throughout the development cycle. This approach results in better code quality as developers identify and address security issues early on, leading to a more efficient use of resources. Thus, investing in AppSec helps developers produce secure code and fosters a culture of security across the organization.

The incorporation of AppSec into the development process has a compounding effect that ultimately pays off. As the team embraces AppSec, code quality improves with a reduction in security-related bugs and vulnerabilities. Early integration of security leads to better collaboration between developers and security teams. With a streamlined process, the team can focus on developing appealing products and features, resulting in a more delightful user journey. This effort contributes to a positive perception of the organization in the public consciousness.

Conclusion

As our reliance on technology continues to grow, it’s clear that we’ve only scratched the surface. The rise of digital platforms has also brought an increase in potential vulnerabilities to exploit. As a result, implementing application security (AppSec) is no longer a discretionary expense. It’s crucial to build and maintain trust with your customers and promote a better engineering culture within your organization to stay competitive. Even though the benefits may not appear measurable, the return on investment vastly outweighs the initial costs. Conversely, failing to invest in AppSec can be a significant impediment. In the quest for profitability, it’s crucial not to sacrifice long-term benefits by focusing solely on short-term figures.

The post Why Should You Invest in AppSec? appeared first on GuardRails.

*** This is a Security Bloggers Network syndicated blog from GuardRails authored by GuardRails. Read the original post at: https://blog.guardrails.io/why-should-you-invest-in-appsec/