Mobile banking has become integral to our daily lives, offering unparalleled convenience and accessibility. However, as the usage of mobile banking apps continues to grow, so do the threats from cybercriminals. In a world where personal and financial data is at risk, mobile banking apps must prioritize security. In August 2021, US-based T-Mobile experienced a cyberattack where a 21-year-old stole data from approximately 50 million current customers and potential prospects.

Organizations face growing demands to drive innovation, swiftly create new applications, and embrace emerging technologies (like SMACT) to maintain a competitive edge and stay ahead of the curve. In tandem with this, adopting DevOps practices and open-source code libraries significantly accelerates the pace at which applications are being developed, delivered, and maintained, albeit with the inherent invitation of various security risks.

In an era dominated by rapid technological advancements, the critical importance of cybersecurity cannot be overstated. Analysts worldwide are tirelessly discussing the evolving landscape of security, cyber assurance, and the challenges faced across various industries. This blog aims to shed light on the prevailing discourse in the realm of cybersecurity while highlighting how Cigniti is pioneering solutions to counter these challenges.

According to the World Economic Forum, Cybercrime and cybersecurity have emerged as new additions to the list of the top 10 most severe global risks in the coming decade. Cybersecurity Ventures anticipates a 15% annual growth in global cybercrime costs, projecting a rise to $8 trillion in 2023 and $10.5 trillion annually by 2025, a substantial increase from the $3 trillion recorded in 2015.

Over the past few decades, consumers increasingly accepted digital tools as they helped save time, manage funds securely, and track and control their finances efficiently, leading to the growth of Fintech companies. According to some reports, the Fintech Industry is projected to become $1.5 Trillion by 2030. NA has the largest share of the market in Fintech across the globe. US Fintech as a service market size is expected to grow at a compound annual growth rate (CAGR) of 17.5% from 2023 to 2030.

In the vast realm of machine learning, it’s well-known that data is the lifeblood that drives model performance. Yet, as we dive deeper into the intricacies of machine learning, a pertinent question arises: Is it just about accumulating vast amounts of data?

As of 2023, organizations engaged in software development are investing 31% of their total budget into ensuring software quality meets their defined standards.

In the digital age, where data is often regarded as the new oil, businesses are responsible for safeguarding their most valuable asset – Information. Data breaches, cyberattacks, and vulnerabilities have surged to unprecedented levels, prompting organizations to invest significantly in bolstering their defenses. Cybersecurity statistics reveal a staggering rate of 2,200 cyber attacks occurring daily, with a new attack occurring approximately every 39 seconds.

Resilience is paramount in the current digital landscape. With the increasing complexity of software systems and the ever-present threat of unforeseen failures, businesses must proactively fortify their digital infrastructure. This is where Chaos Engineering comes into play. It’s not about causing chaos for chaos’s sake but rather a strategic approach to identifying vulnerabilities and strengthening systems.