Secure API Development for Financial Services

Authors

Ajay Benadict Antony Raju

Abstract

This is really imperative and integral to development of modern financial services where APIs have gained significant importance. Due to the growth of the API usage where institutions implement APIs as a means of integrating with other services, implementing data sharing and improving customers’ experience it is essential to protect these API’s. Weak APIs increases the risks in the financial systems as it opens gate for data injections, unauthorized access, and even frauds. Sustainable API imperative contains authentication, authorization, data encryption, and input validation to protect the financial data. Moreover, the adoption of best practices of the industry like OAuth 2. That is, using encoding likeTLS, incorporating secure coding practices also means that the APIs would have the means to handle authentication and/or data transfer securely. With the implementation of security from the ground up through all phases of API development, coupled with the continual scanning for risks, financial institutions can safely open up their systems to the value of increased innovation and connectivity while mitigating the risk from potential new threats. Secure API development is a crucial factor to create and maintain the trust, privacy, and security awareness of the economic transactions of the digital world and to meet the crucial regulation needs of the digital economy.

Keywords

Secure API Development, FinancialServices, DataProtection, Authentication, Encryption, Regulatory Compliance

Secure API Development for Financial Services. Ajay Benadict Antony Raju. 2022. IJIRCT, Volume 8, Issue 6. Pages 1-4. https://www.ijirct.org/viewPaper.php?paperId=2411073