Since the availability and accessibility of the internet have increased, so has the popularity of web-based apps. They provide entertaining digital content without requiring users to install cumbersome third-party software.
The rise of web applications as consumers’ preferred interaction places has businesses trying to cash in. Web apps are popular with customers and businesses but also attractive to hackers.
Unfortunately, basic online application assaults are becoming the second most prevalent pattern in hacking attempts and breaches, highlighting the need for stricter web application security measures. Most new online businesses lack the defense mechanisms necessary to fend off sophisticated cyber assaults, making them easy victims.
Web application assaults have increased, and the coronavirus pandemic is partly to blame. As a result of severe constraints on their offline activities, several companies have shifted their focus to the internet and are releasing new web-based software. On the other hand, cybercrime rapidly emerged.
As 2020 progressed, there was an 800 percent rise in web application threats. As a web app owner, you should be worried because these assaults have spread across many sectors.
Successful web application development requires understanding the effects, techniques, and protection against web app assaults. You may expect to understand the topic completely after reading this article. But first, let’s get our feet wet with the basics of web application security.
Web App Security
Web application security, or Web AppSec, is the discipline concerned with securing the functioning of web applications in the face of malicious assault. Avoiding the loss of sensitive information and data during attempted intrusions is also a part of this.
As a result of their complexity, web app source codes often allow vulnerabilities to go unpatched. It’s just a matter of time until threat actors identify and exploit such vulnerabilities, especially given the rising frequency and sophistication of assaults against online apps.
So, What Happens When You Don’t Pay Attention to Web Application Security?
The most up-to-date research on online application security indicates that nine out of ten customers are extremely vulnerable to cyber threats. Despite this worrying rate, many businesses still don’t focus enough on web app security. The results of a web application assault vary widely depending on the nature of the attack. What may happen if someone launches a cyberattack, listed?
Gone are the days when the sole notion for a cyber assault was to move cash to random offshore accounts. Cybercriminals have just come to appreciate the immense value of data. Database breaches are unfortunately made easier by certain online app owners’ ignorance.
In 2020, more than 155.8 million people were harmed by data breaches. Certainly not a comforting thought! It’s common for web apps to store and process private user data. An attack aims to get sensitive information, such as email addresses, passwords, and credit card numbers.
More than 45 million entries were lost from VerticalScope’s database of over 1100 websites and forums. The data included login credentials, electronic mail addresses, Internet Protocol addresses, encrypted passwords, and more. Most of these passwords were salted with MD5, making them less difficult to crack. Better work with more secure encryption methods might have greatly mitigated the effects of this assault.
Profit loss due to downtime
Even if the information is priceless, time is of the essence. Businesses that rely on web apps for their day-to-day operations may suffer significant financial losses in the event of any interruption. On average, the cost of downtime amounts to $84,650 per hour. For a company of any size, that’s an enormous sum.
Common methods of bringing down a website or web app by overwhelming its servers include distributed denial of service (DDoS) assaults. You risk losing key clients if they cannot utilize your services for any time, especially in today’s day of short attention spans.
Nobody wants to do business with a company that doesn’t take web app security seriously. Many organizations can get away with inadequate safeguards for their online apps. Victims of attacks, however, often find it impossible to maintain their dignity. The company’s reputation usually takes a nosedive when news of a cyber attack makes its way into the mainstream media. It might cause a drop in stock price and cause customers to stop buying from you.
Acting late comes at a high cost
After suffering a web application assault, a corporation must take immediate action to limit further intrusions and damages. The security hole must be patched immediately. However, the cost of correcting these holes might be high. In order to construct a safe environment for the web app, you may need to rewrite large sections of code or start from scratch. Further costs might come from stockholder lawsuits or other legal action. The average cost of a cyber assault, according to research, is $1.1 million. Given how damaging web application assaults may be, this is understandable.
Being fined by monitoring agencies
Companies must follow legal requirements on security and safety. If a cyber attack was shown to have happened due to the lack of these safeguards, the company might face significant fines and perhaps jail time.
HIPAA in 1996, GLBA in 1999, FISMA in 2002, CISA in 2015, and others are only a few of the laws and compliances commonly used to regulate cybersecurity in the United States. The maximum penalty for violating HIPAA is $50,000 per record, whereas the maximum penalty for violating GLBA is $100,000 per violation.
You may avoid these negative results of a web application attack by taking preventative measures. To do this, you must first understand your website’s most pressing security concerns.