The Important Role of Web Application Firewalls in the Finance Industry

Web application firewalls are essential tools in the fight against web application security threats. These security measures are designed to prevent malicious requests from reaching a server. Typically, most experts would reiterate that a web application firewall explained is composed of two types: blacklisting and whitelisting. The blacklisting approach denies all requests by default, while the whitelisting approach only allows legitimate requests from safe IP addresses. This approach is less resource-intensive than blacklisting but can unintentionally block benign traffic. Although whitelisting offers low cost and ease of use, it is also less precise than blacklisting.
They Complicate Enterprise Security Strategies.
A web application firewall (WAF) is a security tool that analyzes HTTP requests and distinguishes between benign and malicious requests. The most common type of request is the GET. This type of request includes all the data needed in a URL and is cacheable. A WAF also ensures that the application handles only legitimate requests and that personal data does not leak outside the network.
As the threat of cyberattacks increases, businesses must strengthen their application security programs to protect them from malicious activity. Fraud, theft of customer data, and other threats are a constant concern for companies in the e-commerce, online financial services, and web-based products industries. Not only does compromising consumer trust cost money, but it also can result in regulatory discipline. Web application firewalls can be an additional layer of defense by monitoring potential attacks in progress and alerting security teams to suspicious activity.
While web application firewalls are critical first lines of application defense, their management is difficult and risky, primarily when enterprises operate in a hybrid environment. For example, it is risky to use several WAF tools, each of which may provide different protection and reporting capabilities. With the accelerated pace of DevOps and digitalization, web application protection is a more complicated issue. Organizations often rely on application protection tools and blindly trust them to protect their systems, but the reality is that these tools are not always effective. A fragmented and inconsistent defense means that cyberattacks will continue exploiting the system’s weakest link.
They Protect Servers From Attacks.
Web application firewalls (WAF) are a powerful technology for protecting financial services providers from attacks. Unlike traditional firewalls, they allow organizations to scale security at a very high rate and maintain security features and reliability. Additionally, cloud-based firewalls allow banks to ensure compliance and meet regulatory requirements. Furthermore, they provide assurances for data privacy and security, which is essential to the financial services industry. WAFs work by analyzing HTTP requests and filtering them to prevent malicious traffic. Depending on their type, a WAF can protect server-level applications and protect from Layer 7 DDoS attacks. However, WAFs do not protect the user interface at the browser level, which can be compromised by sophisticated skimming malware or supply-chain attacks. Cloud-based WAFs provide the same benefits as software-based WAFs but are less costly and require less maintenance. Cloud service providers offer unlimited hardware pools and competent setup and support. Alternatively, you can buy a customized appliance from a physical appliance provider.