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ISO 27001 Application Security and Secure Development Audit Checklist for Financial Services

A detailed audit checklist for assessing and improving application security and secure development practices in financial services organizations, ensuring alignment with ISO 27001 standards and addressing industry-specific requirements for securing digital financial services and applications.

ISO 27001 Application Security and Secure Development Audit Checklist for Financial Services

by: audit-now
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About This Checklist

In the rapidly evolving landscape of financial technology, ensuring the security of applications and implementing secure development practices are crucial for protecting sensitive financial data and maintaining customer trust. The ISO 27001 Application Security and Secure Development Audit Checklist for Financial Services is a vital tool for assessing and enhancing an organization's approach to building and maintaining secure financial applications. This comprehensive checklist addresses key aspects of application security, from secure coding practices and vulnerability management to secure API integration and mobile app security. By implementing robust application security measures and secure development lifecycle processes, financial institutions can mitigate risks associated with application vulnerabilities, prevent data breaches, and ensure the integrity of their digital financial services.

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Industry

Financial Services

Standard

ISO/IEC 27001 - Information Security Management

Workspaces

Financial Institutions
Software Development Offices
Office Buildings

Occupations

Application Security Specialist
Secure Software Developer
DevSecOps Engineer
Information Security Auditor
Quality Assurance Tester
1
Are secure coding practices being followed in the development processes?

Select compliance status.

Ensuring secure coding practices helps mitigate risks related to application vulnerabilities.
2
How frequently are vulnerability assessments conducted on the applications?

Enter the frequency in months.

Regular vulnerability assessments are essential for identifying and mitigating security risks.
Min: 1
Target: Monthly
Max: 12
3
Describe the incident response procedures in place for application security breaches.

Provide a detailed description of incident response procedures.

Having clear procedures helps ensure a swift and organized response to security incidents.
4
Is the API security compliance with industry standards being maintained?

Select API security compliance status.

Maintaining API security standards is crucial to protect sensitive financial data.
5
Is application-level encryption implemented for sensitive data?

Indicate whether application-level encryption is implemented.

Application-level encryption is vital for securing sensitive data at rest and in transit.
6
Is the development framework being used compliant with security best practices?

Select the compliance status of the development framework.

Compliance with security best practices ensures that the development framework does not introduce vulnerabilities.
7
What percentage of the code is reviewed for security flaws?

Enter the percentage of code reviewed.

Code reviews are essential for identifying security weaknesses before deployment.
Min: 0
Target: 100
Max: 100
8
When was the last security training conducted for the development team?

Select the date of the last security training.

Regular security training helps keep the team informed about the latest threats and secure coding practices.
9
Describe the threat modeling practices employed during the software development lifecycle.

Provide a detailed description of threat modeling practices.

Threat modeling helps identify potential security threats early in the development process.
10
Is post-deployment security testing performed on applications?

Select whether post-deployment security testing is conducted.

Post-deployment testing is crucial to ensure that applications remain secure after being deployed.
11
Is multi-factor authentication (MFA) implemented for all user accounts?

Indicate whether MFA is implemented for user accounts.

MFA adds an additional layer of security, reducing the risk of unauthorized access.
12
What is the average response time to security incidents (in hours)?

Enter the average response time in hours.

Quick response times are critical for minimizing damage from security incidents.
Min: 0
Target: 1
Max: 72
13
Describe the data protection strategies employed to safeguard sensitive financial information.

Provide a comprehensive description of data protection strategies.

Effective data protection strategies are essential for maintaining customer trust and regulatory compliance.
14
How often are penetration tests conducted on applications?

Select the frequency of penetration testing.

Regular penetration testing helps identify vulnerabilities before they can be exploited.
15
When was the last security audit conducted?

Select the date of the last security audit.

Regular audits are essential to ensure compliance with security standards and regulations.
16
Is the application security policy being adhered to by the development teams?

Select the compliance status of the application security policy.

Adherence to the security policy ensures that all security measures are implemented consistently across applications.
17
What is the average time taken to remediate identified security vulnerabilities (in days)?

Enter the average remediation time in days.

Timely remediation of vulnerabilities is vital to maintain application security.
Min: 0
Target: 3
Max: 30
18
Describe the security training programs provided to the development team.

Provide a detailed description of the security training programs.

Effective security training programs are essential for empowering the development team to build secure applications.
19
Is Static Application Security Testing (SAST) utilized during the development process?

Indicate whether SAST is utilized.

SAST helps identify vulnerabilities in source code early in the development lifecycle.
20
When was the last code security review conducted?

Select the date of the last code security review.

Regular code security reviews help ensure that security vulnerabilities are caught and addressed.
21
Is data encryption implemented for data at rest?

Indicate whether data encryption at rest is implemented.

Encrypting data at rest protects sensitive information from unauthorized access in case of a data breach.
22
How frequently are security patches applied to applications?

Enter the frequency of patch applications in days.

Timely application of security patches is essential to protect applications from known vulnerabilities.
Min: 1
Target: Monthly
Max: 30
23
Describe the incident management process for handling security incidents.

Provide a detailed description of the incident management process.

A well-defined incident management process is crucial for effective response and recovery from security incidents.
24
Is there a security assessment process in place for third-party vendors?

Select whether third-party vendor security assessments are conducted.

Assessing third-party vendor security is essential to mitigate risks associated with external partnerships.
25
When was the last application security assessment conducted?

Select the date of the last application security assessment.

Regular application security assessments help identify and remediate vulnerabilities before exploitation.

FAQs

The checklist covers secure coding practices, application vulnerability assessment, secure software development lifecycle (SDLC), third-party component security, API security, mobile application security, secure configuration management, and application-level encryption implementation.

It includes specific items for evaluating the security of modern fintech applications, such as microservices architecture security, containerization security, serverless function security, and blockchain application security considerations.

The checklist emphasizes secure API design, implementation of strong authentication and authorization mechanisms for APIs, API rate limiting and throttling, input validation, and secure handling of sensitive financial data in API responses.

It includes items for assessing the integration of security into the DevOps pipeline, such as automated security testing in CI/CD processes, infrastructure-as-code security, and the use of security orchestration and automated response (SOAR) tools in application development and deployment.

Comprehensive audits should be conducted at least annually, with more frequent assessments for critical applications or those handling sensitive financial data. Additionally, security reviews should be performed at key stages of the application development lifecycle and after significant updates or changes to the application architecture.

Benefits

Ensures compliance with ISO 27001 application security requirements and financial industry standards

Reduces the risk of security vulnerabilities in financial applications

Enhances protection of sensitive financial data processed by applications

Improves overall security posture of digital banking and fintech services

Facilitates faster and more secure deployment of new financial applications and features