The financial sector is a high-value target for cyberattacks, and its software supply chains are no exception. The increasing reliance on open-source software and third-party libraries has created vulnerabilities that attackers are quick to exploit. According to the Anchore 2024 Software Supply Chain Security Report, 76% of organisations now prioritise software supply chain security—a significant increase from previous years.
With the global cost of supply chain attacks projected to reach $60 billion by 2025, the stakes are higher than ever for financial institutions. To address this challenge, organisations are turning to the Software Bill of Materials (SBOM), a critical tool for ensuring cybersecurity and reducing risks across the software development lifecycle (SDLC).
The Power of SBOMs in Securing the Financial Sector
An SBOM provides a comprehensive inventory of software components, offering unmatched visibility into software dependencies, third-party software, and potential vulnerabilities. This is particularly vital for financial organisations, which often face strict compliance requirements.
Key benefits of SBOMs include:
- Enhanced Transparency: Despite increased focus, only 20% of organisations feel confident about their visibility into software dependencies. By leveraging SBOMs, security leaders can identify and address risks proactively, strengthening their overall security posture.
- Faster Response to Incidents: With 40% of organisations impacted by supply chain attacks, SBOMs enable teams to reduce the mean time to remediate (MTTR) significantly, mitigating both operational disruptions and reputational damage.
- Streamlined Compliance: Meeting multiple compliance standards, such as PCI DSS and the EU Cyber Resilience Act, is a pressing challenge for many in the financial sector. SBOMs simplify audits and reporting, ensuring organisations remain compliant while reducing manual effort.
Collaboration: The Key to Success
Securing the software supply chain is not a task for a single team. It requires collaboration among DevOps, security, compliance, and development teams. The Anchore report highlights that cross-functional collaboration is now a common approach, with dedicated teams increasingly taking responsibility for SBOM management and vulnerability scanning.
Practical Steps for Financial Security Teams
To maximise the potential of SBOMs, financial institutions should:
- Automate SBOM Creation in CI/CD Pipelines: Embed SBOMs into your workflows to ensure continuous visibility and secure software development.
- Adopt Industry Best Practices: Generate SBOMs for both in-house and open-source software, request them from vendors, and maintain an organised repository.
- Invest in Training and Tools: Use platforms like Anchore for vulnerability scanning and compliance automation, while training teams on emerging threats and solutions.
Why SBOMs Are the Future of Financial Cybersecurity
The increasing sophistication of cyber threats necessitates a proactive approach to software supply chain security. SBOMs represent a transformative solution, helping financial organisations improve transparency, meet compliance standards, and respond effectively to incidents.
By embracing SBOMs, security leaders can future-proof their organisations and protect the trust that underpins the financial sector.
How Anchore Enterprise Can Help
Anchore Enterprise offers a comprehensive solution for tackling these challenges head-on. With its ability to generate detailed SBOMs, perform continuous vulnerability scanning, and automate compliance enforcement, Anchore enables organisations to secure their software supply chains with confidence. Its seamless integration into existing development workflows ensures that security becomes an integral part of your software development lifecycle (SDLC), saving time and reducing costs.
