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phase_1_APPDEVP1

The project focuses on enhancing the security of APIs in financial applications to prevent data breaches and ensure regulatory compliance. It employs a design thinking approach to address the needs of stakeholders, including financial institutions and developers, by implementing best practices such as OAuth 2.0, TLS encryption, and real-time threat detection. The prototype aims to validate secure authentication, encryption efficiency, and effective rate limiting while ensuring a seamless user experience.

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5 views3 pages

phase_1_APPDEVP1

The project focuses on enhancing the security of APIs in financial applications to prevent data breaches and ensure regulatory compliance. It employs a design thinking approach to address the needs of stakeholders, including financial institutions and developers, by implementing best practices such as OAuth 2.0, TLS encryption, and real-time threat detection. The prototype aims to validate secure authentication, encryption efficiency, and effective rate limiting while ensuring a seamless user experience.

Uploaded by

desaiarya0
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Project Title : Security Best Practices for APIs: Protecting Financial Applications with

Robust Security Measures

Team Members:
1. Name : Arya Desai
CAN ID Number: CAN_33808460

2. Name : Fariha Tambitkar


CAN ID Number: CAN_33808675

3. Name : Prathamesh Manohar Kumbar


CAN ID Number: CAN_33686311

4. Name : Yugant Durgappa Koulgekar


CAN ID Number: CAN_33673667

Institution Name : Angadi Institute of Technology and Management Belagavi

Phase 1 -Problem Definition & Design Thinking

Problem Statement

APIs in financial applications are critical yet vulnerable, often lacking robust security measures.
This leads to risks like data breaches, unauthorized access, and non-compliance with regulations.
The project aims to implement best practices for secure authentication, data protection, attack
mitigation, and regulatory compliance to safeguard financial APIs effectively.

Target Audience

• Financial institutions (banks, fintech companies, payment processors).


• Developers and API architects.
• Cybersecurity teams.
• Regulatory bodies (e.g., PCI DSS, GDPR enforcers).
• End users (consumers and businesses).
Design Thinking Approach for Online Streaming App

Empathize:

Understand the needs and challenges faced by stakeholders:


• Financial Institutions: Concerned about regulatory compliance, protecting sensitive
customer data, and maintaining user trust.
• Developers: Need tools and guidelines to implement secure APIs efficiently.
• End Users: Require seamless, secure financial transactions with data privacy.
• Cybersecurity Teams: Demand robust frameworks to prevent API breaches and attacks.

Key User Concerns:

● High-quality, uninterrupted streaming.


● Personalized content recommendations based on user preferences.
● Secure login and account protection.
● Smooth and intuitive navigation across devices.
● Safe and easy payment processing.

Define:

Identify the problem and goals:


• Problem: APIs in financial applications are vulnerable to security risks such as
unauthorized access, injection attacks, and data breaches.
• Goal: Design a secure API framework that protects sensitive data, prevents attacks, and
ensures compliance with regulatory standards.
Objectives:
• Secure authentication and authorization (e.g., OAuth 2.0, JWT).

• Data protection through encryption and tokenization.


• Real-time threat detection and response.
• Seamless user experience without compromising security.

Ideate:

Potential Ideas:
• Implement OAuth 2.0 and JWT for secure authentication.
• Use TLS encryption for API security.
• Integrate rate limiting to prevent DDoS attacks.
• Tokenize sensitive data like payment details.
• Design role-based access control (RBAC).
• Automate security testing with OWASP ZAP or Burp Suite.
• Use AI/ML for real-time threat detection.
Brainstorming Results:
• Use OAuth 2.0 for authorization and JWT for session management.
• Encrypt API communications with TLS and manage API keys securely.
• Use Stripe/PayPal for secure payment processing.
• Monitor API activity with logging and anomaly detection.
• Implement Content Security Policies (CSP) to prevent XSS attacks.

Prototype:

Key Components of Prototype:

• Authentication: OAuth 2.0 and JWT for login and session management.

• Encryption: TLS for secure communication and tokenization for sensitive data.

• Rate Limiting: Implement throttling to prevent system abuse.

• Payment Security: Integrate Stripe/PayPal for secure payments.

• Monitoring: Activity logs and real-time alerts for suspicious behavior.

Prototype Goals:

• Authentication Validation: Test secure, scalable OAuth 2.0 and JWT sessions.

• Encryption Efficiency: Ensure TLS encryption doesn’t degrade performance.

• Rate Limiting Effectiveness: Ensure traffic control works under heavy loads.

• Secure Payment Flow: Validate seamless and secure transactions.

• Threat Detection: Assess the effectiveness of logging and anomaly detection.

Test:
Evaluate the prototype with focus groups:

• Security Testing: Conduct penetration tests and simulate attack scenarios.


• Performance Testing: Ensure encryption and security layers don’t degrade performance.
• User Feedback: Gather insights from developers, end users, and cybersecurity experts.
• Compliance Validation: Test for adherence to PCI DSS, GDPR, and other standards.

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