Code review is probably the single-most effective technique for identifying security flaws. When used together with automated tools and manual penetration testing, code review can significantly increase the cost effectiveness of an application security verification effort.
Security vulnerabilities and performance issues can be catastrophic for organizations and their users, often caused by openings in weak code. Applications and programs can contain vulnerabilities that can assist attackers in extracting sensitive information which may result in loss of intellectual property & protected information. Source Code review helps ensure that security measures are applied. It also checks for design defects and discovers hidden bugs in any program or application.