As posted previously to this thread, the definitive answer to this is the OWASP Top Ten.
The most recent list was assembled in 2007. For convenience and in the name of further propagating the message, I'm posting the 2007 list again here:
A1 - Cross Site Scripting (XSS)
XSS flaws occur whenever an
application takes user supplied data
and sends it to a web browser without
first validating or encoding that
content. XSS allows attackers to
execute script in the victim's browser
which can hijack user sessions, deface
web sites, possibly introduce worms,
etc.
A2 - Injection Flaws
Injection flaws, particularly SQL
injection, are common in web
applications. Injection occurs when
user-supplied data is sent to an
interpreter as part of a command or
query. The attacker's hostile data
tricks the interpreter into executing
unintended commands or changing data.
A3 - Malicious File Execution
Code vulnerable to remote file
inclusion (RFI) allows attackers to
include hostile code and data,
resulting in devastating attacks, such
as total server compromise. Malicious
file execution attacks affect PHP, XML
and any framework which accepts
filenames or files from users.
A4 - Insecure Direct Object Reference
A direct object reference occurs when
a developer exposes a reference to an
internal implementation object, such
as a file, directory, database record,
or key, as a URL or form parameter.
Attackers can manipulate those
references to access other objects
without authorization.
A5 - Cross Site Request Forgery (CSRF)
A CSRF attack forces a logged-on
victim's browser to send a
pre-authenticated request to a
vulnerable web application, which then
forces the victim's browser to perform
a hostile action to the benefit of the
attacker. CSRF can be as powerful as
the web application that it attacks.
A6 - Information Leakage and Improper
Error Handling
Applications can unintentionally leak
information about their configuration,
internal workings, or violate privacy
through a variety of application
problems. Attackers use this weakness
to steal sensitive data, or conduct
more serious attacks.
A7 - Broken Authentication and Session
Management
Account credentials and session tokens
are often not properly protected.
Attackers compromise passwords, keys,
or authentication tokens to assume
other users' identities.
A8 - Insecure Cryptographic Storage
Web applications rarely use
cryptographic functions properly to
protect data and credentials.
Attackers use weakly protected data to
conduct identity theft and other
crimes, such as credit card fraud.
A9 - Insecure Communications
Applications frequently fail to
encrypt network traffic when it is
necessary to protect sensitive
communications.
A10 - Failure to Restrict URL Access
Frequently, an application only
protects sensitive functionality by
preventing the display of links or
URLs to unauthorized users. Attackers
can use this weakness to access and
perform unauthorized operations by
accessing those URLs directly.
-http://www.owasp.org/index.php/Top_10_2007
With regard to incident response, you should consider the use of an Intrusion Detection System to notify your ops team of possible attacks, though no IDS will be able to catch everything. You should also consider implementing code reviews by a Senior developer who has knowledge of security issues as well as performing specialized security testing prior to your initial product launch and at set intervals thereafter.
A few security related books I recommend: