Are the Service Apps Safe of the FinTech World?

Are the Service Apps Safe of the FinTech World?

By CFO Tech Outlook | Thursday, September 05, 2019

Financial organizations need to have a fresh look at their existing mobile strategies and the associated threat modeling, to figure out how important protecting the attack surface is.

FREMONT, CA: There has always been a general problem across the financial services industry with its institution, failing to protect their mobile applications. In the present time, mobile banking is becoming the primary user experience, whereas open banking standards are intimidating gradually. Therefore, mobile security is rapidly turning out to be a very integral part of the institution’s complete security strategy. 

At times, when the company lacks behind in providing a proper application security technology plan for its leading applications, the apps tend to be easily imitated. The ignorance can set up a platform potential for data takeovers, information leaks, and frauds.

Problems:

An analysis help by different financial institutions together revealed that there are mobile applications with significant vulnerabilities, including reverse-engineered application code. Every app seemed to be easily reversible within a few minutes on an average. A few of the severe vulnerabilities included apprehensive in-app data storage, compromised information transmission due to fragile cryptography, inadequate transport layer safety, and potential malware attack spots due to lack of security.

 A vast number of mobile apps lacked binary code protection and also shared services with different applications. The issues can trivially reverse engineer the application software as well as allows other app services to access the data that is left behind on the device. 

Solutions:

To eliminate the risk of every threat by recognizing it and finally taking action is extremely important in a financial institution. It is crucial to adopt a wide-ranging approach to application security, which provides app shields, threat detection and response, encryption, and also ensures that their developers are capable of battling the risks.

A significant element that can help in finance security is app shielding, which is the source code of an application, augmented with extra security controls. The technology drastically raises the level of attempts taken to cut down the vulnerabilities in the mobile app. Furthermore, the app-level threat findings that are implemented, spot, and inform the IT teams to watch out for the possible threats at the end-point. The process provides a new platform for the response of an organization, letting immediate actions to isolate them from significant assets and repairing codes. It increases a company’s ability to deliver secure, dependable applications, and services at higher velocity.

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