New research by UL and Inside Secure shows that the industry is a long way from safe, predictable online banking – a wake up call for the industry
Barcelona, November 9, 2017 – Inside Secure (Euronext Paris: INSD), at the heart of security solutions for mobile and connected devices, and UL, global leader in safeguarding security, compliance and global interoperability, today revealed at the annual Mobey Day in Barcelona the findings of their joint research into the state of security of mobile banking applications. The results should serve as a wake-up call for the entire banking industry to raise their sense of urgency on increasing security, particulary with increasing concern from consumers and legislative mandates such as GDPR looming on the horizon.
Hardly a day goes by without another security breach or cyber-attack, to the point that it is not news anymore. And the growing complexity and fragmentation of the current environment is only increasing the exposure and risk to organizations. Yet unlike the world of mobile payment applications, which is harmonized and standard thanks to mandates to be evaluated by third party accredited laboratories, banking and financial institutions are not held to a security standard. Thus, it is unclear how much banks and financial institutions understand the security risk in their mobile applications and the potential exposure it brings. Mobile banking is more of a greenfield, absent of a compliance requirement. Consequently, very few rely on external risk assessments and security evalutations.
The research of UL and Inside Secure set out to measure where mobile banking applications stand with respect to security as compared with mobile payment applications, to provide a well known reference point of comparison. They analyzed publicly available m-banking applications. The results show that mobile banking was the weak link in most banks’ security infrastructure.
What the companies have discovered is that it is a safe strategy to expect that the worst will happen in terms of a security breach and prepare your organization accordingly, just like a fire drill. It’s also important to have a remediation plan to solve a security breach both technically and from an image perspective.
| About UL’s Transaction Security services
UL’s Transaction Security division guides companies within the mobile, payments, and transit domains through the complex world of electronic transactions. UL is the global leader in safeguarding security, compliance, and global interoperability. Offering advice, training, compliance and interoperability services, security services, and test tools, during the full life cycle of your product development process or the implementation of new technologies. UL’s people proactively collaborate with industry players to define robust standards and policies. Bringing global expertise to your local needs. UL has accreditations from industry bodies including Visa, MasterCard, Discover, JCB, American Express, EMVCo, UnionPay, PCI, GCF, GlobalPlatform, NFC Forum, and many others. For more information, go to UL.com. About UL UL fosters safe living and working conditions for people everywhere through the application of science to solve safety, security and sustainability challenges. The UL Mark engenders trust enabling the safe adoption of innovative new products and technologies. Everyone at UL shares a passion to make the world a safer place. We test, inspect, audit, certify, validate, verify, advise and train and we support these efforts with software solutions for safety and sustainability. To learn more about us, visit UL.com. About Mobey Forum Mobey Forum is the global industry association empowering banks and other financial institutions to lead in the future of digital financial services. Mobey Forum connects industry thought leaders to identify commercial drivers for the development of better digital commerce. Mobey Forum’s members collaborate to analyse business strategies and technologies to create innovative, interoperable and competitive digital financial services. Press and investor contacts Inside Secure Corporate communications Loic Hamon EVP, Corporate Development and Communication +33 (0) 4 42 905 905 [email protected] Inside Secure Investor relations Richard Vacher Detournière General Manager & CFO +33 (0) 4 42 905 905 [email protected] |
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