Security breaches and cyber-attack are big news. Organisations that hit the headlines take a long time to recover. Yet, 95% of Banking Applications lack the security required.
With increased pressure on banks to ensure that they Know Their Customer and GDPR looming on the horizon, this is a topic that should be high priority at every bank.
UL and Inside Secure have undertaken joint research to assess the market – analysing publicly available m-banking applications with the aim of bringing clarity on the state of security within mobile banking applications available today.
The results of the research should be a wake-up call to every bank.
The research provides a measure of where the mobile banking applications stand compared to the mobile payment applications (used as a reference point guiding us to better illustrate the comparison in security). Only 5% of the applications analysed came close to this standard. This paper uses the findings to provide practical advice to on how to protect applications with just a few simple steps.