May 2016 -

Securing Financial Mobility Platform – Part 2

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[ The last post in this blog series was on vectors of attack in the mobility ecosystem. To continue with, we will take a deep look at the mobility platform security from the users’ perspective. ]

Customers & Internal Employees (Users) account for 52% of the root cause of all security attacks i.e. more than USD 230 Billion. This makes them the most vulnerable point of entry to attack a mobility system. The lack of security consciousness has not only impacted individuals but also financial institutions and corporates. With growing trends like Enterprise Mobility and BYOD, the institutions must be more vigilant about accessing sensitive information over mobility channels.

The following are the key areas to focus on improving security from the users’ front.

  • User Education:  The users must be educated on the best security practices such as setting up a strong password and not sharing credentials with others.
  • Strong Security Policies: A well-defined security policy must be put into place. The key policy parameters include password length, password strength, access levels and acceptable count of attempts.
  • Multi-Factor Authentication: Apart from traditional passwords which are usually the primary factor of authentication, secondary factors such as One Time Password (OTP), Biometrics and Security Questions can be added to further strengthen the security.
  • Behavioural Biometrics: It helps in profiling how a user interacts with the system. Anomalies in the system can be detected by monitoring deviations in the usage patterns of users. The same can be used to spot unauthorized access and prevent security breaches.
  • Mobile Device Management (MDM): It helps in managing multiple mobile devices deployed across the organization. This keeps a check over unauthorized devices accessing the enterprise networks.
  • Mobile Application Management (MAM): It manages the applications installed and services subscribed in a device under MDM. This helps in restricting the installation of unauthorized and malicious applications into the device.

The mobile security strategy on the user front should be well balanced so that it doesn’t take a toll on usability and user experience while keeping the significance of the security undiluted.

To Be Continued…

About Market Simplified: Market Simplified is a thought leader in handcrafting custom solutions by continuously innovating and simplifying finance. We have maximized the revenues of industry leaders like OptionsXpress (Charles Schwab), Currenex (State Street), MB Trading, Maybank Kim Eng, Kotak Mahindra Bank and National Stock Exchange of India by providing enhanced and sustained user engagement through Experience Engineering.

About The Author: Gokoulane Ravi is a foodie, technology enthusiast, and a developer turned marketer with more than 5 years of experience in the space of mobility. When he is not working, he likes to read, write, run and cycle.

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