Global economies lose more than USD $445 billion annually due to cyber crimes. Security is a growing concern for both financial institutions as well as customers in the adoption of mobile in financial services. So this month, we would be having a series of posts discussing the challenges faced by financial institutions when including mobility into their business.
Use of mobile devices has evolved beyond being just a customer access channel. With the explosion of enterprise mobility, many financial institutions have evolved using mobile devices as a productivity tool too. This broadens the chance of mobile being a vulnerable medium and an efficient vector of attack. In the mobile ecosystem, the following are the points of entry for security attacks.
Attacks and data loss happen, to a great extent as a result of the user’s carelessness. Users sharing their credentials or installing applications from an unknown source or providing permissions to illegitimate applications can cause huge losses.
Vulnerabilities in the mobile OS have resulted in massive data exfiltration. Key Loggers and other malicious applications (malware) snitch valuable data and credentials if the data in the device is unencrypted.
Vulnerability in the network protocol or extensive use of untrusted network can result in network-based attacks such as Spoofing, Man In The Middle (MITM), SSL Strip and SSL decryption.
Cross Site Scripting, Denial of Service (DoS), Brute Force and SQL Injection are the attacks against a web or application server to retrieve privileged information from it.
Security shouldn’t just be a feature in the application, but it should be one of the foundations on which the app is built on. Security must be considered in every aspect and in every phase of building a financial application.
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.