Securing Financial Mobility Platform – Part 3

Posted by | June 22, 2016 | blog | No Comments

[The last post in this blog series was on mobility platform security from the users’ perspective. We will now take a deeper look at the same from the device perspective.]

Mobile devices top the list of weakest links that lead to security attacks. More than 25% of all mobile devices encounter threat at least once every month. There is a steep increase in usage of mobile devices, not only among individuals but also in enterprises. This trend further fuelled financial transactions executed via mobile devices. On the other side, mobile malwares have not only increased in number but also in their sophistication and complexity. McAfee labs alone has detected more than 37 million malwares in a period of only 6 months. So, it’s highly critical to address the device related security risks. If not, it might lead to massive data exfiltration and huge financial losses.

The following are the areas to focus on in order to improve mobile device security.

  • Download Source: The only way to prevent malware being installed on the device is by restricting the download sources. The apps should only be allowed to download from trusted sources such as official app stores or an enterprise Mobile App Management server.
  • Publisher Credibility: Though the app is from a trusted source, it’s better to have a check on the credibility of the publisher. Few apps might not be technically malicious, but they are capable of compromising the personal privacy of the users.
  • OS Updates: Majority of the cyber security attacks can be kept in check just by keeping the mobile devices up to date with the latest version of the mobile OS. Enterprises are advised to force mandatory updates via Mobile Device Management(MDM) to protect systems from security risks.
  • Encryption: Encryption scrambles the data stored in the devices making it illegible for the intruder. Most mobile devices have incorporated hardware encryption techniques by using encrypted file system which encrypts the data with a combination of factory assigned key and user’s passcode. Software-based encryption should also be enforced by the applications by encrypting sensitive data before storage.
  • Security Softwares: Apart from the security provided by the mobile OS, It is advisable to additionally install comprehensive security software in the device. These Softwares scan the device and network for any potential threat and take precautionary action to safeguard the data.

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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