Banking trojans, mobile malware top security concerns for financial services in 2020

Thursday 5 December 2019 11:27 CET | News

Banking trojans and mobile malware have ranked as top security concerns for the financial services industry in 2020, according to a Twitter poll conducted by cyberthreat intelligence provider Blueliv.

The poll revealed that roughly a third of respondents are concerned about the impact banking Trojans (31%) and mobile malware (28%) will have on financial services organisations and their customers in 2020.

Tracking the latest evolving threats, Blueliv’s researchers observed a 283% increase in botnets relating to Trickbot as well as a 130% increase in Dridex botnets. These botnets are linked to the distribution of banking Trojans and other malware families targeting the financial services sector.

Blueliv’s report also highlights that malware targeting mobile apps is one of the most rapidly developing threats to the financial services sector, with functionalities that allow criminals to gather user credentials as well as steal funds from mobile users’ bank accounts.

Fraud prevention is seen a crucial security element, with 35% of poll respondents agreeing that this is a must to an ongoing cybersecurity strategy. Unauthorised transmission of data from within an organisation to external recipients is another key concern, with 31% of respondents considering the prevention of data leaks the most important.

Just under a quarter (24%) would focus their security strategy around regulation and compliance requirements such as GDPR; in contrast to this, the same number of respondents (25%) named regulatory issues as the biggest challenge for financial services institutions developing ongoing security programmes.

Attracting 11,380 responses, the Blueliv Twitter poll was conducted during the week of 25 November 2019.

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Keywords: banking Trojans, mobile malware, cybersecurity, financial services, botnets, Trickbot, fraud prevention, research
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Countries: World
This article is part of category

Securing Transactions