Survey on mobile banking security shows questionable practices

Friday 11 June 2021 10:55 CET | News

Although 82% of CISOs said securing the mobile channel was important or very important for their company, just over half of respondents do something about it.

This implies report evaluating, influencing, or deciding on mobile security. The report was conducted by France-based Verimatrix , featuring responses from 150 financial services security professionals throughout the United States, Canada and EMEA.

The report’s survey illustrates a notable disconnect between the importance placed on mobile apps and the attention it receives from the highest-level security professionals. 

More than 60% of respondents said they were confident about the level of security on their mobile apps, yet they admitted they outsourced mobile app development 50% of the time or purchased a white label solution 19% of the time, meaning the chain of responsibility for app security is less verifiable than might be expected in the sector. A surprising 39% of respondents don't run vulnerability analysis and penetration tests on mobile channels.

In addition to tracking executive-level involvement and outsourcing trends, the report discusses the challenges surrounding developing and securing the mobile channel. It highlights banking security teams’ concerns related to mobile banking as well as what types of mobile attacks are most prevalent and how today’s banking security executives are mitigating the risk.

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Keywords: mobile banking, cybersecurity, digital banking, online security
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Countries: World
This article is part of category

Securing Transactions