New research by UL and Inside Secure shows that the industry is a long way from safe, predictable online banking – a wake up call for the industry
Barcelona, November 9, 2017 – Inside Secure (Euronext Paris: INSD), at the heart of security solutions for mobile and connected devices, and UL, global leader in safeguarding security, compliance and global interoperability, today revealed at the annual Mobey Day in Barcelona the findings of their joint research into the state of security of mobile banking applications. The results should serve as a wake-up call for the entire banking industry to raise their sense of urgency on increasing security, particulary with increasing concern from consumers and legislative mandates such as GDPR looming on the horizon.
Hardly a day goes by without another security breach or cyber-attack, to the point that it is not news anymore. And the growing complexity and fragmentation of the current environment is only increasing the exposure and risk to organizations. Yet unlike the world of mobile payment applications, which is harmonized and standard thanks to mandates to be evaluated by third party accredited laboratories, banking and financial institutions are not held to a security standard. Thus, it is unclear how much banks and financial institutions understand the security risk in their mobile applications and the potential exposure it brings. Mobile banking is more of a greenfield, absent of a compliance requirement. Consequently, very few rely on external risk assessments and security evalutations.
The research of UL and Inside Secure set out to measure where mobile banking applications stand with respect to security as compared with mobile payment applications, to provide a well known reference point of comparison. They analyzed publicly available m-banking applications. The results show that mobile banking was the weak link in most banks’ security infrastructure.