There has been a bit of a buzz on the security of financial and banking apps following an article published yesterday on the Daily Mail, which looked at the techniques of reverse engineering and the damage they could do to insecure applications.
This article raises some valuable points on vulnerabilities that can exist in unprotected mobile banking applications. A crucial element that also demands awareness is the strong security measures that many of our financial institution customers are proactively undertaking to ensure that mobile banking can be very secure.
Our customers are deploying banking apps and mobile solutions that include diverse and layered security methods that mitigate these exploits in order to make sure these hackers do not gain access to valuable data or tamper with the application.
From working closely with our customers, whether they are in the banking sector or otherwise, we know that the security of the app is one of their top priorities and an integral part of their wider mobile strategy. By adopting technologies such as our App Protection solutions in conjunction with additional mobile security layers, including some proprietary inventions, they are delivering apps that are tamper resistant and secure against reverse engineering.
Leading financial institutions and services companies are undertaking a set of security best practices to ensure that their innovative mobile application is secure from modern day threats. These include:
- building security directly into the mobile app binary so that it is hardened from reverse engineering and hacker attacks,
- applying secure coding practices, including vigorous app testing and vulnerability scanning techniques with remediation
- deploying app security that includes policy guards (controls) that can automatically detect app “health”, or any jail-broken or rooted environments
- finally, include within the app, customized reactions and safeguards that enable the bank to either terminate suspicious transactions and contact customer support.
Banking through securely developed mobile applications can be, and is, a highly secure environment in today’s modern world. In some cases it could be argued that it may be more secure than online banking via a PC as it leverages the latest innovations in security and protects against many of the newest risk and threat vectors.