Around eight out of ten mobile banking apps that are available on App Store and Google Marketplace have been found to contain build and configuration weaknesses, according to a research by Texas-based information security provider Praetorian.
The study, which also explored the challenges faced by banks and credit unions while building and maintaining secure mobile banking apps, found that a security gradient existed between national banks, regional banks and credit unions.
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National banks were found to be the early adopters of security technology, in-source development efforts, and maintain mobile development projects. Regional banks and credit unions were found to reactively adopt new security technology, outsource development efforts, and maintain finite development cycles.
According to Praetorian, there is an urgent need for continued improvement in mobile application security as many people are becoming increasingly dependent on mobile technology.
Additionally, mobile security solution providers should also hire companies that perform on-demand security testing of mobile applications.
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By GlobalData
