Intertrust, the pioneer in digital rights management (DRM) technology and leading provider of application security solutions, released their annual 2020 Security Report on US Financial Mobile Apps , revealing that over 70% of U.S. financial services apps have at least one serious vulnerability that could lead to a breach of financial data. The report investigated 100 publicly available U.S. mobile financial services apps across a range of categories, including banking, investment, and mobile payment, to uncover the most critical financial mobile app threats.
Read More: GlobalFintechSeries Interview with Ashish Singhal, CEO and Co-Founder at CRUXPay
Intertrust released their annual 2020 Security Report on US Financial Mobile Apps today, revealing that over 70% of U.S. financial services apps have at least one serious vulnerability that could lead to a breach of financial data.
82% of the apps in the study failed one or more cryptographic tests with cryptographic key protection and management issues posing one of the more pervasive and serious threats. Even if app developers use robust cryptography standards, they can fail to protect keys in their apps, allowing hackers to peel away the code and expropriate the key. This means that for financial apps, the encryption they rely on can be easily broken by cybercriminals, potentially exposing confidential payment and customer data and putting the application code at risk for analysis and tampering.
Read More: Strider Announces John Mullen, Former Assistant Director of CIA, Joins Company as Advisor
The study’s overall findings suggest that while the COVID-19 pandemic is accelerating the world’s shift to digital channels and innovative technologies like mobile contactless payments, mobile financial application security is not keeping up.
“The troubling results of this analysis indicate that mobile financial app developers still need to pay closer attention to secure coding practices,” said Bill Horne, general manager of the Secure Systems product group at Intertrust. “The good news is that application shielding strategies and technologies are available that can help financial organizations improve the overall security of their applications.”
Read More: Fintech Europe Selects Ten Startups for its Fifth Batch
