Malware and botnets considered major concern for mobile banking apps

Anne Freier

In App Business. December 6, 2019

Image: Stephan Drescher / :fentino

Around one-third of people are concerned about the impact of banking Trojans (31%) and mobile malware (28%) on financial service organisations and customers in 2020.

That’s according to a Twitter poll by cyberthreat intelligence provider Blueliv which set out to examine the threat attacks, fraud and data leakages pose to banking and financial services.

Blueliv experts found that Trickbot botnets had risen 283% in 2019 and there was a 130% rise in Dridex botnets. Both are types of banking Trojans and malware.

The findings highlight that mobile financial app malware is one of the most rapidly developing threats to banks worldwide.

“Organizations in the financial sector face a constantly changing threat landscape,” commented Daniel Solís, CEO and founder, Blueliv. “Business priorities have shifted and digital risk management is now central. Because they are such high-value targets for cybercriminal activity, it is imperative that financial services organizations monitor what is happening both inside and outside their networks in real-time to create effective mitigation strategies before, during and after an attack.”

35% of respondents said that fraud prevention was the most important cybersecurity strategy. Stopping the unauthorised transmission of data was important for 31% of respondents.

Around one quarter (24%) consider security strategies to regulate and enforce GDPR vital compared to 25% who found regulatory issues the biggest challenge for financial institutions.

“FSI security teams can be easily overwhelmed by the number of threat alerts they receive which can very quickly result in alert fatigue and desensitisation to real, preventable threats. Threat intelligence can address the cyberskills gap through continuous automated monitoring combined with human resource to provide context, helping FSIs develop highly-targeted threat detection, prevention and investigation capabilities,” Solis added.

The poll found that financial services organisations face several limitations and issues in expanding their security programmes: skills shortage (28%), high volume of threats (26%), and lack of visibility into cyberthreats (20%).