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
Inside Secure (Paris:INSD) (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.
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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.
What the companies have discovered is that it is a safe strategy
to expect that the worst will happen in terms of a security breach
and prepare your organization accordingly, just like a fire drill.
It’s also important to have a remediation plan to solve a security
breach both technically and from an image perspective.
It’s critical to address the process and secure development life
cycle in the m-banking application. The real risk remediation is in
how quickly you react and adapt to the new attacks and flaws that
will differentiate you in the market. When you select your software
protection architecture and solutions, keep in mind to evaluate
beyond the level of assurance of the module and architecture, but
also the design and the attention and reactivity you receive. It is
not recommended to build security solutions in-house. Rather, it is
best to rely on a proven solution that gets exposed via their broad
install base, and has teams dedicated to securing mobile
applications. When you look at the fast pace of new operating
systems, hardware and new attack techniques, it is increasingly
challenging to keep up to date with the same team.
UL and Inside Secure also advise to not reinvent the wheel; use
partners that have experience in mobile banking security so they
can support you in validating your decisions and scenarios. It is
also safer to have your solution assessed as early as possible in
its development and get an external security evaluation to get an
unbiased report from a team of experts that are dedicated to
continuous security. This will bring a higher level of confidence
to banks and to their customers.
“Everything is moving to mobile. To deploy a mobile banking
application successfully, the functionality, security and usability
must be carefully designed, tested and validated,” said Arman
Aygen, International Business Development director at UL. “While
the adoption rate and innovation in the field is promising, now
more than ever, businesses can never be too confident about
security and should not take shortcuts needed to secure their
mobile banking applications.”
“While we see there are gaps today in the security of many
m-banking applications, it’s not all doom and gloom,” said Neal
Michie, product manager, Payment and Application Protection at
Inside Secure. “There are many examples of good practices that
banks can learn from and widely available solutions on the market
that can help make their solutions more secure.”
About Inside SecureInside Secure (Euronext Paris – INSD)
is at the heart of security solutions for mobile and connected
devices, providing software, silicon IP, tools and know-how needed
to protect customers’ transactions, content, applications, and
communications. With its deep security expertise and experience,
the company delivers products having advanced and differentiated
technical capabilities that span the entire range of security
requirement levels to serve the demanding markets of network
security, IoT security, content & application protection,
mobile payment & banking. Inside Secure’s technology protects
solutions for a broad range of customers including service
providers, content distributors, security system integrators,
device makers and semiconductor manufacturers. For more
information, visit www.Insidesecure.com
About UL’s Transaction Security services
UL’s Transaction Security division guides companies within the
mobile, payments, and transit domains through the complex world of
electronic transactions. UL is the global leader in safeguarding
security, compliance, and global interoperability. Offering advice,
training, compliance and interoperability services, security
services, and test tools, during the full life cycle of your
product development process or the implementation of new
technologies. UL’s people proactively collaborate with industry
players to define robust standards and policies. Bringing global
expertise to your local needs. UL has accreditations from industry
bodies including Visa, MasterCard, Discover, JCB, American Express,
EMVCo, UnionPay, PCI, GCF, GlobalPlatform, NFC Forum, and many
others. For more information, go to ul-ts.com
About UL
UL fosters safe living and working conditions for people
everywhere through the application of science to solve safety,
security and sustainability challenges. The UL Mark engenders trust
enabling the safe adoption of innovative new products and
technologies. Everyone at UL shares a passion to make the world a
safer place. We test, inspect, audit, certify, validate, verify,
advise and train and we support these efforts with software
solutions for safety and sustainability. To learn more about us,
visit UL.com.
About Mobey Forum
Mobey Forum is the global industry association empowering banks
and other financial institutions to lead in the future of digital
financial services.Mobey Forum connects industry thought leaders to
identify commercial drivers for the development of
better digital commerce. Mobey Forum’s members collaborate to
analyse business strategies and technologies to create innovative,
interoperable and competitive digital financial services.
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Press and investor contactsInside
SecureCorporate communicationsLoic HamonEVP, Corporate
Development and Communication+33 (0) 4 42 905
905orcommunication@insidesecure.comInside SecureInvestor
relationsRichard Vacher DetournièreGeneral Manager & CFO+33
(0) 4 42 905
905contactinvestisseurs@insidesecure.com
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