The demands of a highly mobile digital consumer have set a high bar for financial services companies. People now want the ability to enhance their financial awareness anytime, anywhere. They also want increasingly personalized services. Ratings and reviews on the app stores quickly reveal that the highest performing financial services apps are those that are filled with critical functionality, have great design, and an intuitive user interface.
But usability and convenience cannot come at the cost of security. Cyber attacks on the financial services sector occur nearly three times more often than in other industries. Without proper security measures in place, companies risk reputational damage, loss of customer trust, and potential litigation. As the media fills with stories of hacks and security breaches, more and more users are aware of the paramount importance of security.
The strength of mobile app security is commonly evaluated by the degree of vulnerability mitigation measures that have been taken, measured against the threats that are most likely to be exploited. The level of vulnerability remediation provides a direct measure of risk reduction and this is essential for financial organizations to meet certain compliance requirements.
The Open Web Application Security Project (OWASP) has identified a collection of the top security priorities to address when building a mobile application. In Dynamic Leap’s white paper Mobile Application Security – Considerations for Financial Services, we look at this collection of security threats and explore the current best practices for addressing them.
Topic Covered Include:
- Proper handling of data at rest and data in transit
- Checks and balances for improper platform usage
- Authorization and Authentication best practices
- Easter eggs…and more!