Three-fourths of financial apps have at least one critical or high-level vulnerability, according to a recent report by Intertrust Technologies. The distributed computing software company reported that 88% of financial apps mishandled encryption, potentially putting their customers data at risk.
Cybercriminals break through the app’s encryption, gain access to confidential information, and put the application code at risk for future tampering.
The COVID-19 pandemic shifted the world’s focus onto more digital financial platforms that made user experiences more accessible. This shift caused financial application security to become outdated, which increased the risk of a data breach.
Banking apps, by their nature already a prime target among financial apps, are even more attractive to cybercriminals because of their many vulnerabilities. These high-security vulnerability threats and attacks can be resolved using application protections such as code obfuscation, tampering detection, and white-box cryptography. Without sufficient financial app security, financial organizations put themselves and their customers at risk for damaging cyber attacks.