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In the Race Toward Mobile Banking, Don't Forget Risk Management
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EdwardThirlwall
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EdwardThirlwall,
User Rank: Apprentice
4/14/2019 | 11:03:51 PM
Set their priority
Financial institutions should already know this by now just how much security risk there is on the online platform. Instead of focusing simply on how to upgrade their mobile banking application to compete with their competitors, they should be making sure that security is always tighly enforced as their topmost priority.
Scott Totman
100%
0%
Scott Totman,
User Rank: Author
4/1/2019 | 2:19:10 PM
Mobile app usage
Great article.  It's always fascinating to see how providing new conveniences to customers, such as mobile apps, results in an increased attack surface and new risk profile for financial institutions.  Mobile apps have provided hackers and bad actors with a slew of new tools for compromising accounts and putting financial institutions at risk.  These mobile apps have become central to customer's lives and have dramatically increased therir engagement/logins frequency.  This is a very positive event for both the customers and institutions who want to deeper customer relationships, but has also resulted in a massive increase in data that needs to be collected and analyzed.  This data needs to be monitored in real time in order to limit risk exposure and take action when the risk becomes a security event.  In general, the demands of mobile offerings from a risk perspective are greater than those with traditional web.  The increased risk related to shipping code, in the form of an app, to customers comes with its own set of unique risks that companies must invest in to combat bad actors and minimize exposure.  Code obfuscation, certificate pinning, use of biometric authentication, and mandating MFA for customers are some examples of the increased investment required to keep mobile offerings conveinient yet secure.


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