Connect with us

Top Stories

ARXAN’S ANNUAL REPORT:  ‘STATE OF MOBILE APP SECURITY’ REVEALS AN INCREASE IN APP HACKS FOR TOP 100 MOBILE APPS

Published

on

sussbmm

Findings Expose a Lack of Mobile Application Self-Protection for Mobile Financial, Retail/Merchant and Healthcare/Medical Apps

Arxan Technologies, the leading provider of application protection solutions released its third annual State of Mobile App Security report, which reveals that 97% of the top 100 paid Android apps and 87% of the top 100 paid Apple iOS apps have been hacked. In addition to an increase in app hacks found for commonly downloaded Popular Free apps, this year’s research also reveals evidence of widespread hacking of financial services, healthcare/medical, and retail/merchant apps; largely driven by hacks of Android apps.

Arxan’s 2014 State of Mobile App Security report updates previous years’ indicators on the prevalence of hacked apps on the two major platforms (iOS and Android).  The findings of increased app hacking is especially noteworthy amidst today’s rapid growth in global mobile app usage.  Free app downloads are forecasted to increase at a rate of 99% to reach 253 billion downloads in 2017 and paid app downloads are projected to reach almost 15 billion, a 33% increase by 2017[1].This explosion in app usage is seen across all verticals and lead by apps running on the Android mobile operating system, which continues to dominate with 85% market share[2].

The report, which comes on the heels of a number of recent mobile application-based attacks, such as Wirelurker and Masque, highlights the imminent and growing need for mobile applications to contain self-protections.  Key findings from the 2014 report include:

Top 100 Paid Apps and Popular Free App reveal widespread hacking

  • 97% of top 100 paid Android apps and 87% of top 100 paid iOS apps have been hacked – This finding of a high percentage for Android hacked apps is in line with results from prior years.  However, the iOS percentage represents a sharp increase over 2013, when 56% of iOS apps were found to be hacked
  • 80% of Popular Free Android apps have been hacked and 75% of the Popular Free iOS apps have been hacked  – The percentage of popular iOS apps hacked has steadily increased over the last 3 years 

App Hacking Targets Mobile Apps Across High Risk Verticals

  • Mobile financial apps are still at risk – 95% of the Android financial apps reviewed were “cracked” while 70% of the iOS financial apps were hacked. This is an increase in both cases, with Android’s growing about 80%
  • 90% of Retail/Merchant Android apps and 35% of Retail/Merchant iOS apps have been compromised – Hackers are targeting growth in B2C retail apps, as stores launch mobile payment/wallet services, and in B2B merchant point-of-sale apps.  In both cases sensitive data, IP, and financial transactions are at risk
  • 90% of Android Healthcare/Medical apps have been hacked, 22% of which are FDA approved

Proactive measures to protect against application risks are being championed by industry leaders such as Gartner’s application security analyst, Joseph Feiman.  In Feiman’s recent Maverick report, he advises CISO’s to “Make application self-protection a new investment priority, ahead of perimeter and infrastructure protection.”  “Runtime Application Self Protection (RASP) is designed to protect applications by adding protection features into the application runtime environment.”[3]

Echoing security leaders, Arxan’s State of Mobile App Security report includes key recommendations to improve the security of mobile applications.  Among other recommendations, the report recommends that:

  • Applications with high-risk profiles running on any mobile platform should be made tamper-resistant and capable of defending themselves and detecting threats at runtime
  • All applications should be developed to maintain the confidentiality of the application/code
  • The software that is used to enable mobile wallets/payment apps (e.g., Host Card Emulation software) should be protected with secure crypto and app hardening.
  • Organisations should consider mobile app assessments to assess if existing apps are exposed to risks that are unique to mobile environments. Also, as part of the mobile app development lifecycle, organisations should conduct Penetration Tests that, among other things, should assess vulnerability to reverse engineering and tampering that can result from unprotected binary code.

Arxan’s 2014 “State of Mobile App Security” report and supporting Infographic are now available.  The findings were based on analysis of 360 apps, including 100 top paid and the same 20 popular free apps from each platform, as well as 40 apps in the financial services, retail/merchant, and healthcare/medical categories (20 apps per platform).

“The pursuit of greater mobile application security remains at the forefront our research and development initiatives,” said Jonathan Carter, technical director at Arxan.  “We continue to evolve our security innovations based on emerging threats to ensure the strongest application protection for our customers in the dynamic battlefield against hackers.”

Top Stories

Seven lessons from 2020

Published

on

Seven lessons from 2020 1

Rebeca Ehrnrooth, Equilibrium Capital and CEMS Alumni Association President

 

Attending a New Year’s luncheon on 31 December 2019, we played a game that involved predicting the world in 2020. Some of the questions included: would Uber become profitable? Would the three-decade bond rally finally come to an end? Would the US hit a recession?

Unlike any of our predictions based on a traditional approach to business and predicting, we now know that 2020 became the year where business, professional and personal plans were turned upside down, reshaped and put-on hold. The proverbial black swan had arrived.

As revealed in a new CEMS Guide to Leadership in a Post-COVID-19 World, to which I contributed, the COVID-19 pandemic has exposed deficiencies in the 20th Century vision of leadership, giving a rare opportunity to question the status quo.

So, what are the main lessons from 2020?

  1. Humans are enormously adaptive.  This is not an extinction scenario. The world is getting used to dealing with global human disaster which may become a recurring event. Life continues guided by new parameters.

  1. No sector or country is immune to rapid change. Just as the leveraged finance and equity markets ground to a halt during the Global Financial Crisis, we have seen a disruption in the financial markets (including M&A) in 2020, including a significant redistribution of wealth between sectors; think tech vs airlines and the hospitality industry. When a market is disrupted it has secondary and tertiary effects such as less work for accountants, lawyers, financiers etc.

 

  1. Location is not as important anymore. The belief that finance staff need to be based in one of the financial capitals to be effective has been forever altered. Pursuing a career in finance from anywhere is becoming possible. However, it’s likely that over time, financial controls and human interaction will move the work model back towards the traditional office approach, as work is a critical sanctuary for people. While working from home may allow more time for family, chores and sports, it is mainly effective for people who already have their internal and external networks. For junior employees it presents a notable challenge as they may be forced to spend their formative years without a chance to really build their networks.

 

  1. Change is likely to be lasting. The opportunity for alternative finance and tech focused providers is enormous and 2020 will accelerate this shift. For example, many retail banks are providing rather poor customer service, blaming the pandemic. Even the most loyal customers will be heading elsewhere. For recent graduates and current students this is a major shift; future winners and key employers may not be names we are used to seeing in the headlines.

 

  1. There will be a spotlight on leaders with visionary strategy and understanding of the operations. 2020 showed many politicians and business leaders behaving like they were playing a game of snakes and ladders, rather than executing a thought-out strategy. The next wave of thoughtful leadership is urgently required.

 

  1. Collaboration leads to success. The definition of a pandemic is an infectious disease prevalent worldwide. A global problem requires a collaborative solution rather than each country and industry on their own. Quoting Steven Riley, professor of infectious disease dynamics at Imperial College London: “Once you have the knowledge and you share the knowledge, then you are able to take measures to push transmission much lower”. This principle is transferable to management education. In a world more complex than ever, investing in a degree is hard currency. Combined with the full global alumni network, corporate partners and schools, CEMS is capital that doesn’t depreciate.

  1. Resilience has become a watch word. Saint-Exupéry’s quote resonates with me: “If you want to build a ship, don’t drum up people to collect wood and don’t assign them tasks and work, but rather teach them to long for the endless immensity of the sea.” We are in a new paradigm – so prepare for the next change. For COVID-19, while we hope that the vaccine will soon upon us, the broader long-term positive challenge remains.
Continue Reading

Top Stories

Data after Brexit: How does the end of the transition affect GDPR?

Published

on

UK's Post Brexit productivity puzzle

By John Flynn, Principal Security Consultant at Conosco

The UK has officially left the European Union now that the transition period has ended on January 1st 2021. But this could raise issues with one of the biggest bugbears for many companies – the international transfer of personal data.

Businesses can relax, somewhat – GDPR, which took businesses months to get their heads around, is not being replaced. It will continue as the UK GDPR 2018, and will still be based on the criteria of the Data Protection Act of 2018. However, the UK will retain the right to change the UK GDPR as it sees fit in the future.

The main changes apply to those who receive data coming into the UK from Europe. Transfers from the UK to other countries can continue under existing arrangements.

We know it can be difficult to cut through the legal jargon, so we have simplified what you need to know to protect yourself and your data:

1 – Update your privacy notice

Most businesses do not have the correct clauses in place ahead of January 1st, potentially exposing their liability, should something happen to their data. All company privacy notices online will need to be updated to specifically state ‘UK GDPR’, as opposed to ‘EU GDPR’. You will also need standard contractual clauses in place, which cover both parties – those transferring and those receiving the data.

 The Information Commissioner’s Office (ICO) has a list of what needs to be included in the standard contractual clause here. The ICO will remain the UK regulator for data protection, regularly liaising with each EU member state.

This also applies to Multi Corporate Groups who operate in multiple countries, who need to update their documentation and privacy notice to expressly cover the data transfers.  The UK has applied for an adequacy assessment, which would negate the need for contractual clauses, however this has not yet been approved by the EU.

2 – Data privacy assessments

Any company which runs applications and software should always perform a Data Privacy Impact Assessment. This was also in the guidelines before, but these assessments are now more important for those who outsource their IT operations internationally.

For example, when using a service such as a cloud-based system, the company must be sure that its service provider adheres to UK GDPR and stores the data within the European Economic Area (EEA), or has a binding corporate agreement with the company, where data is stored outside of the EEA. You should also, as mentioned above, make sure that a contractual clause is in place.

3 – Review local legislation

Contracts should now have contractual clauses that specify the responsibilities of the data controller and the data processor. If you are receiving personal data from a country territory or sector covered by a European Commission adequacy decision, the sender of the data will need to consider how to comply with its local laws on international transfers. You should check local legislation and guidance in this case.

4 – Cyber Security health check

The ICO is increasing its capacity and efforts to crack down on data breaches, post-Brexit. Now is a great time for all companies to have a health check to understand their Information Security posture and GDPR compliance. Nobody wants to be caught handling data improperly and fined when it could have been prevented with education and training.

A gap analysis performed by an expert is money well-spent. It’s also a fact that companies that have cybersecurity and Information Security controls are not only able to better defend against attacks but are also far better placed to recover from an attack.

Looking forward

It’s important that all businesses – large and small – are properly preparing their data storage and transferring for the 1st January. ICO has been busy setting examples by fining large, high-profile companies for failing to keep millions of customers’ personal data safe.

It will continue to come down hard on the data breaches of personal identifiable information and special categories of data. The saying ‘prevention is better than a cure’ rings truer than ever this year, and you will thank yourself if you make the efforts to properly store your data now, and not when it’s too late.

Continue Reading

Top Stories

2020 reflections and 2021 outlook

Published

on

2020 reflections and 2021 outlook 2

By John Hunter, Head of Banking and Fiduciaries, Finance Isle of Man

Reflections on the most surreal year

The Covid-19 pandemic has completely changed the world as we knew it, resulting in catastrophic loss of life and fears of a downturn hang over global economies like a sword of Damocles. In the UK, the new strain has further exacerbated the situation. As I am sure many have already said we are living in what could be called the most surreal times. People have been trying to cope with this “new normal”, by changing their lifestyles and evolving behaviours.

The Isle of Man responded swiftly to the pandemic by closing its borders and enforcing social restrictions which everyone respected and adhered to. Socially and culturally the Island demonstrated all the good things that come from living on a relatively small Island where community still means so much.

The Isle of Man’s financial services sector adapted quickly, seamlessly transitioning to working from home. The banks too adopted flexible remote working practices and continued to support clients around the world helping them navigate the challenging situation and making the most of any opportunities that arose.

Although there is no substitute for face-to-face interactions, we all embraced web-conferencing platforms like Microsoft Teams and Zoom to stay connected with contacts around the world and build and nurture business relationships, whether it was with financial services firms or high net worth individuals looking to relocate to the Island.

Furthermore, a priority for the Isle of Man has been to reinvigorate the business and cultural ties with South Africa. In a normal world, we would have travelled to the country, held in-person meetings with businesses and industry representatives and talked about building on our wonderful historic ties. However, because of the scale and breadth of disruption we had to change all our plans! We hosted a virtual roadshow which comprised a series of webinars exploring why it has never been more important for South African businesses and individuals to choose the right jurisdiction for long term financial planning.

Looking ahead to the future

We are all hoping that the global rollout of vaccines will provide the pathway to some form of return to normality and all the things people are missing will be back. Like amidst all periods of immense turmoil, interesting, new possibilities have emerged such as the revolution in work culture and a renewed importance of being close to nature and green spaces is. And these possibilities can help reshape society for the better.

The global economic recovery and rebuild might seem further away in the current environment especially amidst the new lockdowns. But we are confident in the resilience of economies and are hopeful that different industrial sectors and governments working together would result in green shoots.

The financial services industry has an important role to play in getting the world economy back on its feet. It is a core component of the solution to continue facilitating the financing of corporates, as well as to develop sustainable finance and nurture digital technologies which have proven to be vital during the pandemic. The sector should continue its cooperation and collaboration with governments and regulators to ensure efficient capital flows and financial stability for businesses and individuals.

Banks too have a crucial role to play as they are instrumental to the effective transmission of monetary policies and stimulus packages. As mentioned in a report by EY: “Financial insecurity in the wake of COVID-19 will require banks to boost consumer confidence and help build a more resilient working world.”

We expect the Isle of Man’s financial services sector and banks to continue navigating the situation with resilience as they have been doing thus far and contributing to the global recovery process. Also, we truly hope this will be our busiest year ever (subject to our ability to travel), with an extensive global schedule of planned activity to promote the Island as an international financial centre of excellence and innovation. Personally, I had planned to be in South Africa for the British & Irish Lions tour, but regrettably, it might not take place and as such we will look forward to catching up with friends there as and when we can.

Conclusion

No doubt, there are significant challenges for the world ahead but as Albert Einstein said: “in the midst of every crisis lies great opportunity”. And it is this opportunity that we all need to work together to identify and make the most of. We are confident that in 2021 the Isle of Man will continue to support financial services businesses help their clients, employees, and the wider society through these surreal times. We are all in this together.

Continue Reading
Editorial & Advertiser disclosureOur website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.

Call For Entries

Global Banking and Finance Review Awards Nominations 2021
2021 Awards now open. Click Here to Nominate

Latest Articles

FSS and India Post Payments Bank AePS Partnership Advances Financial Inclusion in India 3 FSS and India Post Payments Bank AePS Partnership Advances Financial Inclusion in India 4
Finance22 hours ago

FSS and India Post Payments Bank AePS Partnership Advances Financial Inclusion in India

New Delhi, January 12th,2020: FSS (Financial Software and Systems), a leading global payment processor and provider of integrated payment products,...

Seven lessons from 2020 5 Seven lessons from 2020 6
Top Stories23 hours ago

Seven lessons from 2020

Rebeca Ehrnrooth, Equilibrium Capital and CEMS Alumni Association President   Attending a New Year’s luncheon on 31 December 2019, we...

Over a quarter of Brits now have an account with a digital-only bank 7 Over a quarter of Brits now have an account with a digital-only bank 8
Banking23 hours ago

Over a quarter of Brits now have an account with a digital-only bank

The number of Brits with a digital-only bank account has gone up by a percentage increase of 16% Almost 1...

Fintech M&A: the terrible teens? Fintech M&A: the terrible teens?
Business2 days ago

How fintech companies can facilitate continued growth

By Jackson Lee, VP Corporate Development from Colt Data Centre Services The fintech industry is rapidly growing and, in the...

gbaf1news gbaf1news
Technology2 days ago

BNP Paribas joins forces with Orange Business Services to deploy SD-WAN for 1,800 retail sites in France

Co-construction approach ensures business continuity during deployment BNP Paribas has chosen Orange Business Services to deploy an SD-WAN solution in...

Managing Operational Resilience And Safeguarding Data Are Core To Sustainable Digital Financial Services Managing Operational Resilience And Safeguarding Data Are Core To Sustainable Digital Financial Services
Business2 days ago

2021 Predictions: Operational Resilience Takes Center Stage

Breaking down barriers between Risk and Business Continuity By Brian Molk, Fusion Risk Management What a year! Simply put, the global...

Five Workplace Culture Trends of 2021 13 Five Workplace Culture Trends of 2021 14
Business2 days ago

Five Workplace Culture Trends of 2021

5 January 2021 – 2020 – a year like no other – is responsible for driving organisational change, especially workplace...

The Impact of the Digital Economy on the Banking and Payments Sector 15 The Impact of the Digital Economy on the Banking and Payments Sector 16
Banking2 days ago

The Impact of the Digital Economy on the Banking and Payments Sector

By Gerhard Oosthuizen, CTO Entersekt. New banking regulations, digital consumers, the eradication of passwords, contactless technology – these are just...

Is COVID-19 an opportunity for banks to skyrocket their electronic payments Is COVID-19 an opportunity for banks to skyrocket their electronic payments
Finance3 days ago

Be Future-Ready: The Case for Payments as a Service (Paas)

By Barry Tarrant, Director, Product Solutions, Fiserv Over the years, financial institutions have faced a myriad of changes in regulations,...

How to answer interview questions How to answer interview questions
Interviews3 days ago

Mark Wright – No Longer an Apprentice

Just for context, you won The Apprentice and became Lord Sugar’s business partner in 2014 – you set up your...

Newsletters with Secrets & Analysis. Subscribe Now