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Banking security explored at the Cybersecurity & Cloud Expo Global 2019
The diverse nature of how consumer interact with their money has create more security risk. ThreatMatrix data shows that 55% of consumers are now using their mobile device to carry out a wide number of financial service transactions, with te adoption of online and mobile banking only set to increase. Mobile banking brings a unique fraud issue which is not always down to a cybersecurity issue, but the bank’s mobile application itself. Vulnerabilities cited in a recent study by Accenture included insecure data storage, authentication issue and code tampering. One Report citing the Banking sector as most vulnerable to attack. Banks need to adapt to consumer’s behaviour and amend their cybersecurity practises in an increasing diverse landscape.
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