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Stronger Mobile Application Security Is the Key to Revenue Growth

Technology

Financial institutions have been moving towards expanding digitisation for years, offering remote banking services, and prioritising the customer experience in digital platforms.

In 2020, however, the COVID-19 pandemic has dramatically accelerated this shift. With less access to bank branches, the mobile and online banking channels became the primary, and in some cases even the only banking options available.

Criminals always go where the money is, which is why they have increasingly turned their attention to the mobile channel. The pandemic has driven a massive increase in mobile malware attacks.

In 2020, Kaspersky detected more than 5.6 million malicious installation packages, more than 156,000 new mobile banking Trojans, and more than 20,000 new mobile ransomware Trojans.

Additionally, many consumers wrongly believe that all apps they download a

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