Rethinking Application Security in a Post-Pandemic World
Published December 11, 2020 WRITTEN BY THE KIUWAN TEAMExperienced developers, cyber-security experts, ALM consultants, DevOps gurus and some other dangerous species. Without a doubt, the COVID-19 pandemic has had a massive impact on the financial services landscape. Not only did businesses have to tweak their entire operations under safety regulations, but they also had to contend with a growing list of cybersecurity threat-actors, given the rapid adoption and usage of online apps. According to data from App Annie, there was a 20% increase in time spent on mobile apps in the first quarter of 2020. At the same time, consumers embraced online banking, social media, and online shopping like never before. All of these created more cybersecurity risks. To avoid exploitation and compromise of sensitive data, information, technology, and security leaders need to view app security through a new pair of lenses. This should include a defense plan that considers the remote workforce, significantly reduced IT budgets, and limited access to AppSec talent. Read on as we explore a dynamic plan to boost your cyber protection in a post-pandemic world. 1. Data breaches Mobile banking malware risk has worsened, especially now that bad actors leverage uncertainty and fear surrounding the pandemic. Recent research from Malwarebytes shows that mobile banking malware has spiked in recent months, infiltrating weakened home networks and mobile devices to access highly-sensitive corporate applications. These malware solutions are only focused on one job: stealing client information. What CIOs and CISOs can do: The best place to start is identifying and remediating the security vulnerabilities in your application before it’s too late. Plan to conduct application security vulnerability scanning with a tool like Kiuwan. Remember, a data breach could set back the company some millions of dollars, which is why you should never leave your mobile app security to chance. 2. Identity theft Credential stealing has spread around the US almost as effectively as the COVID-19 pandemic. Since the bulk of the workforce has switched to working remotely, black-hat cyber criminals’ attacks have grown exponentially. Credential theft is the leading cause of fraud in financial services, and with credential-stealing malware such as EventBolt19 and Cerberus being increasingly widespread in 2020, the risk has never been greater. What CIOs and CISOs can do: The post-pandemic world presents a new opportunity for CIOs to protect employees from the claws of identity theft. The best defense should focus on building authentication solutions that focus on ‘who you are’ rather than ‘something you have’ (passwords). That said, consider installing next-level biometric solutions such as thumbprint/fingerprint, iris, voice, retina, and facial recognition technologies. With biometrics, cybercriminals’ attempt at impersonating anyone of your team members just got a lot more difficult than trying to break into passwords or PINs. 3. Ransomware attacks Even after the pandemic, ransomware will remain one of the most significant cyber threats facing financial institutions. Statistics show that financial services will still be the second most targeted sector for ransomware attacks, only trailing healthcare. Successful ransomware attacks reveal not only endpoint vulnerabilities but also act as a starting point for myriad other problems. For example, a breach could lead to huge monetary loss. But most importantly, businesses that don’t proactively protect against attacks will likely suffer from damaged loyalty and reputational risk. Yet this is only the tip of the iceberg. Other repercussions of ransomware attacks are weakened employee morale and the need to dig deeper into […]
