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Mobile security issues are still threatening smartphone banking

JT | November 6, 2015

Trojans and other threats continue to be a serious concern when it comes to money matters over cell phones.

Kaspersky Lab, the online and mobile security company, has now released its most recent quarterly report on its analysis of the evolution of threats that consumers were facing during the third quarter of 2015.

The analysis involved the detection of more than 300,000 new mobile malware programs.

That considerable figure represented an increase of 10.8 percent over the number of threatening mobile security programs that were detected in the second quarter. The primary technique that was used in order to profit from the mobile threats was the display of intrusive ads to consumers on their smartphones and tablets. Adware has seen a growing trend over the mobile channel and in this most recent report, it represented over half of all threats that were detected for these devices during the third quarter.

The report also described the different types of mobile security attack methods most commonly used.

Mobile Security - Mobile Banking For instance, some types of mobile cyber attack involve the use of super-user privileges (that is, root access) in order to hide the fact that they are present within the systems folder. This makes them much tougher to spot and overcome. At the same time, the report noted that the number of SMS Trojans have been falling. In fact, during the third quarter, they made up only 6.2 percent of the threats that were detected.

Though mobile banking threats had seen somewhat of a reduction, they remain a serious concern. During the second quarter, there had been 5.9 million notifications, whereas the third quarter saw 5.68 million notifications. The decrease was definitely there, but at the same time, it was not great enough to be able to say that the problem is any less serious.

Kaspersky Lab Solutions reported blocking nearly 636,000 attempts to launch types of mobile security threats such as malware that would be able to steal money by way of the device user’s online banking. That figure was 17.2 percent smaller than it had been the quarter beforehand. Mobile banking Trojans were most likely to occur in Austria.

Mobile security worries exist among consumers using the cloud

Dan Gendro | November 4, 2015

According to a recent report, device users aren’t necessarily confident in this form of storage.

Cyber and mobile security and app delivery solutions firm, Radware, has recently released a report called “Mobile Application Security: Consumer Perspectives and Organizational Implications,” in which it was revealed that the cloud isn’t exactly eliciting feelings of confidence from consumers.

Harris Poll conducted the online survey on behalf of Radware and involved the participation of 2,000 American consumers.

The survey was geared toward the opinions of adults in the United States with regards to the mobile security of cloud-based apps and service and the way they’re used. It was determined that it is not uncommon for consumers to be unaware of the fact that many of the mobile apps they use on a regular basis are dependent on the cloud. This means that they are also unaware of the potential threat they face to their personal information if the cloud storage was ever breached.

This lack of understanding of mobile security could be considered troubling simply because it may reduce protection efforts.

Cloud - Mobile Security Among the participants in the study, 67 percent said that they were not using cloud-based mobile apps. That said, applications that use the cloud are rapidly growing in their popularity and usage. At the same time, 87 percent of Americans feel that cloud based apps are at risk of being hacked. Another 58 percent of cloud based service or application users said that they were concerned about the safety of their personal data if those apps or services should ever experience a cyber attack.

According to Radware director of security solutions marketing, Ben Desjardins, “Data breaches and hacks are not only on the rise, they are becoming commonplace.” He added that “At the same time, cloud-based apps are booming, offering convenient ways to expedite and simplify daily needs from ordering a meal to requesting a car with the tap of a finger.”

Desjardins explained that the majority of consumers don’t actually understand their relationship with cloud based applications. Therefore, it will be up to the companies that are working to engage with mobile device users by way of those applications to bear the burden of mobile security education as well as of remediation if they should ever experience a cyber attack in which any personal information could be threatened.