Surf’s up: banking apps ride cyberattack wave.

December 17, 2023
1 min read
  • Cyberattacks involving 29 malware families have compromised approximately 1,800 financial apps globally in the past year, according to the SiliconAngle report.
  • Most of these attacks were against traditional banking apps, with US, UK, and Italian banks being the most targeted.
  • Malware families have been updated with new functionalities such as Automated Transfer System, Telephone-based Attack Delivery, and screen sharing, resulting in the rise of malware-as-a-service trojans.
  • Zimperium emphasizes the need for comprehensive, real-time, on-device mobile security to combat these adversaries.

Cybersecurity threats against financial applications have dramatically risen in the past year. In a report by SiliconAngle, it is revealed that cyberattacks involving 29 different malware families have compromised about 1,800 banking apps worldwide during recent times. According to the security firm Zimperium, which provided these statistics, the majority of the compromised apps were traditional banking apps, with financial institutions in the US, UK, and Italy being the prime targets.

The rise in cyberattacks against banking apps can be attributed to the evolution of malware. In the past year, Hook, Godfather, and Teabot were identified as the top banking backdoors. Moreover, 19 malware families have been updated with new functionalities. This includes an Automated Transfer System, Telephone-based Attack Delivery, and screen sharing capabilities, leading to the advent of malware-as-a-service trojans. These advanced features enable cybercriminals to bypass traditional defenses effectively, heightening the vulnerabilities of financial apps.

With the escalating cyber risks, Zimperium’s Chief Scientist, Nico Chiaraviglio, emphasised the necessity for advanced protection measures. “Mobile banking security is currently in a high-stakes scenario, with numerous threat actors posing substantial risks…it is crucial that banking and financial organizations employ comprehensive, real-time, on-device mobile security to combat these intelligent adversaries,” stated Chiaraviglio.

Indeed, this surge in cyberattacks underscores the urgent need for robust and up-to-date cybersecurity measures to counter the evolving threats that financial institutions face. Implementing comprehensive, real-time, and on-device mobile security solutions can play a pivotal role in preventing mobile banking heists and safeguarding financial assets and customer data.

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