By protecting their apps, banks can secure their reputation and focus on growth
Banking and other FinTech apps have made it easier and faster than ever for people to move their money around. But they also represent the holy grail for hackers.
The effects of a security breach for the company involved go beyond loss of income, penalties, and compliance violations. They can also destroy reputations. That’s why security is so important.
Types of apps and the threats facing them
It’s now perfectly normal for people to use apps to manage their finances. There are apps for banking, apps for making payments, and apps for trading crypto currencies. Apps have even turned the smartphone into a smart point of sale terminal.
These apps have made our lives more convenient. But they also attract bad actors who see them as an ideal target for an attack. And risks come in several forms. Hackers can tamper with customers’ personal data and account information. They can steal sensitive data - and funds from accounts. They can launch man-in-the-middle and distributed-denial-of-service attacks. Bad actors can even release a fake version of a banking app. Then they can send customers an email - pretending to be the bank - asking them to download it.
How we help
We secure the apps of some of the biggest banks in the world by building up layers of interconnected security. We make their apps harder to read and harder to attack. Firstly, we protect deep inside the apps themselves. We secure the content and the code, shielding users’ account information from hackers attempting to steal or tamper with it. We also perform sensitive crypto operations and store key material in a secure location away from prying eyes.
We use deep communication hardening to counter man-in-the-middle attacks. And we make it impossible for bad actors to carry out a dynamic analysis. What’s more, our real-time attack telemetry and threat intelligence gives banks and other FinTech companies valuable insights about the risks their apps face. It helps them to understand the landscape better and react to specific attacks.DexProtector
The main check to the growth in FinTech apps is the damage to an organization’s reputation should an attack succeed. A lot of FinTech companies don’t have a physical space where they can build a rapport with customers. Instead, the trust customers have in them is defined by how seriously they take security.