Financial services affected by mobile threats, research reveals

In the “Mobile Security in the Financial Services” report by Wandera, it was identified that financial service firms are a greater target for phishing attacks. 

The report analysed six months of security data from 225 financial services customers that collectively have 50,000 devices under management. 

Over the six months, 57% of financial service firms were hit by phishing attacks, in comparison to cross-industry with 42%. 

“Phishing attacks are a daily threat for financial services (FS) companies and employees need regular training to help identify phishing attacks—not only via email, but also through social media and other messaging platforms. 

“However, given the growing sophistication of phishing campaigns, FS companies can’t rely on awareness training as the only layer of defense. A multi-level approach needs to be adopted at the endpoint and in the network to offer comprehensive protection against phishing,” the report said. 

Just over a quarter of financial service firms (26.67%) have experienced mobile cryptojacking attacks, whilst other companies within cross-industry experience an average of 18.6% attacks. 

The report noted how financial service firms are hit by a high number of incidents associated with man-in-the-middle attacks and risky hotspots (35.56%) in comparison to cross-industry figures (24%). 

The report also discussed the various mobile risks affecting financial services, with it identifying that for every 20 employees, one will have their lock screen disabled. A lock screen is one of  the most basic security measures; to have it disabled can have serious ramifications if the device were to be lost or stolen. 

Amongst the findings it was noted that in regards to mobile security at financial service firms, most users maintain their devices with the latest operating system and security patches, than those within other industries. 

Michael Covington, vice president of product strategy at Wandera said:

“In the financial services industry, as in many sectors, the security of client information is the most important asset, so it’s disconcerting to find mobile security still an afterthought.

“Financial organizations are struggling to keep pace with increasing regulations, rapid cloud migrations, and rampant BYOD adoption, among other emerging technology trends, making it crucial that industry security pros work to secure not just the devices, but also the apps installed on them and the data they access.”

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