5 Reasons Why Banks Must Adopt Automated Mobile App Security Testing

In this article, we take a look at how automated mobile app security testing help keep banks secure and also help them perform faster security testing cycles, which in turn enables faster time to market.

Banks have evolved over time to become more than what we use to consider just a safe house for all our money. With innovation and the power of technology, we now have options to do more and at a much faster pace. We’re seeing multiple disruptive technologies that are taking the world of business and most importantly banks by storm. One such technology is the introduction of mobile.

Almost every bank now has an application and encourage their users to adopt mobile banking. Yes, it's easy, it's convenient but it has also become more of a necessity due to the turn that the business world has taken.  

As more and more users adopt mobile technology, more data such as personal information and financial credentials of users are acquired by the banks in order to make transacting simpler. This huge collection of data, wherever it’s stored, becomes a hot favorite hunting ground for cybercriminals. I’m aware that this is quite a blanket statement that a lot of cybersecurity businesses use but that is the reality of danger that all banks and mobile banking users face.

Let’s not forget the multiple hacks that have happened in the past. Let me remind you of the billion dollar heist, one of the biggest of its kind, reported by  Kaspersky Lab. This report released, claimed that a diffuse group of hackers called the “Carbanak Gang” managed to steal a billion dollars over two years using a combination of sophisticated hacking of the SWIFT international finance system and exploitation of human error. The worst part of it all was no one even knew about this during the span of two years.

Unless you think a billion dollars is a joke, you would consider this reality an immediate need to build a solid cybersecurity strategy right from the get-go. Banking applications are one of the most complex applications in today’s software development and testing industry. With the mass amounts of financial transactions going back and forth each day, there is just no room for error.

Cybersecurity is a massive landmine which cannot all be covered by one team. There are many components of banking security that require a specialist approach to help ensure that all elements are completely secured. Mobile apps have opened new channels of exploitation, so it is essential that banks engage with mobile security specialists rather than generalists to get the job done thoroughly.

There is simply no room for error, Period! So here are five key reasons for why adopting automated mobile app security testing can help, not just keep you secure but also help you past your competition. 

5 key reasons why banks must adopt automated mobile app security testing

1. Security threats, especially for financial institutions, are never constant 

No matter how tight security is, there is always that someone who is always looking for a way past your security. Security for banks and especially mobile app security is a constantly evolving landscape, which needs rigorous testing and updates on a timely and regular basis. Hiring an assessment or security team proves to be a heavy added expense especially for banks. Using a good and reliable automated mobile app security testing system helps eliminate the need for expensive skilled resources. This helps ensure that at least, basic security configurations are in place. Some of these tools are updated with the latest test cases to help ensure that your app is updated and safe from the newest of threats.

2. Security right from the Get-Go

Security testing has become an absolutely critical part of an organization’s development strategy. This means that right from development to production, security must be an integral part of the to-do checklist. It just helps businesses save more and worry less. Fortunately, there are great automated mobile app security testing tools with Continuous Integration technology that let you test your application even during the stages of development. This way you know your app is solid even when it goes into full-blown production.

3. Ensure you are compliant with industry security compliances

Cybersecurity laws have become stringent over the course of time. Penalty fines for a few countries like Singapore and the USA go up to a million dollars for a single data breach detected. Worst still, when federal authorities detect that certain industry security compliances were not incorporated into the testing process, the penalty just gets higher to unimaginable amounts. Again, fortunately, certain automated mobile app security testing tools account for test cases that are included in the top industry security compliances to help ensure that you are covered by atrocious amounts of penalty.

4. No need for change in security strategy

Banks are generally reluctant when it comes to modifying or renovating new technology upon an already existing one. I must admit it's a lot of effort in terms of time and investment, but that's the beauty with these new age automated mobile app security testing tools, they let you plug their solutions right on top of the current one. Building your own automated mobile app security testing system may be a great idea, but they could cost your business hefty investment and maintenance. You can instead opt to choose from many free mobile application security testing tools already existing out there with the right expertise, to help you plug and play on top of your existing security solution. It generally doesn’t require a change in strategy nor does it require any additional skilled or expensive resource to help your team get started. Yes it costs much lesser too! 

5. Faster time to market:

Finally, automated mobile app security testing also helps your business breeze past its security testing cycles both during development and production. This means that your team has more time on hand to concentrate on core business competencies allowing you to push apps onto the app stores in the shortest possible time. You also get a head start amongst your competition, that is assuming they have not already adopted automated mobile app security testing themselves.

There you have it five compelling reasons for banks to get started with automated mobile app security testing. Let us know in the comments below from our list above if you think automated mobile app security testing can solve some of the challenges that your team of developers or security professionals has faced.