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Figure 1 - Results of the study conducted by Ariel Sanchez

Banking malware is a profitable sector for cybercrime, the experts observed a constant growth
on a global scale, especially in the EU and Asia Pacific.

The experts have no doubts, the cyber criminals will intensify the illicit activities against financial
institutions and mobile platform is a privileged attack vector.

Banks and financial institutions should increase the security standards they use for their mobile
home banking solutions.

 From the user‘s point of view there are best practices to adopt to mitigate the risk of
exposure to cyber threats:
 Ensure that all connections use a secure channel.
 Encrypt data on mobile device.
 Do not jailbreak or root the mobile device.

To mobile bank developers is recommended to:

 Always use secure transfer protocols for the connections.
 Enforce SSL certificate checks on the mobile bank app side.
 Protect sensitive data stored on the client-side by encrypting it.
15 Cyber Warnings E-Magazine – CTIA Special Edition, September 2014
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