View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
  2. Cybersecurity
November 30, 2015

Firms at risk of cyber attack from mobile banking threat vector

News: Increase in top bosses using mobile baking for corporate transactions prompts security fears.

By Charlotte Henry

Top managers are increasingly putting their firms at risk by using mobile devices to access corporate banking facilities.

According to a new survey by Kaspersky Labs and B2B International, one in every two top managers pay money into corporate accounts via a mobile banking app.

63% of those in finance departments made such transactions, while 54% of top managers and 8% of ordinary employees were also found to make such transactions.

Overall, 30% of firms are using mobile devices to access their corporate bank accounts and make financial transactions. 28% of SME’s and 34% of enterprises conducted financial transactions via mobile devices.

The findings have serious security implications, given the proliferation of mobile cyber security threats. In Q3 of 2015, Kasperky Labs detected over 300,000 new malicious programmes on mobile devices.

The Trojan-Banker, designed to steal online banking and e-payment credentials, had the highest growth rate of these, increasing from 630 programmes in the second quarter, to 2500 in the third.

Ross Hogan, Head of SafeMoney Business Development, Kaspersky Fraud Prevention said: "The trend shows a continual increase in mobile banking usage by corporate banking clients. This trend is certain to continue as corporate and consumer banking clients alike migrate to the convenience of mobile banking.

Content from our partners
Rethinking cloud: challenging assumptions, learning lessons
DTX Manchester welcomes leading tech talent from across the region and beyond
The hidden complexities of deploying AI in your business

"This creates an operational imperative for banks to very carefully consider the security and fraud prevention approaches they need to take in order to adequately ensure secure mobile banking applications, protect confidential customer data, and guard high-value corporate customer transactions."

Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.
THANK YOU