Enhancing Revenue with a Robust Mobile Application Security

COVID-19's pandemic in 2020, on the other hand, has significantly accelerated this shift. Banking options such as mobile banking and online banking became more prevalent as banks' physical locations became less accessible.
It's no secret that criminals follow the money, which is why they're increasingly turning their attention to the mobile channel. Because of this, mobile malware attacks have skyrocketed. There is a huge misconception among consumers that all apps they download are safe. Official app stores do an excellent job of removing malware but aren't perfect. Security flaws in smartphones or mobile apps can have devastating consequences for businesses and consumers alike. Besides reputational damage, businesses may also be subjected to regulatory fines, while consumers may become the victims of identity theft or other forms of fraudulent activity. Implementing mobile application security technologies can help you avoid security incidents involving mobile devices or apps.
Strengthen Mobile Application Security
The mobile channel presents a number of opportunities for businesses to reduce the risk of fraud and other types of attacks. Organisations and mobile app developers must begin implementing a complete mobile application security programme. In earlier days, this would have included integrating security into design requirements, providing secure code training and resources to developers, executing regular security testing throughout the development life cycle, and periodically conducting penetration testing.
It's just that they don't work anymore. Business owners and mobile app developers must employ client-side security measures such as mobile application shielding technologies.

App Shielding
It's a set of technologies built into the code of mobile apps to protect them from malicious activity and cybercriminals. As long as app shielding is enabled, malware on the user's device will be detected and prevented from running. Using this technology, mobile apps can protect themselves even on compromised, infected, or jailbroken phones that are not trusted. 
Multifactor Authentication
Businesses should focus on natively integrating multifactor authentication into their apps in addition to mobile application shielding. Mobile banking apps are increasingly using tools like facial recognition, fingerprint readers, and even behavioural biometrics to strengthen security and help prevent mobile account takeover, according to a recent study. Therefore, these authentication technologies should not negatively impact the customer experience.

Always Prioritise Mobile App Security
In the current digital era, no operating system is 100 percent secure and safe, even if many organisations believe they are protected by Android or iOS. We need to take additional measures.
Lots of companies don't set aside a specific amount to secure the applications they create for mobile devices, and developers often see security as a barrier.

Protection from zero-day vulnerabilities even on untrusted devices
Mobile application security can be a business advantage when done correctly, driving revenue growth and customer retention while protecting against digital threats. The mobile channel is a great way to reach customers, but some features and services aren't available if security isn't adequate. It is possible to open up new revenue streams by securing the mobile app and making sure that it can protect itself from zero-day vulnerabilities even on untrusted devices.
There are multiple pressures from all sides of the business to get the application built, tested, and published as quickly as possible. Security, on the other hand, cannot be overlooked in a rush to market.
Here are few simple steps to develop a successful mobile app security programme:
1. Every so often, teaching developers how to code securely.
2. Integrate product security into the requirements.
3. Integrate frequent and automated security testing strategies earlier in the development life cycle.
4. Periodic penetration testing of the mobile app is recommended.

Bottom line
By utilizing in-app protection and app shielding technology, the app can be strengthened with additional protection in untrusted environments. Security measures, such as application shielding and natively integrated multifactor authentication, allow businesses to protect their mobile apps from attacks while also protecting their customers and simplifying the customer experience and growing revenue.

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