2. Mobile malware
With the rapid proliferation of smartphones and the explosion of downloadable apps, it was only a matter of time before malware surfaced that targets mobile devices. That time has arrived.
TrendMicro estimates the number of malicious Android apps will hit one million this year.
Of most concern to financial institutions is the backdoor type of malware that provides unauthorized access to mobile devices. This malware makes it possible to steal personal data, including mobile banking login credentials, or to install other malicious programs.
The Zeus-like Zitmo malware, for example, infects 10,000 to 20,000 Android smartphones per week.
Mobile malware also has implications for enterprise “bring your own device” (BYOD) programs that are becoming increasingly popular. Securing personal devices used in BYOD will become even more challenging as mobile malware increases.
Financial institutions need to invest more in mobile malware detection and prevention to keep up with increasing threats. Plus, they should place a high priority on educating members on how to protect themselves.