The usage of mobile apps has increased dramatically in recent years. According to statistics, there are 8.1 billion people around the world, and 88% of them (6.89 billion) are smartphone users. It means that the majority of people across the globe use mobile apps.
This surge has opened new doors for hackers to exploit vulnerabilities in mobile apps and steal sensitive information. Statistics show that cyberattacks on mobile apps have increased by a staggering 187% from 2022 to 2023, and fintech apps are one of the top targets of cybercriminals.
That’s because 97% of fintech apps lack basic security, 83% store data insecurely, and 80% use weak encryption protocols. These stats show that ensuring the security of sensitive data has become one of the biggest concerns for both users and app developers.
That’s where this guide comes into place. It contains the best practices that will help you ensure security for mobile apps and protect the sensitive information they handle.
In today’s interconnected world, where mobile devices have become an integral part of our daily lives, the stakes for securing mobile applications have never been higher. Mobile apps often handle sensitive user data, ranging from personal information to financial details, making them attractive targets for cybercriminals.
Most mobile apps handle personal information, login credentials, financial details, and location data. It’s important to protect this information to prevent unauthorized access, identity theft, financial fraud, and misuse.
Mobile apps are commonly used for financial transactions like online banking and mobile payments. If an app has insufficient/poor security measures, such as weak server-side controls and storage of financial data without encryption, it’ll expose its users to security risks, which can lead to unauthorized transactions and compromised payment information.
The same happened with Capital One financial company back in 2019 when “Paige A. Thompson” stole the data of 100 million credit cards. You don’t want this to happen with your app, and the best way to ensure that is to implement strict security protocols like multi-tiered authentication, advanced data encryption, and real-time threat intelligence in order to protect users’ financial data.
A security breach in a mobile app can harm your company’s reputation by eroding user trust. Keep in mind that news of data breaches spreads quickly and can also result in legal consequences. If you want to maintain a positive brand image and enhance customer loyalty, you need to ensure your mobile app safety.
Different industries, like finance, healthcare, tourism, and e-commerce, have different regulatory standards regarding data security and privacy. Mobile applications operating within these sectors must comply with these standards to avoid legal penalties.
For example, GDPR, or General Data Protection Regulation, provides detailed guidelines for the collection and processing of personal information of end-users. According to this standard, companies are only allowed to retain user data for the specific purpose explicitly stated, and solely for the duration required for processing. After that, all the data that is no longer required must be erased, which minimizes the risk of unauthorized access and data breaches.
Some mobile apps contain valuable intellectual property, including proprietary algorithms, trade secrets, or innovative features. An app with inadequate security will allow malicious online actors to reverse engineer the app’s code, extract valuable information, and potentially clone or pirate the app.
It can lead to devastating consequences, such as intellectual property theft, that can damage your app’s integrity and affect your overall business negatively.
Now that you understand why mobile app security is important, let’s discuss the best practices to ensure that. In this section, we’ll explore effective strategies and protocols to fortify mobile app security to ensure a robust defence against potential threats and vulnerabilities.
Most mobile apps do not operate in isolation. It’s especially true when it comes to fintech and tourism apps, as they’re usually a part of a bigger ecosystem that consists of multiple services and platforms.
They have multiple APIs integrated into them, which means sensitive information flows to and from these apps continuously. Therefore, you must implement a holistic security strategy. Otherwise, it’ll be easy for cybercriminals to intercept the data transmission flow and hack the app.
The same happened with Finastra, a digital financial institution, back in March 2020. Hackers breached the servers of this company and successfully launched ransomware. Luckily, they recovered from this attack because the data of their clients wasn’t compromised.
But it certainly doesn’t mean that every organization can recover from such an attack, and that’s why it’s important to improve the infrastructure of your app as a whole. One of the best strategies to achieve that is to use an approach called seven layers of cybersecurity.
You can start by ensuring the security of your entire network’s perimeter. It’ll help you identify and stop cyberattacks and data breaches before they reach any further in the system. At this level, you can use anti-DDoS (Distributed Denial of Service) tools, proxy servers, and next-gen firewalls.
Next, you’ll need to work on protecting the application and server layer, and one of the best ways to achieve that is to install an antivirus solution in your system. It’s also equally important to update your OS (Operating System) regularly to address underlying vulnerabilities.
Additionally, make sure that you consider all the external devices (if any) connected to your network, as they can act as an endpoint for hackers to infiltrate the system. To manage this risk, you can use an endpoint management system.
Lastly, don’t forget to ask your security team to stay vigilant and act as a physical layer of security. It’s important to talk about it when hiring people or external vendors and make sure that they are up to date with the latest cybersecurity practices.
Renowned certificates not only validate individuals’ expertise but also serve as a valuable assurance for clients and partners. A team equipped with recognized certifications enhances the overall security posture of your organization, instils trust, and demonstrates a commitment to maintaining the highest standards of cybersecurity.
Secure coding is best ensured when the hired developers possess an innate understanding of and dedication to implementing industry-standard practices. So, it is advisable to select professionals or a company with a proven track record in the field of security.
Prioritize assessing their hands-on knowledge and inquire about their commitment to integrating secure coding principles into their work. Here are the best practices that we believe make a difference:
Regulatory bodies play a critical role in ensuring the security of digital solutions, including mobile apps. They outline regulations and standards that organizations need to follow in order to protect their digital solutions from cyberattacks.
Failing to comply with these regulations not only puts your app at risk of falling victim to cyberattacks but can also lead to legal issues and fines.
While specific regulations and standards can vary from country to country, their common objective is to protect consumer and business data from cybersecurity risks.
For example, companies related to the fintech industry need to comply with the following regulations, depending on their location and business nature.
When incorporating third-party components, such as libraries or APIs, into your mobile apps, be extra careful and consider the security risks they might have. Test and review their code thoroughly (if possible) before integration to identify and address vulnerabilities they contain.
You can also consider limiting the number of third-party libraries to reduce the attack surface of your app. It’ll make it easy for you to manage and maintain the app’s security.
When utilizing third-party components, make sure that your users can access the data they are allowed to. It will mitigate the risk of unauthorized access and protect your app against data breaches and reputational damage
Advanced authentication methods are among the best ways to protect user accounts and sensitive information. Make it mandatory for all app users to create strong passwords as per the following guidelines.
Other than creating strong passwords, it’s also important to implement MFA (Multi-Factor Authentication). It’ll ask all the app users to complete an additional verification step, such as entering a unique code sent to their registered mobile device or email address, in addition to their password. Here are a few popular types of MFA that can be used.
This method introduces an additional layer by posing personalized queries to users during the login process. Users are required to answer questions that only they should know, adding a dynamic and personalized element to the verification process. Questions can be based on personal information, preferences, or historical data associated with the user.
Biometric MFA relies on unique physical or behavioral attributes for user verification. Common biometric modalities include fingerprint recognition, facial recognition, iris scanning, and voice recognition. This approach provides a high level of security as it is challenging to replicate or forge biometric traits.
TOTP is an advanced cryptographic algorithm that generates unique passwords at fixed intervals, typically every 30 seconds. Users need to enter the current one-time password generated by a TOTP-enabled application. Popular applications for TOTP include Google Authenticator, Microsoft Authenticator, and Twilio Authy.
Using MFA will add an extra barrier against unauthorized login attempts to enhance the overall security of the app.
The best way to secure data at rest is to implement strong encryption measures. It’ll transform the data into an unreadable format, and only authorized parties with the decryption key will be able to access it.
It’s also critical to store user databases, credentials, and other critical data in designated and controlled locations. It involves implementing access controls, like role-based access or strong authentication mechanisms, to limit who can access the stored data.
Additionally, you should also back up the encrypted data regularly and store them in a secure location to protect against data loss and corruption. You can use the following tips to implement a holistic data backup strategy.
By combining encryption with a comprehensive and well-managed backup strategy, organizations can significantly reduce the risks associated with data loss, corruption, and unauthorized access. This approach not only enhances the overall resilience of data management but also aligns with best practices for maintaining the confidentiality, integrity, and availability of sensitive information.
Native mobile apps often contain critical code on the client side, making them vulnerable to malicious attacks. It makes it possible for hackers to get their hand on the source code, manipulate it to create a rogue app, and distribute it through unofficial app stores.
It can trick unsuspecting users into downloading compromised versions, which can damage your brand’s reputation. Additionally, attackers can also inject malicious code into your original mobile app to steal data.
To prevent these issues, you can ask your developers to encrypt source code to make it unreadable to unauthorized parties. It’ll make it almost impossible for hackers to understand the inner workings of the app and reduce the risk of reverse-engineering attacks.
Encryption again comes in handy when it comes to securing data transmission. You can use TLS, SSL, and HTTPS to make sure that your data is transmitted in an encrypted form between the app and the server.
Additionally, you can use a VPN service as well to create a VPN tunnel for the same purpose. A VPN tunnel is a secure and encrypted connection established over the internet between two devices or networks. It ensures that the data transmitted between them remains confidential and protected from potential eavesdropping or unauthorized access.
It’ll allow your teams to communicate securely by creating a private and secure pathway for their data to travel through, which will safeguard sensitive information from external threats.
Performing rigorous testing allows you to ensure that your app meets all specifications and adheres to security standards. So, testing should be an integral part of your mobile app security strategy.
There are different types of testing that you can perform, including penetration testing, functionality testing, and code review.
In addition to these methods, you should also employ other testing approaches like security scanning, risk assessment, and threat modelling. These techniques will help you uncover security risks and eliminate any unrecognized malicious activities from third-party sources.
There are billions of people around the world who rely on mobile applications for their day-to-day activities. So, regardless of the type of mobile app you develop, you need to make sure that it offers a seamless user experience and protects the sensitive data it handles.
In addition to prioritizing data protection and user experience, it’s also important to keep the human factor in mind. Ensuring the security of your mobile app involves not only robust coding practices but also the expertise of the individuals behind it. Therefore, hiring or collaborating with professionals experienced in cybersecurity is essential.
Even if you may not be a cybersecurity expert yourself, having a team with the right knowledge significantly strengthens your app’s defense against potential threats.
We hope this guide has helped you understand the importance of ensuring security in mobile apps and the best practices you can use to achieve that. Lastly, don’t forget to stay up to date about the latest cybersecurity threats on mobile apps to improve your security strategy and keep it relevant.