Mobile banking faces major threat

Trend Micro has released its security predictions for 2014, highlighting that mobile banking will suffer more due to the two-step verification no longer being efficient.

According to Trend Micro, mobile banking will suffer more from MitM attacks as basic two-step verification is no longer sufficient. Cybercriminals will increasingly use targeted-attack-type methodologies like open source research and highly customised spear phishing, along with multiple exploits. In the context of targeted attacks, a rise in clickjacking and watering hole attacks will be evident in 2014, with new exploits of choice, and attacks via mobile devices. Trend Micro also foresees one major data breach incident occurring per month across the globe. Attacks leveraging vulnerabilities in widely used but unsupported software like Java and Windows XP will intensify during this year as well.

Other predictions include the fact that Deep Web, will significantly challenge law enforcement, as the latter struggles to build capacity in order to address cybercrime on a large scale something we will particularly experience here in SA. Public distrust will continue, especially after the exposure of state-sponsored monitoring activities in the US, this will result in a period of disparate efforts to restore privacy and a growth in suspicion by consumers of their own governments outside of the US. Lastly, 2014 will not yet see large-scale, widespread IoE threats as this requires a ‚”killer app‚”, this may however come by way of augmented reality technologies that are fast making their way into applications such as the displays used by marketers.

‚”We see the sophistication of threats expanding at a rapid pace, which will impact individuals, businesses and governments throughout South Africa and across the globe,‚” says Gregory Anderson, country manager at Trend Micro, South Africa. ‚”From mobile banking vulnerabilities and targeted attacks, to growing privacy concerns and the potential of a major breach each month, 2014 is gearing up to be a prolific year for cybercrime. We will also see the evolution of the IoE, which serves as a prelude to the surge in technological advancements as the decade closes.‚”

Looking ahead into 2014, and considering these predictions, Trend Micro believes organisations should protect core data, as well as make use of proper tools and protocols that will ensure a protected network, as well as educate employees on mitigating risks associated with data breaches.

To this end, Anderson also urges companies to look at the devices deployed within the enterprise and that are used by consumers (users) and ensure that they install and regularly patch security software on these devices. This preventative action will ensure safety from attacks, as well as assist with providing an additional layer of security when accessing online accounts via ‚”any‚” device.

* Article courtesy of Shutterstock.com

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