Fortifying the edge: Cyber resilience for mobile finance

Android financial threats are rising fast, pushing small firms to adopt layered defences, Al tools, and awareness strategies to protect mobile finance.

- JAKE MOORE

The rise of mobile banking has transformed the way businesses and customers interact, offering increased convenience and efficiency. However, this shift has also opened new doors for cybercriminals, particularly on the Android platform, which dominates the global smartphone market. According to the ESET Threat Report H2 2024, financial threats targeting banking apps and cryptocurrency wallets on Android grew by 20% compared to the previous period.

Fortunately, large financial institutions, such as banks, are equipped with significant resources, enabling them to invest in and implement comprehensive cybersecurity measures to protect their systems and customers. However, smaller banks, wealth management firms or insurance agencies are often more vulnerable to cyberattacks. Why is this the case? While adopting secure technology practices and promoting cyber awareness among their teams is essential for them and their customers, many businesses struggle to implement such measures, leaving them exposed to potential threats.

Small firms face greater risk than large banks due to limited resources, slow adoption of best practices, and lower cyber awareness.

WHY TARGET SMALL BUSINESSES' FINANCES?

Small businesses, often limited in resources and expertise, are increasingly vulnerable to sophisticated financial cyberattacks. Businesses, such as accounting and payroll services, that manage client payments or process sensitive transactions are particularly at risk, as a single breach can erode customer trust and have long-lasting repercussions, including financial ones.

Understanding the emerging threats and implementing proactive measures to protect both customers and business operations has become more critical than ever, particularly in light of recent discoveries made by ESET Research.