How Secure Are Financial Apps?

It seems as if there’s news of a cybersecurity breach or some kind of hack every week. Most recently, Redtail Technology suffered a breach that exposed personal client information of advisors who use the firm’s customer relationship management software.

Of course, Redtail is hardly alone; financial apps are among the most highly targeted by cybercriminals due to the valuable nature of the data inside. In fact, in a study conducted by consulting firm Aite Group on the security of 30 mobile apps from financial services firms in the U.S. and Europe, 29 were found to have vulnerabilities.

It’s an ever-present issue: as quickly as financial firms and their cybersecurity partners patch vulnerabilities and address potential attack vectors, criminals evolve and look for new ways in. Indeed, the complex, ever-changing, and expanding nature of cyber risk has exceeded many firms’ abilities to serve those who seek protection. While it will never fully be eliminated, both financial firms and tech vendors need to reduce and mitigate cyber risk as best they can.