More than 61% of the world’s largest banking, trading and payment apps are susceptible to repackaging attacks from malicious hackers

shows a new research report from Promon, one of our portfolio companies.

According to Gustaf Sahlman, CEO of Promon, mobile apps are the new software battleground. We use them much more intensely on the phone than on the PC, but app shielding and cybersecurity is still a relatively new area.

“Investments in mobile are growing and more of us are trusting our data to companies’ apps. But the amount of malware targeting apps grows every day as well. The hackers are ultimately running a business – and apps are an easy target. Our shielding cybersecurity software is one answer. It acts like a doorman at a night club. If you are not on the guest list, it won’t let you in,” he explains.

Promon recently reviewed 380 of the world’s top financial services apps and found that 61% can be repackaged by hackers.

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“This basically enables hackers to inject their own code into an app, exposing the companies and end-users to fraud. For the sake of customers and their own reputation, companies have to do something about it. Our app shielding software is one option. It acts like a doorman at a nightclub: it only lets in people who are on the guest list. Considering how important apps are becoming for companies and consumers, this type of security is increasingly essential for business success,” Gustaf explains.

Promon’s mobile app shielding technology is currently deployed by customers in over 70 countries, but more awareness is needed says Gustaf.

“Companies invest millions of dollars to build an app, which contains lots of sensitive customer data. It’s a transformational technology, but for the transformation to be a success for your company, you need to protect it.”

You can read the full Promon report here:

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