Insurers are further behind banks in terms of mobile app security, according to Andrew Whaley, vice president of engineering at Arxan Technologies, a provider of application protection and management services.
Speaking to Life Insurance International Whaley said there is a lot of ignorance when it comes to mobile app security.
His comments come after Arxan published research earlier this year saying that despite widespread concern about the security of mobile and Internet of Things (IoT) applications, organisations are ill-prepared for the risks they pose.
The report found that organizations are having a more difficult time securing IoT apps. Respondents were slightly more concerned about getting hacked through an IoT app (58%) than a mobile app (53%).
However, despite their concern, organizations are not mobilizing against this threat. A total of 44% of respondents said they are taking no steps and eleven percent are unsure if their organization is doing anything to prevent such an attack.
Only 32% of respondents said their organization urgently wants to secure mobile apps and 42% of respondents said it is urgent to secure IoT apps.
Commenting on the report earlier this year, Mandeep Khera, chief marketing officer of Arxan said: “The laissez-faire attitude toward the security of mobile and IoT applications needs to come to an end and organizations must start emphasizing security in the development process in order to prevent a detrimental attack. One breach can set a company back dramatically in brand damage, financial loss and recovery costs