Security threats to mobile devices, which are an integral part of member lives and credit unions through digital banking apps, are increasing daily, but many organizations remain oblivious to the risks.
Clifton, N.J. based Comodo Threat Research Labs detailed the top 5 mobile device security threats and ways to protect against them in a blog.
- Phishing attacks, which use deceptive software that masquerades as legitimate ones to steal vital user information like user login credentials and credit card numbers.
- Malware Infection, can steal data and eat up computing resources from mobile devices. They can trick users into taking actions that further compromises mobile device such as hijacking browser sessions, spying on activities, and promoting bogus or misleading adware.
- Advanced persistent threats, coordinated network attack hackers used to gain access to an organization's network and data. APTs can stay undetected for a long period of time and steal data.
- Untested mobile applications, which do not have clear app sources, are vulnerable to exploits. The primary reason for this is that some users tend to install apps (untested ones) from third-party sources instead of downloading it from regulated app stores.
- Outdated operating systems. OS updates are a must to patch the vulnerabilities, but most users do not keep their mobile OS up-to-date. They tend to ignore or block OS updates. It compromises their mobile device security and leaves their devices vulnerable to malware and other security threats.
Comodo also provided the best practices to prevent those threats. They include avoiding connecting to unsecured Wi-Fi networks, such as public Wi-Fi hotspots; downloading apps from trusted sources, such as the Google Play Store and iOS App store, and not unreliable third-party sources; being wary of unsolicited calls or messages; mitigating mobile device attacks from penetrating the corporate environment, such as using the Comodo Mobile Device Management solution which provides controls needed to secure, manage, and monitor all the employee-owned mobile devices that access critical business data.
In a separate announcement Comodo Cybersecurity presented its threat analysis for the first quarter of Q1 2018 data, which revealed cryptominers surging to the top of detected malware incidents, displacing ransomware, which declined significantly in volume, as the number one threat.
“Malware, like cyberspace itself, is merely a reflection of traditional, 'real-world' human affairs, and malware is always written for a purpose, whether it's crime, espionage, terrorism or war,” Dr. Kenneth Geers, chief research scientist at Comodo Cybersecurity, said. “Criminals' proclivities to steal money more efficiently were evident with the surge in cryptomining. And the continued strong correlation of attack volume with current geopolitical events shows hackers of all motivations are well aware of the opportunities major breaking news provides them.”
Comodo Cybersecurity has tracked the rise of cryptominer attacks, malware that hijacks users' computers to mine cryptocurrencies for the attacker's profit while remaining hidden from the PC's owner. “The real surge, however, started in 2017 after Bitcoin skyrocketed to $20,000. Cryptominer attacks then leaped in 2018 as cryptocurrencies' market capitalization topped $264 billion, shifting the attention of cybercriminals from ransomware,” Comodo reported.
During Q1 2018, Comodo Cybersecurity detected 28.9 million cryptominer incidents out of a total of 300 million malware incidents, amounting to a 10% share. The number of unique cryptominer variants grew from 93,750 in January to 127,000 in March. At the same time, the data shows this criminal attention came at the expense of ransomware activity, with new variants falling from 124,320 in January to 71,540 in March, a 42% decrease.
Two key factors drove this surge. They persist in infected machines or websites because they are often either unnoticed or tolerated by users, who find a performance consequence more acceptable than dealing with the issue. Monero, the cryptocurrency best known for its secrecy level, displaced Bitcoin as the cryptominers' preferred target during the first quarter. According to Comodo Cybersecurity analysts, this is because its features favor cybercriminals: “It hides transaction parties and amounts; cannot be tracked, blacklisted or linked to previous transactions; creates blocks every two minutes, providing more frequent opportunities for attack; and is designed for mining on ordinary computers.”
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
