According to Forgerock, the financial services industry suffered $6.2 billion in damage from cyberattacks in Q1 2019, up from $8 million in Q1 2018 — a 77,400 percent increase. HSBC, JP Morgan and PayPal are just a few of the financial institutions that have experienced data breaches. Even less established digital natives such as Monzo, Nutmeg and Coinbase have fallen foul. No one is immune.
Cybercrime in the financial services industry is rife and there is no bigger threat than phishing, particularly on mobile devices, which have fast become the preferred device for employees, contractors and even IT professionals who install kiosks and other modernization enhancements in the workplace. Research revealed that 90 percent of data breaches start with a phishing attack.
Focusing on financial services in particular, a recent study by Wandera found that 57.33 percent of financial services companies have experienced a mobile phishing attack, compared to 42.2 percent of companies across industries. Neither figure is particularly reassuring, but the data emphasizes that the financial services industry is highly targeted, phishing is a systemic problem and mobile devices need adequate protection to prevent cyberattacks of this ilk.
Why Are Mobile Phishing Attacks Such a Problem?
To start, mobile devices are crowded. Relative to more traditional form factors such as desktops, mo ..
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