Security Problems Plague Fintech Apps in Nigeria

Appknox, a mobile application security company, has said in its newly released data that 40% of FinTech apps are vulnerable and have critical impact issues.

The CEO of Appknox made this announcement, Harshit Agarwal, who said this in a meeting organised by CED Technologies and Appknox with the theme, "How to think security first in a super-fast mobile economy - Act or React".

Out of the 40%, he stated that over 80% lack sufficient code obfuscation, 60% have issues with broken/disabled SSL and certificate pinning, 35% have issues with network security misconfiguration, and 25% indicate recording of audio and screen activity which is also a breach of privacy.

Also in the meeting, security experts in the big tech and banking ecosystems gave their views on the importance of having different layers of security on applications, mobile technologies, and services.

Speaking further, the Chief Technology Officer at CED Technologies said that while people are trooping for mobile technology solutions that will benefit Africa, security should be the first thing to think of.

He noted,

• While companies like Appknox and CED Technologies have built a safe and secured mobile ecosystem using a system plus human approach to outsmart hackers, we believe that it is everyone’s business to think security first, recheck and double check so that businesses can be as secure as possible.

He also stated that the meeting was to bring together security leaders, chief information security officers, bank executives, founders of FinTech apps, and heads of risk management to enlighten everyone on the importance of keeping security in check before thinking of changing the world.

At the beginning of the meeting, Mr. Chukwuebuka stressed the importance of API Security for firms to prevent data breaches by ensuring that only verified users and applications can access the data and that this data must be encrypted during transmission.

• API security ensures that the organisation a compliant with regulations such as GDPR, CCPA, HIPAA, by protecting sensitive data and providing secure access to APIs.