Analysis of cybersecurity features in banking mobile applications

Abstract

This article discusses important aspects of cybersecurity in mobile banking applications. The article analyses in detail potential threats and effective strategies for their prevention and counteraction. Due to the rapid development of digital technologies in the banking industry, mobile applications and online services have become a necessary component of financial interaction between customers, providing convenient and efficient financial transactions. However, the development of the functionality of such applications gives rise to new cybersecurity challenges that information security professionals are actively addressing. The article is devoted to a comprehensive review of international and Ukrainian cybersecurity standards in the banking sector, and also contains quick review of mobile applications of well-known Ukrainian banks. Based on this review basic recommendations for improving cybersecurity in such applications are formulated. The article considers the impact of customer comfort on the level of security. In addition, the article considers the impact of the level of security in the banking sector on the overall digitalisation of the financial industry. It is noted that improving the level of security can stimulate and support digitalisation processes, ensuring customer trust and optimal use of mobile banking applications. A comprehensive approach to assessing the level of security, comparing various applications and standards (both Ukrainian and international), as well as considering the relationship between security issues and innovations in banking, make this work useful for understanding the genesis of cyber security in mobile banking.