Fintech
High-security Risk Elements in Nigerian Fintech and Shopping App – Report 2022
Nigeria has some of the most common fintech and shopping app security vulnerabilities.
As one of the world’s fastest-growing mobile app nations, sound cyber security technology is imperative to Nigeria’s fintech growth and sustainability.
Recent research by Appknox, a leading mobile security testing platform, discovered that Nigeria has some of the most common fintech and shopping app security vulnerabilities.
It listed some of these security vulnerabilities as “apps asking for unused permissions (88%), insufficient bytecode obfuscation (84%), insecurely collecting application logs (72%), and disabled SSL CA validation and certificate pinning (64%).”
Similarly, for shopping Apps, the numbers were equally shocking, “with apps asking for unused permissions being as high as 96%. Some other vulnerability issues were – insufficient bytecode obfuscation (92%), insecurely collecting application logs (88%), network security misconfiguration (64%), and disabled SSL CA validation and certificate pinning (88%).”
Explaining some mobile App security best practices necessary to mitigate these risks, Appknox said mobile applications should be designed to function in an environment that is often hostile and under attack.
“Given the widespread vulnerabilities that have been found in these Nigerian Fintech and Shopping apps, it is essential that businesses adopt these mobile app security best practices.”
The reports outlined that some of the following practices can help to mitigate these risks:
· Deploy Firewall
· Secure payment Gateways
· Do Not Hardcode Credentials
· Reduce App Permissions
· Certificate Pinning Should be Used Wherever Possible
· Switch to Automated Mobile Application Security Testing
· Maintain Compliance With Standards and Regulations
· Secure APIs, Cloud Services, and Servers
· Upgrade to DevSecOp