Mobile commerce, also known as “m-commerce,” is the use of smartphones and tablets, to conduct commercial transactions online. The three main categories are; Mobile Shopping, Mobile Banking and Mobile Payment. By next year, 2020, mobile commerce transactions are expected to reach $250B, or half of all online sales. Think about it, in less than 12 months from now, 50% of all e-commerce transactions will be made on a mobile device. This is up from 34% in 2017. No surprise then that 50% of retailers list having a mobile shopping app as a top priority.
Mobile Apps Are Exposed
The myth that mobile app data is safe has been busted many times over. In fact, a recent study from White Hat Security found that 85 percent of the mobile apps they surveyed violate at least one or more of the OWASP Mobile top 10. Mobile apps are under attack in all industries and, based on public reports, mobile commerce apps are particularly under threat. In fact, Kaspersky found that mobile banking Trojans are one of the most rapidly-developing, ﬂexible and dangerous types of malware mobile commerce apps are exposed to.
So, what if….your mobile commerce app that you are using to generate over 50 percent of all sales is breached?
The Cost of a Breach
The consequences to your mobile commerce business in case of a mobile app breach are tremendous. It will
- Destroy your brand
- Hurt your brand safety
- Impact your revenue
- Reduce future growth
- Risk theft of your intellectual property
- Expose you to regulatory fines
- Reduce the confidence of your investors
- Put downward pressure on your stock price
- Lead to people losing their job.
Your customers, partners, employees, investors and regulators will lose trust in you and your company. In fact, the Ponemon Institute found that 31 percent of all surveyed consumers impacted by a breach stated they discontinued their relationship with an organization that experienced a data breach, and 65 percent lost trust in that organization.
Mobile Commerce Needs Mobile Trust
If mobile commerce is the main driver of your revenue, you need to prevent any mobile app breaches that could erode the trust in your brand.
All mobile attacks, such as credential theft, credential stuffing, man-in-the-middle attacks, data theft, identity theft, malicious bots and more begin with the app itself. Hackers use unsecured mobile apps to create micro-breaches in user’s accounts, steal information and exploit the app vendor’s systems. Micro-breaches are commonplace and every mobile consumer is at risk. Unfortunately, manually implementing 10+ security methods in a mobile app isn’t easy. Often, developers have to try and stitch together different methods, from different vendors, each of which may not be compatible with the other. The result is often project failure, leaving the app vulnerable. It does not have to be this way.
Appdome’s MobileTRUST™ provides a simple and comprehensive solution to protect mobile apps. By providing anti-tampering and code obfuscation, runtime application self-protection (RASP) and more, MobileTRUST allows you to complete mobile app security projects in minutes, with no code or development required. MobileTRUST can help you meet the OWASP Top 10 as well as OWASP L1 and L2 requirements. It also makes sure your m-commerce apps comply with regulatory requirements such as PCI, PDS2 and GDPR.
MobileTRUST utilizes 5, non-cascading layers including:
- Shielding and hardening apps against hacking;
- Encrypting mobile app data in all three states (at rest, in transit and in memory);
- Obfuscating all code, including app logic, flow, strip debug symbols, non-native files and 3rd party SDKs;
- Protecting data-in-transit;
- Preventing apps from running on non-secure devices.
Instant Protection for All Mobile Commerce Apps
Appdome’s no-code mobile app enhancement platform allows anyone to add MobileTRUST to any Android or iOS app in seconds. With Appdome, organizations can avoid the manual and laborious work of coding different security vendor SDKs to their apps. Using Appdome is simple. Upload an app binary (.apk or.ipa). Select the security options and click “Build My App.” Appdome uses a proprietary AI-Mobile Integration coding engine to handle the rest. Appdome is 100% compatible with all Android and iOS native, cross-platform, hybrid and non-native apps, developed in any framework.
Appdome MobileTRUST offers an instant implementation of the world’s most comprehensive layered defense against all mobile attacks, with a guaranteed outcome.
Add MobileTRUST to your mobile commerce apps today! Sign up for your free trial now.