1 in 20 Banking Customer Devices Is Infected With Malware, According to Minded Security

By   ISBuzz Team
Writer , Information Security Buzz | Feb 12, 2015 05:02 pm PST

Software security company Minded Security is launching in the UK to combat hidden banking threats and protect banks against malware-based fraud with the Agentless anti-Malware Technology (AMT) Banking Malware Detector.

Minded Security research shows that on any given day, at least 5 percent of the devices used by customers of major European banks are infected with malware. 3 percent is unwanted adware, 1.5 percent is spyware, and 0.5 percent is banking malware – used to steal customer data and take over accounts. This leaves customers at risk of a security breach and banks facing penalties from financial regulators for failing to protect customer data and accounts.

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Unlike other solutions on the market, AMT Banking Malware Detector proactively detects both known and previously unknown strains of banking malware as well as uses threat modeling to identify risk levels and alerts fraud managers in real-time, thereby enabling transactions to be monitored or blocked and malicious transactions managed.

Minded Security is also introducing DOMInatorPro to the UK market. DOMinatorPro enables companies to identify and reduce the risk of vulnerabilities in the JavaScript code running on customers’ browsers. These vulnerabilities are notoriously difficult to detect, either manually or with most off-the-shelf scanners. The company also provides software security consulting, training for software developers and technical managers, vulnerability testing, and mobile security assessments

Marco Morana, managing director of Minded Security UK and SVP of risk and controls for Citi Bank London, noted that from his personal perspective, “Banking malware is constantly evolving and escalating in sophistication. Typical authentication and monitoring tools simply don’t stand up against these new threats. The financial sector needs to deploy anti-malware technology that is effective at detecting and identifying the risks associated with both known and unknown malware threats. Minded Security aims to help manage and mitigate these hard-to-find threats.”

Minded Security’s work is underpinned by research and years of work with organisations of all sizes and across a range of sectors including government, telecoms, retail, banking and finance.”

Minded Security is known for its contribution to the software security community. Members of the management team have led flagship Open Web Application Security Project (OWASP) initiatives including the Security Testing Guide and the Application Security Guide for Chief Information Security Officers (CISOs).

About Minded Security

minded securityMinded Security helps companies build, deliver and use secure software products and services – reducing the risk of fraud and ensuring regulatory compliance. Its DOMinatorPro tool identifies vulnerabilities in JavaScript and HTML5 code while its Agentless anti-Malware Technology (AMT) Banking Malware Detector tool secures customers’ browsers from malware attack.  Minded Security also provides software security consulting; training; vulnerability testing and mobile security assessments.

Minded Security is a global company with offices in Florence, Italy and London, UK. Since 2007, it has supported businesses across government, telecoms, retail, banking, finance and other sectors. The company is a recognised contributor to the software security community.

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