Finance app users at risk as 50 apps pose cybersecurity threats

A recent study has revealed that two cybersecurity assessment reports of the Top 50 android apps for shopping and finance have indicated security risks to users including businesses in Nigeria.

Appknox

This was revealed by Appknox, a well recognized plug-and-play security platform.

According to the report, a high percentage of the apps were marked as high cybersecurity threats to users thus putting the confidential customer and business data at risk.

The report, which has been tailored to be geographically specific to ensure a more significant impact on the target audience showed that 60 percent finance apps and 72 percent shopping apps posed a dangerous risk to users.

The cybersecurity assessment was presented to Nigerian customers and businesses which function particularly in the retail industry to help them assess the magnitude of security concern from using the apps.

This comes amid the worldwide danger of eCommerce fraud where businesses across the globe have lost billions of dollars (more than $20 billion in 2021).

The cybersecurity test report was unveiled in Lagos by the Chief Technology Officer of CED Technologies, Chukwuebuka Ume-Ezeoke.

CED Technologies, which is Appknox’s Africa partner, noted that through the report, app developers in the country would learn to create cost-effective and efficient mobile application security strategies.

These security strategies will aim to safeguard the users of these apps and also, guarantee the safety of business data while adhering to international security standards.

The report, according to CED Technologies, would greatly benefit the Nigerian business community as it will create the much needed awareness and also help them understand the importance of cybersecurity for applications built for their businesses.

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