Security Research: Most of Crypto Mobile Apps Are Not Safe

Security Research: Most of Crypto Mobile Apps Are Not Safe

Security reports have claimed a significant portion of Crypto Mobile Applications do not have adequate security. High-Tech Bridge, a San Francisco bas

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Security reports have claimed a significant portion of Crypto Mobile Applications do not have adequate security. High-Tech Bridge, a San Francisco based security firm analyzed over 2,000 Google play apps where they found that of the first 30 crypto apps that have been installed for 100,000 times, 93 % of them were prone to three medium-risk susceptibilities with 90 % being inclined to at least high-risk problems.

Applications with most downloads are somehow better but still not good enough. 94 % of the apps that had been installed for more than 500,000 were prone to at least three medium-risks weakness, and 77 % had at least two high-risk exposures. The research sighted insecure data storage and insufficient cryptography as the most typical weaknesses. The study reveals insecure data storage and inadequate cryptography as the most typical weaknesses. In the case of insecure data storage, private information can leak accidentally while the second weakness means the cryptography used to protect data was not correctly implemented. The weaknesses show that people who use the apps are not safe at all.

High-Tech Bridge founder and Chief Executive Officer, Ilia Kolochenko said the dangers posed are dependent on the apps functionality, vulnerabilities, and design. According to Ilia, Lack of emphasis on security measures across mobile development is a major contributing factor in the poor scores.

Kolochenko said the cybersecurity organizations and independent professionals were advising developers on the dangers of agile development that typically have no framework to guarantee security in design, coding & hardening techniques or testing of the apps. Both the developers and users have access to Mobile X-Ray, a free security analysis tool from the company. They can plug in mobile applications and see the weaknesses personally.

Securing funds becomes a new issue where there is a lot that can go wrong. High-Tech Bridge infers that its study does not dig deep enough. The research looks at the frontend of the apps where there could be more issues at the backend. The research shows there could be more complicated issues.

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