Malware spreads to one in twenty banking devices

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One in twenty devices used for banking by customers of major banks are infected with malware, according to new research by Minded Security.

3 percent of banking devices carry unwanted adware, 1.5 percent spyware and 0.5 banking malware, the global software security company claims.

The figures, compiled from scans of customer devices, were released as Minded Security launches new products to the UK market. These include the Agentless anti-Malware Technology Banking Malware Detector and DOMInatorPro, both of which aim to help companies tackle banking malware.

The new releases tap into a growing market for banking cyber-security, as stakeholders and customers of the industry take the threat increasingly seriously.

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."

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

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