Mobile devices have become highly popular in the whole world of technology. This is the main reason app security is the need of the hour. Nowadays, mobile applications are utilized for several kinds of purposes, and nearly all the activities can be performed on mobile devices nowadays.

Many people utilize mobile devices and prefer them in comparison to the laptops and tablets because of the convenience and flexibility element provided by them. These kinds of devices and their usage help the businesses also to make several kinds of improved decisions which make them highly successful in their industry.

Mobile application security is a very important measure that helps in securing all the applications from external threats, which can include viruses and digital frauds because of the hacking of personal as well as financial information of the users.

The mobile application security has become very important nowadays, and any single breach in mobile security can lead to lifetime disclosure of data, which can prove very harmful.

1. Following are some of the points that highlight the impact of weak mobile application security:

Many consumers are highly dependent upon the organizations because they believe that organizations conduct proper testing of the applications before making available to the consumers.

But unfortunately, 50% of the companies do not have any budget to conduct proper mobile application testing of the applications.

More than 40% of the companies do not scan the codes in mobile applications, which can lead to several kinds of risks and threats. On average, more than 33% of the companies do not conduct proper testing and never ensure that their mobile applications are safe and secure.

2. The loss of consumer information:

When mobile application security is weak, hackers can easily gain the consumers’ login credentials from any of the devices. Many consumers use the login details on several applications, which can include banking, social media networking, email, websites, and several other things.

The hackers have proper access to viruses like Trojan, which can enter users’ devices with the help of downloaded applications and can provide complete access to the host about all the claims that the user downloads from the App Store or play store.

Once the device is infected, Trojan will send all the standard SMS, contact details, other permissions to the hacker, and the hacker will have complete control of the mobile device.

The user’s device will be completely compromised even if the users do not accept the calls. Once the method gets infected, it will be sending all the data to the hacker with the help of SMS, emails and hacker will very easily miss using that available information with him or her.

3. The risk to financial information:

Hackers can also gain credit card and debit card numbers to make unauthorized bank transactions, particularly in all cases where a one-time password is never required. A lot of hackers utilize the banking Trojan, which is called GINP, In which the hackers can gain the credentials and credit card information of the users from the devices of users.

The ability to take control of the SMS feature is also available there, and it very well allows the users to manipulate the making functions. This kind of risk is very common, and a lot of consumers have faced these kinds of adverse conditions in which their accounts were being debited and credited without any authorization from their end.

4. The intellectual property theft:

The hackers can also very easily gain the Code Base of the applications and can illegally create the clones which are very well available on the App Store. In this way, hackers can steal the company’s intellectual property, which is the owner of that particular application.

As a general rule, highly successful applications have more number of clones because it can attract a wide consumer base on the App Store.

Initially, games like PUBG mobile applications were not available on the Google play store, but a lot of factors came with the option of developing clones. It soon became possible because of the high popularity of the game and why don’t consumer base.

So at a particular point in time, Google had to warn all the users about the official application, which was not available at the Google play store.

5. The loss of revenue:

Many hackers also go with the option of accessing the premium features of several applications that require making payments. This fraud is very much applicable in the utility and gaming applications because these applications are the sources of revenues for the companies and owners of the claims.

According to a case in 2016, the mobile security company named blue box also revealed how hackers were accessing their premium features of the popular applications, which include fuel because of the security loopholes present in them. It caused great losses to the owners of the claims.

This kind of fraud is also very much applicable and prevalent in the OTT streaming services, where hackers can be easily hacked accounts and gain unauthorized access to such platforms.

6. The shaking brand confidence:

Because of these kinds of issues and losing the crucial data of users, the user’s confidence in the brand application very well shakes. In most cases, news and information are also misused in the lawsuits from the affected parties.

But on the other hand, some of the positive undertakings of security drills are that consumers sometimes stay very loyal and trust the brand. But such a loss of consumer is a consumer lost forever.

So, all the companies should realize that the basic center of the business lies in consumers’ confidence in a particular brand. Thus, the company should take various measures to ensure that their applications are completely safe and secure. This rationale of the application development should be rightfully considered from each aspect of the business to ensure consumers are highly satisfied all the time.