INKA Entworks aims to extend total digital security for Indian banks through its security platform, AppSealing. The advent of the COVID-19 pandemic is largely disrupting in-branch banking, compelling customers to embrace digital alternatives while accelerating a ‘less-cash economy’ situation, a release said.
With most people shifting to online payments alternatives, the banking sector is experiencing a significant influx of new users. Last year, banks like State Bank of India’s Yono app accounted for 70,000 new users every day in September.
According to Forrester, despite the push for digital services during the pandemic, most Indian banking apps still fall behind the functionality curve. With a surge in first-time app users, the chances of illicit and fraudulent activities might also climb.
With banks and other financial institutions focusing on improving UX (user experience), they are not giving enough attention to the security aspect. Growing cybersecurity concerns like lack of trusted downloads, password vulnerabilities, risky connections and devices, authentication issues etc., have plagued the Indian fintech industry.
AppSealing overcomes these security risks for both small and large companies and ensures the highest security standard while complying with India’s privacy-related issues, the release added.
INKA Entworks CEO James Ahn said Data security is of paramount concern in a cashless economy.
“With more people dependent on the smooth functioning of payments apps, it is critical to remove potential risks concerning apps’ functionality. AppSealing successfully running on AWS brings the necessary security aspect critical for the Indian market,” Jamesh Ahn said.
INKA Entworks Head of Global Business Govindraj Basatwar said, “The existing vulnerabilities in the banking sector range from authentication errors, incorrect session handling, authentication credentials, API security and more. Through AppSealing we are contributing to India’s mission of building a digital economy while securing sufficient privacy and security cues and content”.
The proliferation of technology in the banking sector and other financial institutions are investing in becoming genuinely mobile with applications. However, risks like hacking, manipulations and attacks on servers, apps codes and networks can expose customers to significant risks. AppSealing offers runtime application self-protection (RASP) security and many other security features that will be extremely useful in the cashless economy, the company added in a release.