Appdome’s automated security in a mobilefirst world

IN the Philippines, the shift toward digital financial services has grown pronounced, with a Visa report revealing that a significant 70 percent of Filipino consumers prefer app-based remittances. The Bangko Sentral ng Pilipinas confirms this digital ascendancy, reporting that over 42 percent of retail transactions were conducted digitally by 2022. Escalating cyber risks have shadowed this digital transition.

However, this digital ascendancy has its challenges. A concerning statistic from Appdome’s 2023 survey shows that 40 percent of people know someone who has been a victim of a cyberattack, with online scams costing Filipino consumers around P155 million over eight months.

This alarming trend has spurred regulators and the private sector to enhance their cyber defenses, moving beyond mere compliance to building cyber resilience into the fabric of their digital ecosystems.

Addressing these challenges, Appdome’s mission centers on safeguarding the mobile economy and its users, a commitment shared by Chris Roeckl, chief product officer, during an insightful interview at the CyberSecPhil Conference 2024. Roeckl emphasized the need for more than just compliance, showcasing the company’s comprehensive automated security services.

Appdome’s role in this landscape is to provide comprehensive automated security services for mobile apps across various operating systems. The company’s innovative approach has revolutionized how developers and cybersecurity teams collaborate, ensuring that apps are feature-rich and secure against cyberthreats.

Roeckl articulated that their company delivers diverse security features in an automated way, streamlining the development process and ensuring robust security measures are integrated without hindering app performance or release cycles.

Efforts also focus on resolving the friction between the drive to develop and release new app features and the need for stringent cybersecurity measures.

Roeckl discussed the importance of fostering communication between development and cybersecurity teams, noting the interventions he has facilitated to encourage a unified approach to app development.

The company’s solutions are particularly pertinent in sectors where secure transactions are paramount, such as financial services, health care, and the gig economy.

Roeckl emphasized the complexity of modern cyberthreats, from overlay attacks to deepfakes, and the sophisticated protections Appdome implements to counteract them.

Roeckl pointed out the difficulty in safeguarding assets like loyalty points, now highly coveted by cybercriminals for their financial worth.

This discussion dovetails with a noticeable change in what consumers prioritize; according to Appdome’s survey, there’s a growing demand for security rather than new app functionalities.

Roeckl sees this shift as a pivotal factor that will shape the direction of cybersecurity tactics moving forward. Peering into what lies ahead, he forecasts a landscape where financial institutions will need to gear up against a broader array of sophisticated fraud techniques in 2024.

He stressed the importance of geo-compliance and highlighted the need for financial services to understand and address threats proactively, leveraging the data and insights gathered by Appdome’s security researchers.

Discussing Appdome’s expansion in the Philippines and Southeast Asia, Roeckl expressed his respect for the mobile-first orientation of these regions. He shared personal experiences from his first visit to the Philippines, where he had the opportunity to meet teams he had worked with virtually while onboarding Appdome’s first customer in the country.

Roeckl underscored Appdome’s commitment to security, emphasizing the company’s adherence to rigorous standards such as SOC 2 compliance, which is needed for ensuring client confidence, particularly among banks and financial institutions. He recounted his experience with an exhaustive security assessment, which expanded from 60 to 183 questions, showcasing Appdome’s meticulous attention to security and compliance.

An organization’s understanding of cybersecurity is necessary in the dynamic world of digital operations. Working alongside seasoned experts and integrating advanced security strategies are essential for effectively managing and diminishing the inherent risks in digital finance. As consumer preferences increasingly lean toward security, businesses are urged to meet these expectations responsibly. As the Philippines and Southeast Asia navigate the digital age, the collective push for robust cybersecurity, spearheaded by initiatives like Appdome’s, is for safeguarding the digital marketplace and fostering consumer confidence.