30 apps, 29 hacks and one surprised Money20/20 audience

It seems counterintuitive, bigger banks should be better at securing applications. Turns out that’s not the case…

[…] Meeting people like Knight is rare. It’s also eye-opening. Having started hacking at the age of 13, her life (so far) includes working for the US intelligence community in cyber warfare, being a serial entrepreneur, spending time in Germany hacking into, and taking control of, connected vehicles and hacking into a bank’s internal network through its CCTV cameras in the parking lot.

At Money20/20 she largely focused on her app research, and the wider implications it has on cyber security. Following her opening gambit – “are you guys all sitting down? I don’t think any of you are doing anything correctly” – she proceeded to outline the key findings.

She also explained that, as well as major banks, she looked at a number of fintech apps, noting that I actually thought that the smaller companies would have the most vulnerabilities, but it was the complete opposite. The cryptocurrency wallets in smaller companies have more secure code than their larger counterparts. It’s the weirdest thing – the bigger banks, the bigger institutions have the worst, most horrible apps.”

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Original article here