Insurers are further behind banks in terms of mobile app security, according to Andrew Whaley, vice president of engineering at Arxan Technologies, a provider of application protection and management services.

Speaking to Life Insurance International Whaley said there is a lot of ignorance when it comes to mobile app security.

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His comments come after Arxan published research earlier this year saying that despite widespread concern about the security of mobile and Internet of Things (IoT) applications, organisations are ill-prepared for the risks they pose.

The report found that organizations are having a more difficult time securing IoT apps. Respondents were slightly more concerned about getting hacked through an IoT app (58%) than a mobile app (53%).

However, despite their concern, organizations are not mobilizing against this threat. A total of 44% of respondents said they are taking no steps and eleven percent are unsure if their organization is doing anything to prevent such an attack.

Only 32% of respondents said their organization urgently wants to secure mobile apps and 42% of respondents said it is urgent to secure IoT apps.

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Commenting on the report earlier this year, Mandeep Khera, chief marketing officer of Arxan said: “The laissez-faire attitude toward the security of mobile and IoT applications needs to come to an end and organizations must start emphasizing security in the development process in order to prevent a detrimental attack. One breach can set a company back dramatically in brand damage, financial loss and recovery costs