Summary

A challenger bank specializing in mortgages recognized that their existing app security measures had not evolved since their launch. While they were not entirely dissatisfied with their previous vendor, they sought a modern solution that could be integrated seamlessly without requiring in-house security experts. Promon provided the bank with the SHIELD and IPP solutions, enabling them to enhance their mobile app security efficiently, reduce annual costs by approximately 10%, and reduce the need for specialized security staff.

Company profile

As one of the first digital and app-based banks, the financial services firm focuses on providing savings accounts, mortgages, and business loans exclusively through its mobile application. Operating in the highly regulated financial sector, they face challenges such as strict compliance requirements and cybersecurity threats, including fraud and sophisticated attacks targeting mobile banking apps.

The challenge

The bank had been using a security solution from a previous vendor since their inception. Key challenges included:

  • Outdated security measures: Their existing solution had not been updated since 2016, potentially leaving the app vulnerable to new threats.
  • No in-house security experts: The bank lacked Subject Matter Experts (SMEs) in security, making it difficult to assess and improve their security posture.
  • Desire for a seamless transition: They needed to upgrade their security without causing disruptions to end-users or requiring significant development resources.
  • Cost efficiency: As a smaller challenger bank, controlling operational costs was a priority.

While they were not entirely unhappy with their current security solutions, the bank was conscious that their security measures had not kept pace with evolving cyber threats. They sought a solution that could be integrated smoothly, improve security, and be maintained without specialized staff.

Promon's solution

Promon provided a tailored approach to meet their needs:

  1. Deployment of Promon SHIELD: Promon SHIELD was integrated into the bank’s mobile application to protect against code tampering, reverse engineering, and unauthorized access. They were pleased it was possible to ehnace app security without requiring significant changes to the existing app or extensive development efforts.
  2. Implementation of IPP (In-App Protection Policies): Applied IPP allows the bank to define security policies within the app, offering an extra layer of protection and easily customize their security settings according to specific regulatory and operational needs as they evolve.
  3. Seamless integration process: Promon facilitated a six-month ramp-up period to ensure a smooth transition from the previous vendor's solution. The integration was completed in a few days without any breaking changes, minimizing disruption to services.

Results

  • Enhanced security posture: Upgraded to a modern security solution that protects against current and emerging threats ensured this digital bank protected itself and its users.
  • Cost reduction: Switching to Promon SHEILD gave the bank approximately a 10% annual savings on security-related expenses.
  • Elimination of in-house security needs: The solution did not require SMEs for maintenance, simplifying operations.
  • Positive user experience: The seamless transition ensured no negative impact on customer experience.