Banking App Security: Promon expands customer base to 11 million

PRESS RELEASE: Promon, a leading Norwegian security specialist that launched in the UK in 2014 with its flagship app security product, PromonShield has now surpassed 11 million customers in total worldwide.

The security specialists, who have set about delivering true app security and mitigating against increased risk in mobile banking apps have built up the large customer base over six years, since its launch in 2009 and have an unblemished record for application protection and are now seeking to overhaul security in the UK banking sector.

Promon’s technology centres on the idea of self defending apps built or linked into an application or application runtime environment, capable of controlling application execution and detecting and preventing real-time attacks. The software is a proactive solution designed to stop malware attacks before they do any harm, without changing the customer experience, even on devices that have been compromised or when vulnerabilities are caused by the user.

Gordon Young, UK Sales Director at Promon said:

“Banking is facing a major challenge, due to the widespread use of smart devices, apps and other means of stretching the traditional borders of security. With millions of end users, Promon has proven that this challenge can only be met by fundamentally rethinking the problem.

“There is no product available on the market that can both detect and prevent against mobile breaches in the same way that we can and our huge growth is testament to this fact. Almost the entire number of mobile banking apps are lacking vital security and are therefore highly vulnerable to attacks which unless addressed properly now, will lead to a loss of confidence in UK mobile banking”

“Given the uptake of mobile banking apps for both day-to-day use and, now for larger transactions, bank customers should be very concerned. Banks cannot afford to standby and watch the continued rise of banking cyberfraud and must embrace the idea of self defending apps.”