Compliance with regulations in the Mobile App Security domain for FI and FinTechs

Runtime Application Self-Protection (RASP) technology offers a dynamic defense mechanism, enabling mobile applications to protect themselves against sophisticated attacks in real-time. This article outlines how FIs can achieve compliance with key mobile security regulations by leveraging RASP and supplementary technologies such as Appirypt or Malware detections on mobile devices, with a focus on established standards and the capabilities of Talsec's product portfolio.

The landscape of mobile application security for financial institutions is defined by a confluence of national and international standards and frameworks, all aiming to fortify digital defenses against evolving threats. Understanding these foundational documents is crucial for developing a comprehensive security strategy.

The national App Security regulations overlap and influence each other. The Mobile OWASP is probably the most reputable source and the most detailed standard available. For this article, we examined the following standards as the most detailed and well-structured.

• OWASP Mobile Application Security Verification Standard (MASVS): Developed by the Open Worldwide Application Security Project (OWASP), MASVS is widely recognized as the industry standard for mobile application security. It provides a comprehensive set of security controls to assess the security of mobile applications across various platforms and deployment scenarios. MASVS covers critical areas of the mobile attack surface, including secure storage, cryptography, authentication and authorization, network communication, platform interaction, code quality, and resilience against reverse engineering and tampering. As a "living document," MASVS is regularly updated to reflect the changing threat landscape and new attack vectors. Its widespread adoption makes it the most cited standard in mobile security, serving as a foundational reference for other frameworks and security practices.

• CSA Singapore Safe App Standard 2.0 (CSA SAS2.0): Developed by the Cyber Security Agency of Singapore (CSA) in consultation with industry partners, this standard provides a recommended baseline of security controls for mobile app developers and providers. It specifically targets "high-risk apps," such as those involving financial transactions or changes to security configurations, to counteract prevalent mobile malware and scam exploits in Singapore's threat landscape. CSA SAS2.0 covers eight key cybersecurity areas: Authentication, Authorization, Data Storage, Anti-Tampering & Anti-Reversing, Network Communication, Cryptography, Code Quality & Exploit Mitigation, and Platform Interactions. While its guidelines are informative and non-binding, they are regularly updated to align with the evolving threat landscape.

• RBI Digital Payment Security Controls (RBI DPSC): Issued by the Reserve Bank of India, this framework aims to strengthen cybersecurity measures for Regulated Entities (REs) in the Indian securities market. It mandates comprehensive security controls for digital payment products and services, including mobile applications. RBI DPSC requires REs to conduct security testing, including source code review, Vulnerability Assessment (VA), and Penetration Testing (PT), emphasizing compliance with standards like OWASP. Key requirements include device policy enforcement, secure application download/installation, deactivation of older versions, secure data storage, encryption, minimal app permissions, application sandboxing, prohibition of login access from remote access tools, and code obfuscation. The framework also stresses root/jailbreak detection, checksum verification, device binding, and the implementation of anti-malware capabilities.

• CSCRFof SEBI (Cybersecurity and Cyber Resilience Framework for Securities and Exchange Board of India Regulated Entities). This document has dedicated chapters to mobile security and  API protection (PR.AA.S16, PR.AA.S17). All the requirements are listed in these two sections of the CSCRF guidelines (PR.AA.S16, PR.AA.S1). The Talsec team designed its product portfolio to provide coverage of these regulations.

Talsec offers a comprehensive App Safety SDK Suite designed to provide robust mobile application security aimed at covering the regulatory requirements.

freeRASP: A freemium mobile security SDK, it offers real-time protection against a range of threats, including rooting, hooking, emulating, and tampering or cloning of the application. It supports multiple platforms like Android, iOS, Flutter, Cordova, React Native, and Capacitor.

RASP+: An advanced premium version of RASP, it provides in-App protection and shielding against reverse engineering, device/OS integrity compromise (like rooting, running in an emulator, using a debugger, or dynamic hooking), and malware attacks such as Accessibility services misuse, screen readers, and Overlay attacks. It offers enhanced resilience to bypass techniques.

AppiCrypt® SDK: An innovative, award-winning technology, AppiCrypt combats API abuse, enables online risk scoring, and supports fraud prevention. It generates a cryptogram that ensures the mobile client app integrity and device identity, verifying API calls at the backend against app impersonation, botnets, JSON injections, and session hijacking. It implements zero-trust principles.

App Security Hardening SDK: This includes Dynamic TLS pinning, which protects against Man-in-the-Middle (MiTM) attacks, and a Secrets Vault for protecting sensitive app secrets (e.g., encryption keys, API keys, hostnames) with remote management capabilities. It can also be used for app data encryption/decryption and application layer end-to-end encryption.

Malware Detection SDK: Provides active protection against known malware, ongoing malware campaigns, counterfeit app clones, and other potentially risky applications. It scans devices for blocklisted apps, apps installed from untrusted stores or side-loaded, and apps requiring risky permissions.

These standards and Talsec's offerings share a common goal: to establish a multi-layered defense-in-depth approach for mobile applications, particularly those handling sensitive financial data. There are significant overlaps in their requirements, reflecting a consensus on critical security controls. For instance, RASP technology, which detects runtime threats like rooting, hooking, and emulation, is central to many recommendations. All frameworks emphasize data protection (at rest and in transit), robust authentication mechanisms, and defenses against reverse engineering and tampering. The consistent referencing of OWASP MASVS across these regulatory documents underscores its role as a universally accepted baseline for mobile application security.

The security landscape for mobile applications is complex and constantly evolving, presenting a myriad of threats that can compromise user data, intellectual property, and business operations. From malicious actors employing techniques like app cloning, repackaging, and runtime manipulation (hooking) to sophisticated malware and API abuse, applications face continuous risks. It's critical to understand that even the built-in security features of mobile operating systems, such as sandboxing, can be bypassed, especially on rooted or jailbroken devices, or through vulnerabilities in third-party dependencies and unpatched OS versions.

To effectively counter these multifaceted threats, a comprehensive and layered defense-in-depth strategy is essential. RASP, exemplified by Talsec's RASP+, empowers applications to actively detect and respond to threats in real-time within their runtime environment, covering aspects like root/jailbreak detection, hooking frameworks, and app repackaging detection. Complementing this, AppiCrypt provides mobile API anti-abuse protection, vital for preventing token hijacking, app impersonation, and ensuring that only legitimate clients interact with backend APIs. These tools go beyond traditional perimeter security, offering a crucial layer of defense directly within the application itself.

Adherence to established industry standards and regulatory frameworks is paramount for building secure and compliant mobile applications. These guidelines provide a structured methodology and best practices for addressing a wide array of cybersecurity concerns. Regular security audits, penetration testing (VAPT), and continuous monitoring through a Security Operations Centre (SOC) are also critical for identifying and mitigating vulnerabilities proactively and ensuring ongoing cyber resilience.

In conclusion, mobile app security is not a one-time endeavor but an iterative process requiring continuous vigilance, adaptation, and investment. By embracing a holistic security strategy that integrates robust development practices, advanced runtime protection, and adherence to leading industry standards, organizations can significantly strengthen their applications against the evolving threat landscape, safeguarding both their assets and their users.