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A recent report by mobile application security provider Arxan reveals that all of the Top 100 commercial Android applications and 56% of the Top 100 commercial Apple iOS applications have been compromised by hackers.

“It is clear that the App Economy is not only thriving, but is driving new app-centric products and services across multiple industries, including mobile banking and payments, digital media and infotainment, gaming, healthcare, home automation and many more,” the report states.

“This year’s analysis reveals there is widespread and unfettered hacking of mobile apps on both Android and iOS platforms. Financial apps are a particularly attractive target for application attacks.”

Key findings from the report include:

  • 78% of top 100 commercial Android and iOS Apps have been compromised, with 100% of the top commercial Android apps and 56%of the top 100 commercial iOS apps having been hacked, a 36$ decrease from last year’s report
  • Hackers continue to target free applications, with 73% of free Android apps and 53% of free iOS apps known to have been compromised in 2013 as compared to 80% and 40% in 2012, respectively
  • Financial applications are particularly at risk, with 53% of the Android financial apps examined having been “cracked” and 23% of iOS financial applications analyzed having hacked variants

“Mobile apps continue to be under attack, with billions of dollars at stake. Damages from these attacks typically result in brand damage and financial loss. Attacks typically include tampering, unauthorized access, fraud, piracy and intellectual property (IP) theft,” the report said.

Read More Here… (PDF)