Damballa Executive Briefs Federal Reserve Board on Cyber Threats to Mobile Banking

ATLANTA--(BUSINESS WIRE)-- Damballa Inc., the company transforming the fight against cyber threats, announced that Stephen Newman, vice president of product management, briefed the Federal Reserve, FDIC and National Credit Union Administration (NCUA) on current technical and business risks to mobile banking and mobile payments at an IT symposium at the Federal Reserve Bank of Chicago.

Newman’s presentation gave members of the Federal Financial Institutions Examination Council a better understanding of the mobile threats that may impact regulated entities, as well as detection systems that organizations can use to combat fraud on mobile devices.

As a featured speaker, Newman explained how malware threats for mobile devices can be directly associated with malware-related activities from the non-cellular world. He provided details for two specific mobile threats, illustrating the benefits of applying network-level analysis to identify infected subscribers and their related criminal network traffic. Newman encouraged financial institutions to share threat intelligence and assess the risk of mobile devices attempting to conduct financial transactions before a problem arises.

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About Damballa - Damballa is a leading provider of advanced threat protection solutions for corporate, telecommunications and Internet service provider networks. Damballa provides the only network security solution that detects both criminal command-and-control (C&C) behaviors and inbound malware; automatically correlating all evidence of criminal behavior to uncover hidden infections and terminate the criminal activity.

Patent-pending solutions from Damballa protect networks with any type of server or endpoint device including PCs, Macs, Unix, smartphones, mobile and embedded systems. Damballa protects more than 200 million endpoints worldwide at mid-size and large enterprises in every major market. http://www.damballa.com