Abstract: A method, electronic device and computer program product for real-time detection of malicious software (“malware”) are provided. In particular, execution of a suspicious software application attempting to execute on a user's device may be emulated in a virtual operating system environment in order to observe the behavior characteristics of the suspicious application. If after observing the behavior of the suspicious application in the virtual environment, it is determined that the application is malicious, the application may not be permitted to execute on the user's actual device. The suspicious application may be identified as malicious if an isolated data string of the application matches a “blacklisted” data string, a certain behavior of the application matches a behavior that is known to be malicious, and/or the overall behavior of the application is substantially the same or similar to a known family of malware.