A survey shows that one in three organizations admits to encountering data breaches through mobile devices, indicating a five percent increase from last year. Mobile devices are prone to security threats like other devices. Despite that, many companies fail to protect their mobile devices as half of the survey participants admitted to sacrificing mobile security to finish a job faster.
Expediency at What Cost?
Data breaches can be costly. In 2018, the average cost of a data breach went up to $3.86 million, which is 6.4 percent higher than the previous year. Meanwhile, a stolen record with sensitive and confidential information costs $148, which is an increase of 4.8 percent.
Providing company-owned mobile phones to your employees can be beneficial to your organization. It allows them to use the same hardware and software for greater efficiency. But since it’s prone to security breaches, you may need a virtual IT support to protect your business from potential risks.
Security Threats Can Slow Down Your Growth
Running a business involves various challenges that you need to overcome. One of them is cybercrime. Data show that 31 percent of organizations deal with cybercrime, making it the second most reported economic crime.
Security threats can have an impact on your company’s growth; vulnerabilities in your business can compromise your current financial situation and can jeopardize its future.
Treat your cybersecurity measures as a key asset that can contribute to the continuity of your business. To secure your assets, you need first to understand the security threats that your organization may encounter.
Top Security Risks of Company-Owned Mobile Devices
Mobile devices can be harder to secure than other office devices, like desktop computers, UPS devices, and network firewalls, because of their unique features. Portability, for instance, can pose a threat to the security of your mobile devices. Although it provides convenience, the portability of mobile devices makes them susceptible to loss or theft.
Mobile phones are also prone to a risky device configuration. These devices don’t usually use anti-malware protection because they run with administrator rights. Stored data may also be unencrypted, putting information at risk despite having controls, like biometric readers or password requirement.
Malicious Wi-Fi networks can also cause a series of data breaches. Some networks, particularly the public ones, ask users to sign in using a Facebook or a Google account to gain access. Doing so allows malicious individuals to see the user’s credentials.
Secure Your Data in the Long Run
A Mobile Threat Report shows that the number of fake apps significantly increased from 10,000 in June 2018 to 65,000 in December of the same year. Moreover, data show that malicious or criminal attack causes nearly half of security breaches. Another 27 percent is due to the negligence of employees.
Your mobile security must keep up with the changes. Otherwise, your business will have to deal with the cost of a breach, financial and otherwise.
Working with a virtual Chief Information Officer (CIO) can help you assess the integrity of your IT. The virtual CIO can also assist design a strategy that can strengthen the security of your company’s data while meeting your business needs.
As a virtual CIO provider, CMIT Solutions combines business acumen and technology to ensure your IT drives your growth. We offer technology planning, IT strategies, and collaborative input on budgeting, that cater to your unique needs.
Secure your business’s assets. Contact us today for more information.