The Business Impact of Unsecured Mobile Devices

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In 2016, it was discovered that mobile device breaches cost enterprises millions of dollars.Lookout, a global leader in mobile security, and Ponemon Institute conducted a study on the economic risk of mobile data breaches, as well as potential maximum losses. They found during their research that losses could be as high as $26.4 million. There were 588 IT and security leaders from the Forbes Global 2000 companies who participated in this study. Researchers examined the risks introduced by employee access to increasing amounts of corporate data via their mobile devices and then assigned a cost to any mobile-based breach[1].

According to the report,three percent of employees’ mobile devices on average,are believed to be infected with malware (malicious software) at any point in time. In an average Forbes Global 2000 company, that adds up to more than 1,700 infected devices connecting to the global network every day. An average enterprise spends up to $16.3 million per year, or $9,485 per infected device, to investigate, contain, and remediate mobile malware-based attacks.

Malware-based attacks on mobile devices have increasingly become a major cause of cyber-breaches,data corruption, and unavailability of essential data. A cyber-breach is the unauthorized access of data, applications, services, devices, and/or networks via the bypassing of security mechanisms put in place.More businesses are relying on smart phones, tablets, netbooks, and laptops to send emails and transport data. Cyber-breaches to these devices may impact a business’s reputation, adherence to regulations, and even its ability to take legal action.

Cybersecurity experts are unsure that they can prevent cyber-attacks on mobile devices. Dimensional Research, a leading technology market research firm conducted a global survey of security professionals which uncovered that one in five of the companies represented experienced cyber-breaches on their mobile devices and almost 25% are unaware that they had experienced an attack at all. An April 2017 survey queried 410 respondents with security responsibilities at their respective firms. The respondents had varying responsibilities and represented the five major continents within organizations of varying sizes.Among the participants, 64% were doubtful that their organizations could prevent cyber-attacks to mobile devices[2].

Wilson Consulting Group (WCG) recommends that businesses seek to implement and enforce mobile security policies and encrypt critical data.Our services guide you to the best mobile device management solutions to suit your needs. We have the knowledge and technical expertise to point you in the right direction.

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Please contact us here to learn more about how we will help you to maintain a mobile-secure enterprise.

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[1]https://www.lookout.com/news-and-press/press-releases/a-mobile-data-breach-could-cost-an-enterprise-264-million

[2]https://blog.checkpoint.com/wp-content/uploads/2017/04/Dimensional_Enterprise-Mobile-Security-Survey.pdf