Complacency around Cyber Security Puts Customer Privacy at Risk

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Complacency is the greatest risk to customer privacy today. A massive 83% percent of companies are complacent about their mobile security, according to the recently published Verizon Mobile Security Index 2018 Report. The report also revealed a significant number of concerning insights relating to how corporations are securing their mobile fleet – and how inadequate their security measures are.

Mobile Security Insights:

  • Almost half (47%) of businesses do not encrypt sensitive data on open networks – putting them at significant risk of data loss, as well as the fines associated with a data breach
  • Only 39% of mobile device users are changing all of their default passwords, making the device easier to hack and access if lost or stolen.
  • Within companies, only 38% of users apply two-factor authentication on their mobile devices, with corporate compliance policies not enforcing appropriate safety measures for company devices.
  • 89% of companies rely on a single security strategy to keep their mobile networks safe, creating only one layer of security in a multi-faceted risk environment
  • 79% of companies consider their own employees to be the most significant threat to their security, ahead of hacktivists and criminals.

Companies also lack risk identification and recovery procedures to reduce the impact of a data breach should one occur, and do not have response policies in place to notify the relevant parties in the event of a breach.

What is the cost of not implementing these measures? 32% of enterprises were found to have sacrificed security for cost and performance. These companies ended up being 2.4 times more likely to suffer data loss and downtime and had exposed their core infrastructure to significant threats. Company Directors should be aware that a single data breach could come with a $2.1million fine from the Australian Government as well as personal penalties, significant financial losses and the trust and loyalty of their customer base.


Mobile Security

Mobile security does not need to come at the cost of productivity or efficiency. An effective security strategy enables corporate success, rather than inhibits it. What are some steps that you can do to improve security and meet NDB guidelines? These include:

- Implement Mobile Device Management and enforce passwords at a minimum
- Encrypt data sent over public and open networks
- Always know who is accessing your network and what they are accessing
- Restricting access for users on a need-to-know basis
- Applying regular system testing

If you would like advice on how to meet customer data privacy guidelines, get in touch with imei today. Our mobility experts can help you discover strategies that will improve productivity, reduce costs, and secure company and client information.

Topics: Security