Verizon Report Highlights Financial Firms’ Attitudes Toward Mobile Security

As financial services companies increasingly use mobile technologies in their day-to-day operations, an overwhelming majority—92%—agree that organizations need to take mobile device security more seriously, according to a new survey from Verizon. The survey found that 47% of financial services companies have experienced a security compromise involving a mobile or Internet of Things device in the past year, up from 42% in a previous report.

The companies surveyed overwhelmingly understand the importance of mobile security—95% acknowledged that even a few minutes of downtime could have a lasting effect on their reputation, while 91% said that having a good reputation for cybersecurity helps attract new customers.

Threats from ransomware were a top mobile security concern, with 23% saying they didn’t feel prepared to handle such a threat. Firms were also concerned about mobile devices being used improperly by employees. If faced with a potential breach, financial companies’ biggest concern was the exposure or theft of data (60%), loss of intellectual property (57%), reputational damage (56%) and regulatory fines (53%).