Enterprises Need to Review their Mobile Security Policies as Mobile Banking and Payments Increase in Popularity, says IDC Financial Insights
28 Jun 2012
Singapore and Hong Kong, June 27, 2012 – The popularity and massive growth of smartphones for business use is forcing enterprises to sit up and rethink their security and defense mechanisms. In the report "Enterprise Mobile Device Security: Development Guidance to Tackle the Mobile Security Minefield" (Doc # FIN235403, June 2012), IDC Financial Insights examined the need for enterprise mobile security, especially within the mobile banking and payment arena, and discussed core measures for enterprises to boost mobile security, including mobile device management (MDM) and mobile application management (MAM).
"By 2012, the Asia/Pacific region will command 47% of the global smartphone pie, which is equivalent to 541 million units (See Figure 1). With the rise of smartphones, IDC expects malicious mobile software - or malware such as viruses, worms, trojan horses, spyware and other rouge applications - to increase exponentially as we move into the future and this will in return amplify demand for mobile security solutions in Asia/Pacific," commented Li-May Chew, CFA, Associate Director for IDC Financial Insights Asia/Pacific Financial Advisory Service.
Meanwhile, the increasing prevalence of mobile devices within the business environment, also known as the consumerization of IT or the bring-your-own-devices (BYODs) phenomenon, coupled with increasing popularity of mobile banking, payments and wealth management schemes further imply that these instruments will become a more prominent vector of attack for cybercriminals seeking to harvest corporate and financial data. For instance, malware could incorporate fake mobile banking applications in legitimate application stores to steal personal banking information.
Preventive measures to stem enterprise mobile security threats include MDM such as robust security tools to remotely secure, monitor, encrypt and manage data, and MAM to secure and control corporate data and applications on an app-by-app basis.
Chew, adds, “Nonetheless, it is not all about installing stringent mobile security features. As cliché as it may sound, we - device owners and end-users - are typically the weakest link when it comes to information security. It is thus up to enterprises to increase employee awareness of these threats and introduce programs to inculcate secure practices in the work environment.”
Important to note is that although majority of organizations that allow BYODs have developed policies to support this trend, most employees are not aware of their company's mobile security policies. With more enterprises allowing employees to use non-standard unmanaged devices for work to access sensitive corporate information, the need to educate staff about mobile security policies and ensure that they are adhering to necessary security mandates intensify.
To purchase the report, "Enterprise Mobile Device Security: Development Guidance to Tackle the Mobile Security Minefield" (Doc # FIN235403, June 2012), please contact Sheryl Fuertez at email: email@example.com or Tel: +65-6829-7758. This report also includes projections for enterprise mobile security spending from years 2012-2016 and essential guidance for mobile security vendors as the arms race between cybercriminals and information security protectors within the mobile arena intensifies.
To set up a media interview with Li-May Chew, contact Lay Fang Tan at firstname.lastname@example.org.
About IDC Financial Insights
IDC Financial Insights assists financial service businesses and IT leaders, as well as the suppliers who serve them, in making more effective technology decisions by providing accurate, timely, and insightful fact-based research and consulting services. Staffed by senior analysts with decades of industry experience, our global research analyzes and advises on business and technology issues facing the banking, insurance, and securities and investments industries. International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology market. IDC is a subsidiary of IDG, the world’s leading technology, media, research, and events company. For more information, please visit www.idc-fi.com, email email@example.com, or call 508-620-5533. Visit the IDC Financial Insights Community at http://idc-insights-community.com/financial.
International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. IDC helps IT professionals, business executives, and the investment community to make fact-based decisions on technology purchases and business strategy. More than 1,000 IDC analysts provide global, regional, and local expertise on technology and industry opportunities and trends in over 110 countries worldwide. For more than 47 years, IDC has provided strategic insights to help our clients achieve their key business objectives. IDC is a subsidiary of IDG, the world's leading technology media, research, and events company. You can learn more about IDC by visiting www.idc.com.
For more information, contact:
Li-May Chew, CFA
Lay Fang Tan