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    Importance of mobile security

    June 17, 2020

    As our digital world continues to become increasingly mobile, the topics of increasing speed of accessing data and innovation are often at the forefront of our conversations. However, while in search of the “fastest solution”, organizations are opening themselves up to major security risks, a risk that for organizations (especially financial institutions), is simply not worth it.

     

     

    Data vulnerability

    As a financial institution, you strive to create the best experience possible for your members, in any way that you can. However, this desire to serve your members could come with sacrifices that you were unaware of.

     

    According to this Forbes article, 62% of enterprises sacrifice mobile security for speed. While these sacrifices are being made with the best intentions for consumers (offering greater efficiency and convenience), many cyberattackers are looking for organizations that may be overstepping in this realm. To make things worse, these cyber-attacks maybe more impactful than you may think.

     

    To give reference of their impact, the average bank robbery is $3,000 while the average business email compromise attack is close to $130,000.

     

    Most financial institutions understand the importance of having safe and secure data, however, the areas in which we store data are only continuing to change. One of the main areas we are seeing data storage change is in the cloud. Continuing to be more digitally integrated, financial institutions are now also collecting data from a mobile device.  While the information collected from mobile devices creates new opportunities for insights, the importance of securing that data cannot be lost in the process. Is your organization confident about the mobile security you currently have in place?

     

    54% of enterprises are less confident about the security of their mobile devices than that of their other systems.

     

    Read more about how Celero protects our organization’s and our client‘s data through data privacy.

     

     

    Keeping your financial institution prepared  

    Here are four ways your credit union can make sure that it is remaining safe while continuing to innovate with the mobile world.

     

    1. Perform fundamental security practices around your data. Adopt regular security screening for staff, use strong mobile data encryption, provide access on a “need-to-know” basis and ensure default passwords are removed or changed corporate wide

     

    According to Forbes, currently, only 13% of enterprises have adopted this strategy.

     

    1. Stay informed on changes in data management and security practices as well as cyber security threats
    2. Practice good cyber hygiene. Look into adopting an industry standards cyber security framework such as the CIS Top 20 Controls, NIST Cybersecurity Framework, or ISO 27001
    3. Move towards a zero-trust model for mobile

     

    Looking to get more information on becoming more secure? Contact us.

     

     

    Related articles:

    How Celero is taking cyber security to the next level

    Fraudsters exploiting COVID-19 for profit

    How to be more secure in 2020

    Data: the secret ingredient for strategic decisions

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