Top Implications of Cyber Attacks on Enterprise Mobility Software
With an increasing number of companies opting for enterprise mobility software, the question of securing data and seeking protection from cyber attacks has become an issue of paramount importance. It is now becoming clear that companies need to subscribe to enterprise mobility management (EMM), and strong security services in order to protect data and privacy. While data, technology, infrastructure, and productivity are all hit when cyber attacks take place, there can also be legal and unforeseen implications that may put businesses at risk, if adequate measures aren’t taken. Key facts By 2021, the cost of damage caused by cyber crimes is expected to shoot up to $6 trillion, twice the amount since 2016. Companies spent $80 billion on cybersecurity services and products in 2016. By 2021, this expenditure is likely to exceed $1 trillion. More than 4 billion people will be online by 2020, which means, there will be so many potential hacking victims. Bloomberg reports that the next WannaCry attack can cost insurers $2.5 billion. There are dozens of Android devices that come pre-loaded with malware. An astounding 8.5 million cyber attacks were conducted in 2016 just on mobile devices. Ponemon mobile security survey revealed that only 39% of respondents had some level of mobile security feature in place. The rest were unprotected. Let us take a look at the top implications of cyber attacks on enterprise mobility solutions. Loss of data Most cyber attackers are now aware that a large amount of data is stored on applications and mobile data servers. If they are trying to harm a certain corporate entity, this is where they usually go. Moreover, cyber attacks may take down entire sites, including mobile data, which can lead to irretrievable loss of data. In a survey conducted by Economist Intelligence Unit (EIU) recently, private intra-company communications were held to be the most important asset by 14% of respondents, while strategic plans & initiatives and regulated data were held to be important by 12% of respondents each. Customer information was deemed to be the most important asset by 10% of the survey respondents. This study was sponsored by VMWare. The solution is to invest in data storage plans that secure all your files and ensure against loss of data. Also, these services make copies your data so that nothing is lost forever, even if you are attacked sometime. Consider contacting both cloud and on-premises storage companies. Data theft and misuse A potential cause for concern is cyber-attacks leading to theft of data. This is a more serious situation than the loss of data, as sensitive information may be used by malicious entities for their own ulterior motives. In fact, theft of data and its misuse has been described as the single most serious implications cyber-attacks. McAfee recently revealed that dead apps which haven’t been updated or secured are particularly vulnerable targets for cyber-attacks and data thefts. McAfee Mobile Threat Research revealed that more than 4,000 apps on Google Play were discarded without informing users, making their data vulnerable to misuse. To protect yourself against theft of data, invest in a good encryption service and make sure that all your dates encrypted and saved securely. It is also important to restrict access to sensitive data depending on time, place and person. Consider an overhaul of your BYOD policy as well. Impersonation and identity theft While theft of data is a serious concern, what troubles many e-commerce entities is that cyber attackers can easily steal consumer information and customer-related private information. This can lead to serious implications such as impersonation and identify theft, both of which have been described as anxiety-provoking for companies. Luka Malisa et al (2016) published a conference paper in 2016, in which they revealed that among the 150,000 mobile apps they analyzed, more than 40,000 impersonation cases were detected. They concluded that impersonation detection was possible if closer scrutiny was given to user interfaces of these apps. To protect yourself and your customers from impersonation and identity theft, invest in encryption and secure data storage services. Ensure that backups are encrypted too, so that identity cannot be stolen easily. Identity theft is a reality and millions of customers and consumers are already victims of these cyber-attacks. It is also important to focus on the UI/UX of the app so that it’s not vulnerable to impersonation. Legal consequences What could be worse than being attacked by hackers and losing data? Being sued by your clients and customers for loss of data and identity theft. Thousands of companies have faced litigations costing them millions of dollars because critical information was either leaked or stolen, leading to loss and other consequences. Legal consequences of being victims off cyber-attacks can be quite serious and it is something that you should seriously consider. In the UK, individuals can sue a company for causing them distress, while in the US, individuals can file class action suits against businesses that have rendered their data vulnerable. In the UK, fines can run up to 500,000 pounds, whereas in the US, 2-5% of annual turnover maybe confiscated as fines, according to an article published in the Infosecurity Magazine. To protect yourself from legal consequences of being victims,cyber-attacks ensure that you insure your service against hacking attacks and lose data. While insurance provides a layer of legal security, a better option is to make sure that you are protected from hackers themselves. Financial consequences An important consequence of cyber-attacks is a loss of money and financial losses. Financial consequences can be multi-faceted. You might have to spend money on retrieving data, on bolstering existing infrastructure, paying compensation, hiring detectives or cyber sleuths, legal expenses, etc. Financial consequences alone should force you got consider strengthening your cybersecurity. It is reported that companies spent a staggering $80 billion in 2016 alone on cyber-security products. This figure is expected to cross a trillion dollars by 2021. As an example, just WannaCry attack cost insurers more than $2.5 billion. If you were wondering how much the actual