We always have our cell phones within reach, but how many of us are aware of their dangers? Threats to mobile security are increasing. More than 60% of digital fraud now occurs on mobile devices, including phishing scams and password theft. Security is even more crucial when using phones for vital tasks like banking. You will be affected more if your gadget is compromised as you rely more on it for daily tasks.
Data protection concerns drive the need for mobile security
One of the key factors driving the global expansion of the mobile security industry is the rising concern and knowledge about data protection on enterprise mobile devices. Not only that, but the industry's global market share was also driven by the increasing use of two-factor authentication and the requirement to adhere to security requirements. The deployment of security software in mobile devices has become necessary with the rise in e-commerce and banking activities utilizing mobile devices. Another aspect that may propel the business to great heights is cloud-based technology.
The BYOD Trend
Mobile security shield sensitive data on smartphones, laptops, tablets, and other portable computing devices against threats and security flaws. Another factor driving the expansion of the mobile security industry on a global scale is the "bring your own device" (BYOD) trend, which enables device sharing between enterprises and their employees.
Nevertheless, the global market for the mobile security industry is expanding quickly. But since technology has become more prevalent in every aspect of life, mobile breach incidents have multiplied along with cyber-attacks. Many small-scale enterprises cannot afford a mobile security system's hefty setup and maintenance costs.
Some of the mobile security threats are as follows:
When you're in a bind, connecting to open WiFi networks that don't use encryption or require a password is convenient. However, doing so might make it simple for anyone nearby to monitor your online activity. Even worse, a hacker can construct a fake WiFi hotspot to deceive people into connecting to it and stealing their data. For instance, the WiFi network can take you to a page that looks exactly like your bank's website instead of sending you there, and they then steal your password when you attempt to log in.
Attacks through phishing
Cybercriminals frequently employ email, text messages, and even voice conversations when trying to trick their victims into divulging a password, clicking on a link to download malware, or confirming personal information.
Apps that claim to track the whereabouts of your family members and children should be avoided since they are actually spyware that is "intended to allow incredibly invasive digital surveillance using a smartphone." These apps allow abusers to do various things, including read text messages and emails, locate the phone, listen in on adjacent conversations covertly, and take images. Even less nefarious apps can nevertheless gather information about your smartphone usage.
When did you last upgrade your smartphone? It might be essential for safeguarding your system from malware and other online threats. It is advisable to replace phones that are too old to receive security updates. The risk of utilizing an outdated phone that hasn't received the most recent security patches exists even if it still functions.
Regional expansion of the mobile security industry
The global market for mobile security is anticipated to expand rapidly between 2020 and 2023. North America, which includes the US and Canada, is expected to have the largest market share worldwide for mobile security. Because of its early adoption of cutting-edge technology in nations like France and Germany, Europe retains second place in the worldwide mobile security market. Furthermore, these locations have significant mobile service providers and mobile security software companies.
The Asia-Pacific area is likewise expanding quickly and consolidating its place in the world market. It results from more SMEs and other businesses increasing their adoption of mobile security software. Due to the region's significant concentration of consumer electronics producers and IT hubs, expansion in this area is also feasible. Along with these areas, Latin America, the Middle East, and Africa are vying for market share throughout the anticipated time.