Report reveals sharp rise in mobile & IoT security risks
Verizon has published its 7th annual Mobile Security Index (MSI) report for 2024, shedding light on various risks to mobile and device security. The report delves into the complexities of security threats and the current landscape, particularly as the use of mobile and Internet of Things (IoT) devices expands. This year, the report extends its focus to cover IoT devices and sensors, illustrating the challenges introduced by these technologies, especially in the context of an increasing trend towards remote work.
The report identifies a worrying rise in reported security risks connected to mobile devices. According to the findings, 85% of respondents stated that security risks from mobile devices had increased, highlighting a growing concern in this domain. This comes at a time when employee reliance on mobile devices is increasingly a double-edged sword. Although many businesses are considered technologically advanced, employees' understanding of security measures does not always match this sophistication. An alarming 33% of mobile phishing attacks on technology firms have been successful.
Responses from the public sector indicate the severe ramifications of security breaches. A substantial 85% of public sector participants mentioned that a violation could potentially endanger human lives. This statistic underscores the critical nature of securing sensitive information within these institutions. Furthermore, media and communications firms are also at significant risk, with 21% of mobile phishing attacks being successful. The spread of misinformation facilitated by security breaches is particularly concerning for these companies.
The Mobile Security Index surveyed 600 professionals responsible for security strategies, policies, and management. A key finding from the survey is that 80% of respondents deem mobile devices crucial for their operations, and 95% are actively integrating IoT devices. The dependency on these devices is particularly pronounced in critical infrastructure sectors, where 96% of respondents report IoT device usage. Over half of these respondents indicated that they had experienced severe security incidents leading to data loss or system downtime.
Emerging threats facilitated by artificial intelligence (AI) also pose new challenges. The report notes that 77% of respondents anticipate AI-assisted attacks, such as deepfakes and SMS phishing, to be successful. However, AI technologies are not only a source of threats; they also present potential solutions. Some 88% of those surveyed from critical infrastructure sectors acknowledge the importance of AI-assisted cybersecurity measures to defend against these emerging threats.
Business leaders are encouraged to pay close attention to the growing mobile and IoT threats. The MSI report aims to guide cybersecurity decisions across organisations of varying sizes and industries. The need for robust security measures has never been more apparent. Reflecting this, 84% of respondents have increased their spending on mobile device security in the past year, and 89% of those from critical infrastructure sectors plan to increase their security budgets further.
The findings from the 2024 Mobile Security Index underscore the evolving and intensifying threats in the mobile and IoT security landscape. These insights can inform the strategic decisions of Chief Information Officers and IT decision-makers as they navigate an increasingly complex security environment.
