Cybersecurity on the go

The rise of cryptocurrency and digital payment methods has revolutionized the way we do business, and by extension it has introduced new security risks to the financial industry. As digital companies increasingly rely on mobile devices to conduct business, it is essential to understand the unique vulnerabilities of these devices and take steps to mitigate them.

One of the biggest security risks associated with mobile devices is the potential for hacking. Hackers can use malicious software to steal passwords and sensitive information, giving them access to the financial company’s data, as well as the personal information of clients. This not only violates the privacy rights of clients, but it also puts the financial company at risk of hefty fines under GDPR regulations.

Digital organizations must also be mindful of the risk of data breaches caused by lost or stolen mobile devices. If a device containing sensitive client data is lost or stolen, the information could fall into the wrong hands, leading to financial fraud and/or identity theft.

To mitigate these risks, financial companies must implement robust mobile device security measures, such as strong passwords, encryption, and remote wipe capabilities. Additionally, regular security updates must be installed to prevent the exploitation of known vulnerabilities.

Furthermore, financial organizations must educate their employees on the importance of good security practices when using mobile devices. This includes, amongst other things, proper password management, avoiding public Wi-Fi networks, and being vigilant of phishing attacks.

Phishing is most likely one of the most common, simplest yet effective method of illegally gathering personal data, with one of the main access points for gaining company wide data being personal devices. Employees' personal mobile devices are particularly vulnerable to phishing attacks for several reasons:

• Lack of security measures: Many employees use personal devices for work purposes, but these devices are often not protected by the same level of security as company-issued devices. This makes it easier for cybercriminals to target these devices with phishing attacks.
• Increased use of mobile devices: With the shift towards remote work, employees are using their personal mobile devices more frequently for work purposes. This increased usage also increases the risk of phishing attacks, as employees are more likely to receive and respond to phishing attempts on their devices.
• Limited awareness of phishing scams: Employees may not be aware of the dangers of phishing scams or may not understand how to identify a phishing attempt. This can lead to employees unwittingly providing sensitive information to cybercriminals.

To protect against phishing scams on personal mobile devices, employees should follow these best practices:

• Use a reputable antivirus and anti-malware software.
• Keep their operating system and software up to date.
• Be wary of suspicious emails, messages, or websites.
• Use strong and unique passwords for all accounts.
• Enable two-factor authentication where possible.
• Organize and file data in different categories regarding risk level. This means you can allow some data to be accessed remotely and others purely on company devices. 
• Properly monitor devices with cybersecurity software to make sure no company files maliciously leave employees devices.
• Correctly delete necessary files in compliance with local general data protection regulations in so that no dormant and unnecessary personal information lies on both personal and company devices.

In conclusion, personal mobile devices pose a significant security risk when it comes to phishing scams. To protect against these attacks, employees should take the necessary precautions to secure their devices and be vigilant in identifying phishing attempts. Remember, above all else, individual people in large organizations present the biggest cybersecurity risk, and this risk is magnified by personal devices.