Major cyberattacks in the last year involving a mobile or Internet of Things (IoT) device jumped 22% year-over-year, resulting in data or system downtime for the victims, according to Verizon’s Mobile Security Index for 2022.
The findings are somewhat surprising considering 85% of companies in Verizon’s study said they now have a budget dedicated to mobile security. The report surveyed some 600 security professionals responsible for security strategy, policy and management who also do the buying, managing and security of mobile and IoT devices for their companies.
For MSPs and MSSPs, the report is a timely reminder that MSPs and MSSPs need to extend their managed security services beyond traditional cloud, network, server and PC systems.
The Breakdown
Here are the report’s highlights, segmented by industry:
Enterprise
- 23% of respondents suffered a mobile security compromise. Of those, 74% said the impact of the mobile security compromise was major and 34% said it had lasting repercussions.
- 81% of organizations said their mobile device security spend increased over the past year and 76% believe it will increase over the coming year as well.
Retail
- 88% of businesses worry that a mobile security breach could have a lasting impact on their brand or customer loyalty.
- 70% said that increased mobile use is essential to staying relevant to consumers, while 41% said this presented a daunting security challenge.
Financial services
- 93% of executives believe cybercriminals see their sector as a more lucrative target than other industries.
Healthcare
- 87% of healthcare organizations worry that the highly confidential nature of patient data makes them a target for cybercriminals.
- 85% are concerned that a security breach could compromise patient care.
- 76% of organizations agree that the adoption of telehealth presents healthcare providers with a great opportunity to improve patient care.
Manufacturing, construction and transportation
- 79% believe a mobile security compromise could disrupt their entire supply chain, resulting in serious financial implications.
- 76% of organizations agree that the adoption of mobile-based services by shop floor workers is essential to improving productivity.
Public Sector and education
- 87% said that employee expectations for remote/flexible working is forcing them to re-evaluate how they operate. Another 72% of respondents agreed that the increased use of mobile-based services by public sector employees is essential to accelerating the digital transformation of public services.
Downtime is Money Lost
Sampath Sowmyanarayan, chief executive, Verizon Business, put the findings into perspective:
“For businesses – regardless of industry, size, or location on a map – downtime is money lost. Compromised data is trust lost, and those moments, although not insurmountable, are tough to rebound from. Companies need to dedicate time and budget on their security architecture, especially when it comes to off-premise devices. Otherwise, they are leaving themselves vulnerable to cyberthreat actors.”
