In week four of Cyber Security Awareness Month, we’re turning our attention to the ever-expanding world of technology and its impact on our daily lives. At Wallter, we recognize that as technology continues to advance, the need for robust cybersecurity measures becomes even more critical. This post explores the concept of “app-titude,” or how well you understand the security risks associated with the apps and devices you use daily.
The Rise of a Connected World
With the Internet of Things (IoT), mobile apps, and cloud computing, individuals and businesses are more connected than ever before. By 2025, it’s projected that there will be 75 billion connected devices globally, up from 30.73 billion in 2020. While this brings convenience, it also presents new vulnerabilities that cybercriminals are eager to exploit. In fact, cybercrime is estimated to cost businesses over $10.5 trillion annually by 2025, up from $3 trillion in 2015.
What This Means for Businesses:
With the rapid growth in connected technology, financial institutions, in particular, must take extra precautions to protect sensitive financial data and transactions. Businesses that fail to invest in cybersecurity can face not only financial losses but also irreparable damage to their reputation.
1. Understanding App Permissions
Many apps request permissions that are not necessary for their core functionality. For example, apps may ask for access to your location, contacts, or even your camera and microphone. By granting these permissions, users can unknowingly expose themselves to privacy violations or data breaches. This can be especially damaging for businesses, which may inadvertently compromise sensitive customer data.
How to Combat It: Review the permissions requested by apps and disable any that seem unnecessary. Only download apps from trusted sources, such as official app stores. Wallter clients are encouraged to regularly audit the apps used within their organizations to prevent potential security risks.
2. The Security Risks of IoT Devices
IoT devices, such as smart thermostats and wearable fitness trackers, are becoming commonplace in homes and offices. However, these devices often lack strong security features, making them vulnerable to hackers.
How to Combat It: Regularly update the firmware on all IoT devices to patch security vulnerabilities. Use strong, unique passwords for each device, and avoid connecting IoT devices to public Wi-Fi networks. Businesses should also consider segmenting network traffic so that IoT devices are isolated from sensitive financial data.
3. Data Privacy in the Age of Apps
Apps collect significant amounts of data about users, which can be sold to third parties or stolen by cybercriminals. For businesses, protecting sensitive customer data is a legal and ethical obligation. Failure to safeguard this information can lead to serious legal consequences and a loss of trust.
How to Combat It: Implement data encryption for all sensitive information. Wallter advises clients to use apps that prioritize data privacy and provide clear information about how user data is handled. Businesses should also establish and enforce strict data privacy policies.
4. Mobile Device Management for Businesses
As employees increasingly use mobile devices for work, businesses must implement mobile device management (MDM) solutions to ensure the security of corporate data. The use of personal devices for work can increase the risk of data breaches if proper security protocols are not in place.
How to Combat It: Require employees to use company-approved devices and apps when accessing sensitive information. Implement security measures such as PINs, biometric authentication, and multi-factor authentication to secure devices.
5. Future Trends in Connected Technology
As artificial intelligence (AI), machine learning, and 5G continue to shape the future of technology, businesses must remain vigilant to emerging security threats. These new technologies offer great potential but also open the door to more sophisticated cyberattacks.
How to Combat It: Stay informed about the latest developments in cybersecurity and update security protocols regularly to reflect emerging technologies. At Wallter, we continue to invest in cutting-edge security solutions to protect our clients’ transactions and data from the latest threats.
In today’s interconnected world, understanding the risks associated with apps and devices is crucial to maintaining strong cybersecurity. By reviewing app permissions, securing IoT devices, and prioritizing data privacy, businesses and individuals alike can stay one step ahead of potential threats. At Wallter, we believe that proactive cybersecurity measures are essential for long-term success.
As we approach the final week of Cybersecurity Awareness Month, we’ll focus on building resilience in critical business systems. Next week, we’ll provide essential tips on how to strengthen your business’s defenses to ensure that operations remain secure and reliable against ever-evolving cyber threats. Stay tuned for insights on safeguarding your digital assets and fortifying your business against potential disruptions!