As mobile banking increases, data security must keep pace
30 June 2011 15:24:04
As more consumers appear willing to use their mobile devices to conduct online banking transactions, both consumers and financial institutions will need to bolster their security practices to ensure data is not lost.
According to a recent report from YouGov and Antenna Software, one-third of Americans already use their mobile devices for banking purposes. With the rise of Internet-connected devices, such as smartphones and tablets, this number is expected to increase even further.
This growth represents a significant opportunity for financial institutions to increase their business. However, it also represents a significant opportunity for data loss if proper security factors are not also implemented. As hackers and other cyber criminals develop more sophisticated ways to steal information, data security practices must also become more advanced.
"Building on the existing security and basic functionality available in today's mobile apps and websites, organizations can establish a competitive advantage in the future by offering a full complement of mobile banking services that foster trust with consumers as they increasingly embrace m-commerce," said Antenna CEO Jim Hemmer.
Mobile security has become a growing concern as more consumers adopt smartphones and tablets. This issue is likely to prevail, as a recent comScore report found that one in four American adults owned a smartphone as of this February.
-McAfee Cloud Security
