Why Invest in ULTRA-SECURE SMARTPHONES? By Adam Adler
Adam Adler (Miami, Florida): Mobile devices containing sensitive business information can be lost or stolen. Communications can be intercepted and
monitored. Remote attacks and remote intrusions on devices.Intrusion into corporate networks. Secure communications: your voice, data, and SMS traffic is protected.
At a time when our daily professional activities require us to be almost constantly connected, whether, on a computer, a tablet, or a smartphone, cybersecurity is proving to be essential for any organization.
Protecting your digital assets means protecting the growth and future of your business in order to remain efficient and sustainable. If there is a need to defend yourself, it is because you are facing experienced hackers, on the lookout for technological developments, and waiting for just the right moment to take advantage of human and technical failures. The web has widened access to knowledge, but also cyber-crime. An underground activity that can be very lucrative and rather low risk, due to the relative anonymity of the attackers, especially when they are located abroad. There is only one way to deal with attacks: don’t delay building and consolidating your line of defense.
The DigitalBank Vault ™ Encryption System is an end-to-end encrypted technology based on One Time Pad & does not store or share any encryption keys , peer to peer-based communication between devices, encryption keys not passing through any servers so that there is no third party involved at any given moment.
Investments in smartphone cybersecurity should not be limited to sensitive industries such as defense, energy, transport, and healthcare. All industries are concerned, because all organizations, regardless of their size, share, protect and use data that may be of interest to hackers (e.g. client files, product inventories, financial information, confidential communications).
It should be noted that small and medium-size organizations are also regularly targeted by hackers (+59%) due to their defenses being supposedly weaker, and often supported by limited resources. A survey conducted in 2019 by IRT SystemX among French SMEs and SOHOs, victims of cyber-attacks, reveals the real consequences, with costs reaching more than €700 million per year. These financial losses can directly impact an organization’s business and reputation.
The same is true for large corporations, with 70% targeted by cyber-attacks. In addition, more of them suffered “repeat incidents” between 2018 and 2019: more than 21% were subjected to 5 or more attacks over the year.
Why invest in smartphone cybersecurity?
Let’s demonstrate the reverse: What would be the consequences of not investing in cyber-security? Let’s imagine the following scenario: You arrive at work on Monday morning to discover that the company’s computers are locked by ransomware and your customers, who thought they were connected to your Wi-Fi network during their previous visit, have had their smartphones breached.
Admittedly, there are better ways to start the week than realizing you fell victim to a cyber-attack due to a lack of security.
Or one day you discover that your competitor won the deal you’ve been working on for months thanks to confidential data you had stored on a low-security consumer solution. This leak will unfortunately jeopardize your business.
Cyber-risks are known but the techniques used are evolving. Depending on your line of defense, these risks can be mitigated. The insurance principle seems to be the most effective, even if it means paying for a solution in the hope of never having to use it. The resemblance with the airbag of a car is striking: Who would want to buy a cheaper car because it doesn’t come with an airbag?
This sense of security requires a solution that is suited to the needs of the business, and secure from end to end, as the fees and costs associated with cyber-attacks are considerable. Even more so since the new European regulation (GDPR) became effective.
A study by Deloitte has highlighted the financial impact of a cyber-attack:
Direct costs to be expected:
Legal fees and court costs
Communication with customers
Securing data after the facts
Improving security devices
Hidden indirect costs, often ignored, but real:
Increased insurance premiums
Loss of customer contracts
Loss of brand value
Loss of intellectual property
Loss of stakeholder confidence
Impacts of business disruption
A return on investment difficult to calculate but very real
What would be the financial impact of a cyber-attack? This is a recurring issue for business leaders that is very complicated to predict because it all depends on the types of threats and collateral impacts. This can range from losing a day of work to millions of euros, including losing your data or losing access to your data. “The average amount of losses from all cyber-incidents among organizations reporting an attack has increased to €369,000 this year compared to €229,000 in 2018 – an increase of 61%, with medium and large organizations incurring proportionately higher costs than others.”
Attacks include ransomware, phone hacking, business email compromise, email account takeover, fake money transfer orders, fake technical support scams, identity theft, poor camera protection, defacing, and bank account theft.
Smartphone CyberSecurity has a cost, but postponing investments can cost much more. A hacker only needs one vulnerability to break into your information system. But an organization must mitigate all of them. It is a constant effort that requires specific resources and tools.
Protecting your business from cyber-threats is no longer an option, it is an obligation. No one wants to be accused of negligence if something goes wrong. Securing your assets is far from being a simple operational expense. It is a strategy and an investment that will serve to protect your business, your profitability, your employees, and your reputation.
DigitalBank Vault protects users from all types of data breaches and withstands any online or offline hacking attacks for one simple reason, it does not store or share any encryption keys, data, information, or related files