It's a dilemma that has banking executives, compliance officers, information security officers and security professionals on high alert. Mobile devices are essential tools but can be enormous liabilities from the perspective of security and compliance — especially when employees are allowed to use personal cell phones and devices for business purposes.
Although 80% of industry respondents surveyed agree that mobile devices have become critical to the smooth running of their organization, 85% also say that risks from mobile devices increased compared to the previous year, according to the Verizon 2024 Mobile Security Index. Regulatory agencies such as the SEC have highlighted the critical issue of communications compliance, slapping hefty fines on many top financial institutions for improper recordkeeping related to personal cell phones and consumer communications apps.
In today's fraud environment, mobile security risks are expanding, causing many firms to reevaluate their mobile communications policies. To learn about the security and compliance considerations associated with both corporate-managed and personal mobile devices, download this Verizon white paper.