Does your organization use the same level of security for smartphones as for laptops and desktop computers? If not, your company is at high risk for a security breach or data loss.
For IT organizations in the financial sector, one of the most urgent corporate mandates is to exploit mobility and give employees secure anytime, anywhere access to key financial applications. By mobilizing the enterprise systems and work flows, banks, insurance brokers, and financial firms are aiming to drive competitive advantage and increase profitability.
Wireless Vulnerability Increases Risk of a Security Breach
In the rush to mobilize, many financial institutions have not fully realized the increased risk that smartphones and other handheld converged devices expose the corporate network to, if it is not properly protected. A majority of mobile devices have insufficient security and privacy protection in place, and they do not comply with government regulations such as the Payment Card Industry Data Security Standard (PCI DSS), Sarbanes-Oxley (SOX), and the Healthcare Insurance Portability and Accountability Act (HIPAA). In fact, fewer than 10 percent of companies currently deploy mobile security suites even though such security suites have been shown to be highly effective in stemming data loss, according to Gartner Group research.
Furthermore, banks and insurance brokers have to adhere to the Basel Accord, which means that they have to set aside a cash reserve to cover bad loans and losses caused by operational risks, which also include security breaches. This means that any solution that improves a bank’s ability to provably secure its networks will also improve the profitability of the bank, since it won’t have to set aside cash for some losses that will never happen. Accordingly, it is crucial to ensure that all wireless devices have sufficient and provable protection.
The consequences of neglecting security for smartphones and other mobile devices can be devastating if customer information and financial data end up in the wrong hands. A security breach is not only damaging to a company’s reputation, but leads to financial loss through lawsuits, regulatory fines, and loss of customers.
The Fundamentals of Mobile Security
Whether it is a bank with valuable financial information or an insurance company with personal data, organizations using smartphones and other mobile devices have to ensure that these devices use secure networking technology to ensure privacy protection and that they comply with corporate IT policies and government standards.
As more smartphones and other mobile devices are used throughout the organization, the rule of thumb should be that these devices use the same level of security already in use for laptops and desktop computers. In fact, it is even more important to protect wireless devices since they are so popular to use outside of work, with little control over what programs and files are being downloaded, and they use public networks to access and exchange information that resides on the enterprise network.
The Columbitech Offering—End-to-End Security for Smartphones and Laptops
Columbitech Mobile VPN is a third-generation VPN built to provide military-grade security and optimized performance for all mobile devices using wireless networks with limited bandwidth and unstable connections.
By using Columbitech’s mobile VPN client, smartphone users can get persistent anywhere access to the entire enterprise network and financial systems, without compromising the privacy of the information and risking a security breach. It outperfoms the traditional VPNs by offering faster speed, seamless roaming, and persistent connection. It not only increase productivity, it also reduces the number of helpdesk calls caused by connectivity issues, lowering the support costs of your VPN solution.
Columbitech also provides a reporting tool for automated tracking of all network events as required to prove compliance with regulations such as PCI and the Basel Accord.