Cyberattacks on mobile devices are on the rise.

What are the consequences of a breach? And which industries are vulnerable?

While the consequences of a security compromise will be different for every organization, the most common impacts are reputational damage, data loss, financial loss, downtime, penalties and fines, loss of additional equipment, and insurance policy increases.

Of course, not every organization will suffer all of those impacts, but of those reporting a compromise in the Mobile Security Index 2019, 62 percent described it as “major.” And 41 percent described the compromise as “major, with lasting consequences.”

Just how major are we talking? In 2018, the average cost of a data breach in the United States was $3.86 million, with a per capita cost of $148 per record.²

Though the cost can be higher or lower, depending on the industry, of those most at risk—healthcare, hospitality, public sector, retail and finance (per DBIR)—resolution costs for healthcare are the highest, costing an average of $408 per record. That’s followed by financial services, with an average cost of $206 per record.

That’s pretty major. Particularly when the number of records compromised reaches into the thousands. Or millions. Or even billions.

The propsal

What’s being done about mobile security?

So what are organizations doing about the increase in mobile threats?

As it turns out, not nearly enough.

Many are failing to meet even a basic level of preparedness. In fact, only 12 percent of Mobile Security Index 2019 respondents had the following baseline protections in place:

• Encryption
• “Need-to-know” access
• Autenticación de dos factores
• No default passwords

Not surprisingly, 85 percent of employees feel that their organization needs to take mobile device security more seriously.

What your organization should do right now.

Still, it’s time to overcome whatever it is that’s holding you back. Because, according to Ponemon Institute’s 2018 Cost of a Data Breach Study,² the odds of experiencing at least one incident in the next two years are more than one in four. Those are great odds if you’re buying a raffle ticket. Not so much if you’re facing a potentially devastating data breach.

If you’re unsure where to begin, see the “10 basic steps to better mobile device security” sidebar.

Additionally, the Mobile Security Index 2019 includes a handful of self-assessment tools, as well as a “Baseline, Better, Best” matrix that includes steps you can take to improve your mobile security stance, whatever your current level of preparedness.

Another critical step in the journey to better mobile security is partnering with the right network. Because when it comes to security, the network matters.

4G, 5G and what they mean to mobile security.

Security has improved with each successive wireless network evolution. For example, with 2G it was possible to intercept mobile phone calls as they passed over the radio waves. From 3G onward data has been encrypted, making interception much more difficult.

In fact, 4G LTE encrypts both data and signaling, to prevent it from being overheard on the radio access interface. 4G LTE also provides secure storage, mutual authentication, integrity protection and stronger encryption.

And the next-generation network, 5G, will deliver even more robust security for mobile devices,³ thanks to:

• Communication security
  5G will encrypt signaling traffic and inherits well-proven security algorithms, such as separation of keys, backward and forward security for keys at handovers, idle mode mobility and secure algorithm negotiation. New features will include automatic recovery from malicious algorithm mismatches and fast synchronization of security contexts in access and core networks

• Identity management
  With secure identity management and a new authentication framework, 5G will allow more flexible and robust authentication. It will also facilitate reuse of existing public keys and certificate infrastructure for network access authentication

• Privacy
  Subscriber privacy for data traffic, phone calls and text messages will be included in 5G, by using state-of-the-art encryption. The devices and the network will mutually authenticate each other and use integrity protected signaling

• Security assurance 
  This will help ensure that network equipment meets security requirements and is implemented following secure development and product life-cycle processes

5G is also expected to be more resilient to cyberattacks and non-malicious incidents, thanks to a core network architecture designed to support network slicing, continuous secure connectivity for mobile devices and lower latency.

The best way to capture the full security potential of 5G is to start incorporating the best 4G LTE connections and technologies into your business. The Verizon 5G Ultra Wideband network will be paired with the nation’s best 4G network, Verizon 4G LTE Advanced, and the networks will interoperate seamlessly, providing secure, reliable connectivity for years to come.