Financial Services Enterprises At Risk for Mobile Phishing

Financial Services Enterprises At Risk for Mobile Phishing

Recently, mobility security provider Wandera released their “Mobile Security in the Financial Services” report. Among their critical findings, Wandera found mobile phishing attacks pose a significant risk for financial services enterprises. 

In fact, Wandera discovered financial services suffer mobile phishing attacks in higher volumes than other industries: 57% compared to 42% cross-industry. Moreover, financial businesses also suffer a higher volume of man-in-the-middle attacks – 36% compared to 24% cross-industry. 

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Regarding the deluge of mobile phishing attacks, Wandera notes financial businesses can’t rely on training alone. Instead, they need to adopt a multi-pronged approach beginning at the mobile endpoint. 

Other Key Findings for Financial Services

Surprisingly for a mobile security report, the financial industry received some good news from Wandera. Financial enterprises don’t suffer as many malware attacks as expected. In fact, it only affected less than 1% of companies, although Wandera does stress it happen. 

Additionally, Wandera notes employees in financial oriented businesses tend to use their devices more responsibility. Therefore, even though financial services suffered more cryptojacking attacks compared to cross industries (26% to 18%, respectively), it affected them less. 

Finally, financial businesses struggle with ensuring screen lock on their mobile devices. 5% of financial employees fail to enact screen lock on their devices. Of course, this leaves them open to data loss and other kinds of data leaks. 

Overall, while the report offers a case for optimism for financial industries, you still need a mobile device management solution. Phishing can still damage or destroy your business processes. Don’t let it. Get started on mobile security now, before the worst happens.   

You can download the full “Mobile Security in the Financial Services” report by Wandera here. If you would like to get started on the multi-pronged approach to your enterprise’s mobile security, check out our 2019 MDM Buyer’s Guide! We cover the top vendors in the market and their key capabilities! 

Ben Canner

Ben Canner is an enterprise technology writer and analyst covering Identity Management, SIEM, Endpoint Protection, and Cybersecurity writ large. He holds a Bachelor of Arts Degree in English from Clark University in Worcester, MA. He previously worked as a corporate blogger and ghost writer. You can reach him via Twitter and LinkedIn.