Category: Featured News

As a rising number of people use their smartphones to make purchases, cyber criminals will up their efforts, too.

According to the results of a recent survey, most cyber security experts (87 percent) now feel that as mobile payments become more popular over the next 12 months, it will also bring about a rise in the number of associated data breaches.

Equally, 42 percent of surveyed cyber security experts had also already used that transaction method this year.

The survey involved the participation of 900 experts in cyber security. It was conducted by ISACA and it suggested that mobile payments are likely to progress without any real barrier from security concerns. Among the respondents to this survey, only 23 percent said that they felt that smartphone payments were actually a safe way to store personal information. Another 47 percent said that they felt that this type of transaction is entirely unsecure. An additional 30 percent of respondents said that they were unsure as to whether or not the transactions were secure.

Regardless of the risk that is associated with security, it looks as though mobile payments are moving ahead.

Nearly 89 percent felt that cash remains the most secure way for payments transactions to be completed, today. That said, only 9 percent of the respondents said that this was their preferred method of payment.

The ISACA survey participants were asked to provide their opinions with regards to the types of vulnerabilities that could be associated with using smartphones to complete payments transactions. Among them, the mobile security concerns that were identified were:

• WiFi – 26 percent
• Loss or theft of the smartphone – 21 percent
• Shmishing (text message phishing)/phishing – 18 percent
• Weak password protection – 13 percent
• User/human error – 7 percent

The report also indicated that mobile payments based on contactless and NFC technology will be continuing their growth. As a whole, the marketplace for these transactions is predicted by Future Market Insights to be worth $2.8 trillion in five years. The cyber security experts felt that the best way to boost the security of the transactions is to use two authentication methods (66 percent) and to require a short-term authentication code (18 percent).

A growing number of teams are finding that wearables are also helping to reduce the risk of injury.

Only three years ago, before wearable technology was as commonplace in the form of fitness trackers, it wasn’t uncommon for teams to use large, complex machinery to attempt to understand an athlete’s movements and habits in order to prevent injury and boost performance.

This was the case at the University of Toronto, where the varsity team had been using “what looked like a lab tool.”

This, according to engineer Rami Nabel, who was a student at the time and was weight training when he saw the tracking equipment used to try to track and analyze the performance of the varsity team. Nabel explained that the device that was used “was really intricate. There was a tripod, a display screen and a big box on the ground, with lots of wires everywhere.” Nowadays, though, wearable technology is accomplishing many of the same goals as that lab-style equipment, but in a much simpler way and at a much lower cost.

Nabel is now the founder and CEO of a fitness tracking wearable technology company called Push Inc.

Push is enabled by smartphones and is based on an armband that the athlete wears in order to be able to track and analyze various different factors throughout strength training. The device s currently being used by more than 25 professional teams around the globe and, according to Nabel, “we’re growing in the college and amateur market as well.”

This plays into a rapidly growing trend that is using wearables to help to measure performance, and the companies that are grabbing hold of a part of this trend are finding that they can make a place for themselves relatively quickly at the moment, simply because the market has yet to reach its saturation point.

According to the Canadian City of Hamilton’s business development manager, Norm Schleehanhn, “We see performance analytics as an area ripe for growth.” In July, that city announced that the surrounding area would be focusing on this field in order to become a center of excellence within performance and wearable technology. “Tech companies can take advantage of our excellent sports facilities, world-renowned health networks and post-secondary institutions to create useful partnerships.”