Category: Mobile Security

The company has now chosen to suspend its app regarding due to the problems and is managing the aftermath.

LifeLock, a giant in the identity theft industry, has now suspended its app following the massive mobile security issues that had plagued it, in order to give the company the chance to try to deal with some of the fallout from this devastating blow.

The company’s stock also took quite a beating when analysts downgraded it to “neutral” from “buy”.

The target share price had reached the point that it was slashed in half, by the time this article was written. The Tempe-based company’s stock price has been riding a virtual roller coaster and it doesn’t look as though it will be slowing down quite yet. This was all in response to the announcement that as a mobile security precaution, all of the user information from the LifeLock Wallet would be deleted, and the app would be taken down from Google Play, Amazon Apps, and other application stores.

Officials from LifeLock have revealed that the primary mobile security concern was over compliance.

They have stated that this is not a response to a cyberattack, but instead it is a precaution because they have discovered that their own application is not in compliance with the standards for credit card security. They explained that they were working on correcting the problem as quickly as they could, which makes it apparent that the removal of the application was done only as a temporary measure and they are hoping to provide a new one in the future.

Officials underscored the point that no personal information for any of their users had been compromised in any of these events.

According to the LifeLock vice president of corporate communications, “We’re still in the fact-finding period.” He went on to add that “We are limited in what we can share right now.” That said, he did explain that the issue with compliance was found internally and that the company voluntarily came forward to the Federal Trade Commission in order to report it.

They are now working on improving their mobile security in order to ensure that it complies with the Payment Card Industry standards for the protection of personal information.

Businesses that have bring your own device (BYOD) programs must protect themselves against this risk.

The mobile security risk that is created by the use of tablets and smartphones in businesses as a result of the use of third party apps has experienced a “monumental increase” according to the results of a recently published report.

What it showed as that these concerns have been steadily and considerably growing.

This is the case, said the report, even in the activation of enterprise apps that have greater mobile security complexity, particularly in terms of secure browsing. This information was published within the Q1 2014 Mobile Index Report that was issued by Good Technology. It also revealed that organizations are actually trying to take back control over their risks by leveraging enterprise apps that do provide greater protection.

The data for this mobile security report is gleaned from the activation tracking done by Good Technology.

That company has tracked activations over mobile devices and platforms and then leveraged its findings from over 5000 of its customers around the world. Within the report, it was explained that companies have called IT their leading concern for this year. Moreover, there has been a considerable 57 percent growth rate (quarter over quarter) in the activations of secure enterprise apps. This is an increase over 54 percent in the previous quarter and 43 percent in the one before that.

It was also underscored by Good Technology that these are “not surprising” results. The Ponemon Institute published the 2014 State of Endpoint Risk report which also placed the spotlight on risks connected with the use of mobile devices such as tablets and smartphones. It identified third party apps as the leading risk faced by business IT departments.

The Good Mobility Index Report indicated that the total number of activations of browsing apps with heightened mobile security throughout the customer base of Good Technology saw an unbelievable 2900 percent increase during this quarter. This brought it to the app category that is fifth most activated. In previous quarters, it hadn’t even made it into the top ten most activated lists.