Tag: mobile security news

The controversial “kill switch” for smartphones could bring massive savings, according to a study.

Lawmakers, consumers, and law enforcement officials have been considering the idea of an added mobile security feature for smartphones in the form of a kill switch, particularly since the launch of last year’s Secure Our Smartphones initiative.

Now, a study has shown that by introducing the feature, the outcome would be considerable savings.

The idea of the kill switch is relatively simple. The “complicated” part would be that it would require handset manufacturers and wireless carriers to take part in this mobile security effort that would provide a way to render stolen smartphones completely useless. The hope is that this would help to notably reduce the rate of cell phone theft.

The only party who would not benefit from this mobile security kill switches would be wireless carriers.

The reason is that the carriers would risk losing a very large amount of money every year. At the moment, they are making a solid supplementary income through the sale of insurance plans that provide coverage against the theft of cell phones. According to professor William Duckworth from Creighton University, who recently conducted a study on the subject, consumers would save an estimated $2.5 billion every year simply through the implementation of kill switches.

When looked at even more closely, this represents a savings of $500 million in replacing the handsets that have been stolen, and a savings of $2 billion on the insurance coverage to provide protection against possible theft. This helps to explain exactly why wireless carriers may not be quite as excited about this feature as consumers.

That said, it is important to point out that these findings have generated some controversy of their own. For example, Asurion, a cell phone insurance company, has estimated that approximately 60 percent of phones that have gone missing turn out to have simply been lost, not stolen. Moreover, they also have suggested that phones may still be targeted for theft and use for spare parts, which would still provide thieves with enough incentive to continue stealing. Still, the FCC says that 30 to 40 percent of all robberies that occur in major cities involve phone theft.

Security is beginning to attract more attention, but threats inspire little action

As mobile commerce becomes more prolific, security is becoming a much more serious issue. Hackers have begun to focus on the mobile field more diligently because of the lack of security solutions that exist therein. Malicious groups have turned much of their attention to the commerce space because of the trafficking of financial information. Due to lackluster security, many consumers are finding themselves exposed to the risk of having their financial information exploited by malicious parties.

Malicious devices are becoming more common

The number of malicious devices in the physical world is growing at a rapid pace. These devices include those that are designed to mimic or exploit cash registers, credit card readers, and other such hardware. Even gas pumps are being equipped with devices that are meant to steal information from credit cards. These devices are also becoming more mobile-centric as a growing number of people begin to pay for products and services with their smartphones rather than with their credit cards. While physical devices are quickly becoming a problematic issue, malware is being considered much more dangerous.

Malware is growing at a rapid pace

According to security firm MacAfee, malware targeting mobile devices is becoming more common at an alarming rate. The firm notes that the presence of malware targeting the Android platform specifically has tripled between 2012 and 2013, with an estimated 3.7 million malware applications having been identified at this time. Notably, much of this malware goes undeterred as it attacks consumers and retailers alike. This is largely due to the lack of focus that both people and businesses have when it comes to matters of mobile security.

Hackers are winning the fight on the security front

Hackers may be winning the security battle. Because retailers, and other types of businesses, are still somewhat new to the mobile field, they are not necessarily attuned to the security issues that exist within the mobile commerce space. As these businesses continue to embrace new security solutions, they are finding that hackers have already developed malware that can bypass these solutions.