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Smart Phones Can Create Cyber Risks – Are You Protected?

By Finserv MARKETS - Aug 14,2019
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Cyber insurance for your smartphone

With the advancement in technology, the use of smartphones and tablets in the business world has relatively increased. Thus, it has become necessary to protect your mobile devices from threats.

Your smartphone security is no different from that of computers. In fact, most cyber security software companies claim that cyber-attacks on mobile phones have drastically increased and show no signs of slowing down.

Today, every other person has important emails and passwords stored on their smartphones. This data can either be personal, official or both. However, depending on how critical the information is and how your company uses these devices, the chances of a data breach are high.

Risks Your Smartphone Devices Are Exposed To –

  • Loss or Theft

Due to their size and usability, smartphones are highly susceptible to loss or theft. As a matter of fact, over 45 percent of companies across the globe experience data breach due to loss or theft of mobile devices.

Smartphones are designed to make life simple for us. They automatically save passwords to keep the user logged to their emails and other applications. Hence, if someone else gains physical access to the device, they can have unauthorized access to your data.

  • Malicious Attacks

The mobile devices are vulnerable to malware and attacks, just like computers. Despite this, many companies do not take this situation seriously. In fact, less than 20 percent of smartphones have antivirus software. And no matter what device you are using, whether it is Android, iOS, Blackberry or Windows Mobile, know that they are all susceptible to malicious attacks.

Preventive Measures

Even though the security aspect for mobile devices may look weak, there are several ways in which you can prevent data breaching and keep your company’s confidentiality intact.

  • Implement Mobile Device Policy

Before you issue a smartphone or tablet to your employees, make sure that they abide by specific rules. Give them a clear idea regarding the usage and consequences of of the rules/protocols. Having knowledgeable and responsible users is your first defensive step towards cyber-attacks.

  • Implement Bring Your Own Device (BYOD) Policy

If you are allowing your employees to use their devices for company-related work, ensure that you have implemented BYOD policy beforehand. The BYOD policy plan should include the following things –

    • Your employees should have remote wiping software installed in their smartphones
    • Train employees to safeguard company data when they access it from their devices
    • Explain them the protocol to follow in case of loss or theft of their device
  • Keep Your Device Up-To-Date

Software upgrades for mobile devices and tablets usually include security patches. Hence, it is essential to have the latest update installed as soon as it is available.

  • Backup Device Content Regularly

Just like you back up the computer data regularly, follow the same practice with your smartphones and tablets. So in case of loss or theft of the device, your company’s valuable data is still safe and sound.

  • Buy Cyber Insurance

As mobile security is one of the top-most worry for most companies, it is wise to have cyber insurance. Cyber insurance policy is designed to help companies Doesn’t help prevent it, only provides a financial coverage to deal with the aftermath of a cyber breach or any other similar events. So, you might as well consider buying a policy before it is too late.

The Bottom Line

No matter what type of organization you run, digital insurance is a must! You can buy Bajaj Allianz Individual Cyber Safe insurance online from us at Finserv MARKETS and benefit from features like affordable premiums, extensive coverage, and so much more.

Stay protected from financial loss due to cyber-attacks. Buy Cyber Insurance at Finserv MARKETS today!

Finserv MARKETS, from the house of Bajaj Finserv is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment and exclusive EMI store, all under one roof- anytime, anywhere!


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Bajaj Finserv Direct Limited ("BFDL") is primarily engaged in distribution of financial products and services through its digital platform (“Bajaj Finserv MARKETS”) and inter alia renders services of customer acquisition, providing preliminary credit support activities, fulfilment services and post-acquisition customer services to Banks, NBFCs, HFCs. BFDL is also a registered Corporate Agent (Composite) under valid IRDAI registration number: CA0551 valid till 10-Apr-2024 for solicitation and servicing of Insurance Products. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522