Verizon Business 2024 Mobile Security Index reveals escalating risks in mobile and IoT security

Rhea-AI Summary

Verizon Business has released its 2024 Mobile Security Index (MSI) report, highlighting escalating risks in mobile and IoT security. Key findings include:

- 80% of organizations consider mobile devices critical to operations
- 95% actively use IoT devices
- 96% of critical infrastructure respondents use IoT devices
- 77% anticipate AI-assisted attacks are likely to succeed
- 84% have increased mobile device security spending

The report emphasizes the growing dependency on mobile and IoT devices, especially in critical infrastructure sectors, where security breaches can have severe consequences. It also highlights the emerging threats from AI-assisted attacks and the need for robust cybersecurity measures, including AI-assisted solutions.

Positive

• 95% of surveyed organizations are actively using IoT devices, indicating widespread adoption
• 84% of respondents have increased their mobile device security spending over the past year
• 89% of critical infrastructure respondents plan further increases in security spending
• 88% of critical infrastructure respondents acknowledge the growing importance of AI-assisted cybersecurity solutions

Negative

• More than half of critical infrastructure respondents have experienced severe security incidents leading to data loss or system downtime
• 77% of respondents anticipate that AI-assisted attacks, such as deepfakes and SMS phishing, are likely to succeed
• Increased use of mobile and IoT devices is leading to heightened cyber risks for organizations

Insights

Cybersecurity Expert

The 2024 Mobile Security Index reveals alarming trends in mobile and IoT security. With 80% of organizations deeming mobile devices critical and 95% using IoT devices, the attack surface has expanded significantly. The 96% IoT adoption rate in critical infrastructure is particularly concerning, given that over half have experienced severe security incidents.

The anticipated success of AI-assisted attacks (77%) signals a new era of sophisticated cyber threats. However, the increased focus on AI-assisted cybersecurity solutions (88% in critical infrastructure) shows a proactive stance. The 84% increase in mobile security spending reflects growing awareness, but organizations must ensure these investments translate into effective security measures.

IoT Specialist

The widespread adoption of IoT devices (95%) across industries, particularly in critical infrastructure (96%), underscores the urgent need for robust IoT security strategies. The Industrial Internet of Things (IIoT) expansion introduces new vulnerabilities beyond traditional mobile devices, encompassing sensors and purpose-built devices that control critical operations.

This proliferation demands a paradigm shift in cybersecurity approaches. Organizations must implement comprehensive security measures that account for the unique challenges posed by IoT devices, including processing power and diverse communication protocols. Integrating IoT security into the broader cybersecurity framework is important to mitigate risks and protect against potential cascading failures in interconnected systems.

Enterprise Mobility Analyst

The friction between personal device usage and organizational security is reaching a critical point. With 80% of respondents considering mobile devices vital to operations, there's a clear trend towards employer-provided devices for enhanced governance. This shift from BYOD models allows CIOs to implement stronger security measures and protect critical infrastructure more effectively.

To address these challenges, organizations should adopt robust frameworks like Zero Trust and NIST CSF 2.0. These approaches provide comprehensive security strategies that account for the complexities of modern mobile and IoT environments. Additionally, compliance with mandates like the EU's NIS2 Directive will be important for organizations operating globally, ensuring a standardized approach to cybersecurity across borders and industries.

What you need to know:

• 80% of responding organizations consider mobile devices critical to their operations, while 95% are actively using IoT devices
• 96% of critical infrastructure respondents use IoT devices, with % having experienced a significant mobile or IoT device-related security incident
• 77% of respondents anticipate that AI-assisted attacks, such as deepfakes and SMS phishing, are likely to succeed
  

NEW YORK, Aug. 06, 2024 (GLOBE NEWSWIRE) -- Today, Verizon Business released its 2024 Mobile Security Index (MSI) report outlining the top threats to mobile and IoT device security. This year’s report, in its seventh iteration, goes beyond employee-level mobile usage and extends into the usage of IoT devices and sensors and the security concerns the growth of these devices can present especially as remote work continues to be a trend. This expanded view of mobile security concerns for organizations showcases the evolving threat landscape that CIOs and other IT decision makers must contend with.

As dependency on mobile devices grows, so too do the risks, especially in critical infrastructure sectors where the consequences of security breaches can be catastrophic. The 2024 MSI, which surveyed 600 people responsible for security strategy, policy and management, underscores this point.

Employees are using more mobile and IoT devices, leading to increased cyber risks
The survey finds that 80% of respondents consider mobile devices critical to their operations, while 95% are actively using IoT devices. However, this heavy reliance comes with significant security concerns. In critical infrastructure sectors, where 96% of respondents report using IoT devices, more than half state that they have experienced severe security incidents that led to data loss or system downtime.

“These findings highlight the continued friction that employers face as more and more work is done on personal mobile devices,” said Phil Hochmuth Research VP, enterprise mobility at IDC. “This is why we are seeing more and more employers move from a pure bring-your-own-device model to employer provided devices where CIO’s can have greater governance to protect critical infrastructure from cyber attacks."

Additionally, Hochmuth says, organizations should adopt robust frameworks such as Zero Trust and the National Institute of Standards and Technology’s Cybersecurity Framework (NIST CSF) 2.0, and comply with mandates like the European Union’s NIS2 Directive.

Emerging AI cyberthreats meet new AI defenses
Emerging artificial intelligence (AI) technologies are expected to exacerbate the mobile threat landscape, but it also presents opportunities for defense. A striking 77% of respondents anticipate that AI-assisted attacks, such as deepfakes and SMS phishing, are likely to succeed. At the same time, 88% of critical infrastructure respondents acknowledge the growing importance of AI-assisted cybersecurity solutions.

Accounting for IoT growth in cybersecurity planning
With companies increasingly deploying IoT devices, their digital landscapes are evolving, creating a need for cybersecurity strategies to evolve in kind.

“The Industrial Internet of Things (IIoT) is giving rise to a massive expansion in mobile device technology that goes well beyond phones, tablets and laptops. Enterprise networks now include all sorts of sensors and purpose-built devices that monitor, measure, manage and control commercial tasks and data flow,” said TJ Fox, SVP of Industrial IoT and Automotive, Verizon Business. “That IIoT growth brings with it a proportionate need for more knowledge, awareness and IT solutioning to ensure the security of those increasingly sophisticated networks. The growing importance that IoT plays in our customer’s technology ecosystem underscores why it should be a component in any sound cybersecurity program.”

What business leaders should know
The 2024 MSI helps inform cybersecurity decisions for leaders of businesses of all sizes and in key sectors. As mobile and IoT threats rise, the need for robust security measures has never been greater. In response to these growing threats, 84% of respondents have increased their mobile device security spending over the past year, with 89% of critical infrastructure respondents planning further increases.

This year’s MSI includes contributions from Verizon’s partners including Ivanti, Lookout, Jamf among others. Help your organization lower cyber risks by deploying comprehensive security protections, continuous employee education and advanced threat detection capabilities. Read the Verizon Business 2024 Mobile Security Index to learn more about suggested best practices your organization can implement.

Verizon Communications Inc. (NYSE, Nasdaq: VZ) powers and empowers how its millions of customers live, work and play, delivering on their demand for mobility, reliable network connectivity and security. Headquartered in New York City, serving countries worldwide and nearly all of the Fortune 500, Verizon generated revenues of $134.0 billion in 2023. Verizon’s world-class team never stops innovating to meet customers where they are today and equip them for the needs of tomorrow. For more, visit verizon.com or find a retail location at verizon.com/stores

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Media Contact:
Carlos Arcila
908-202-0479
carlos.arcila@verizon.com  

FAQ

What percentage of organizations consider mobile devices critical to their operations according to Verizon's 2024 MSI report?

According to Verizon's 2024 Mobile Security Index report, 80% of responding organizations consider mobile devices critical to their operations.

How many critical infrastructure respondents use IoT devices as per Verizon's 2024 MSI report?

The report states that 96% of critical infrastructure respondents use IoT devices.

What percentage of respondents expect AI-assisted attacks to succeed according to Verizon's 2024 MSI?

77% of respondents anticipate that AI-assisted attacks, such as deepfakes and SMS phishing, are likely to succeed.

How many organizations have increased their mobile device security spending in the past year according to Verizon's 2024 MSI?

84% of respondents have increased their mobile device security spending over the past year, according to the report.

What is the ticker symbol for Verizon Communications Inc. mentioned in the 2024 Mobile Security Index press release?

The ticker symbol for Verizon Communications Inc. is VZ, listed on both NYSE and Nasdaq.