Report: Security Professionals Pessimistic about Protecting Mobile Payments

Sept. 28, 2015

Report: Security Professionals Pessimistic about Protecting Mobile Payments While m-commerce is expected to explode globally in the next few years, especially in China , paying for more things online using a mobile device is exposing security vulnerabilities that will drive mobile-payment security breaches higher, according to new research from non-profit security industry group ISACA. The organization surveyed 900 cybersecurity experts and 87 percent of them agree mobile payment data breaches will be on the rise in the next 12 months even as 42 percent have used mobile devices to make purchases this year.

“Mobile payments represent the latest frontier for the choice we make to balance security and privacy risk and convenience,” said John Pironti, risk advisor with ISACA and president of IP Architects. “ISACA members, who are some of the most cyber-aware professionals in the world, are using mobile payments while simultaneously identifying and contemplating their potential security risks. This shows that fear of identity theft or a data breach is not slowing down adoption—and it shouldn’t—as long as risk is properly managed and effective and appropriate security features are in place.”

Nearly half of those polled said mobile payments are not secure, citing use of public WiFi, lost or stolen devices, phishing/smishing (phishing attacks via text messages) and weak passwords as the main vulnerabilities associated with mobile payments.