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HomeTechIOTVerizon: IoT or Mobile Cyberattacks Leads to Downtime Increase By 22%

Verizon: IoT or Mobile Cyberattacks Leads to Downtime Increase By 22%

Key Highlights

  • Verizon’s MSI highlights that the continuing growth in IoT or mobile cyberattacks results in a downtime increase of 22 percent.
  • Regardless of industry, size or location, downtime is money lost. Many enterprises have allocated budgets for improving their security.

The latest Mobile Security Index (MSI) of Verizon highlights continuing growth in IoT or mobile cyberattacks, leading to an increase in downtime.

Research Stats

According to the research, IoT devices or Mobile cyberattacks in the last year that resulted in data or system downtime increased by 22 percent year-on-year. Twenty-three percent of surveyed enterprises had suffered a compromise. Of those, 74 percent said the impact was “major,” and over a third (34 percent) said it had lasting repercussions.

The CEO of Verizon Business, Sampath Sowmyanarayan, said that for businesses, regardless of industry, size, or location on a map, downtime is money lost. Compromised data is trust lost, and those moments, although not impossible, are tough to rebound from.

Companies must spend time and budget on their security architecture, especially on off-premise devices. Else, they are leaving themselves exposed to cyber-threat actors.

A huge number of enterprises have allocated budgets for their security improvement. Eighty-five percent of the surveyed companies report having a budget dedicated to mobile security.

Four out of five (81%) organizations said their spending on mobile device security had increased over the past year. Seventy-six percent of the organizations trust that it will increase further over the coming year.

However, a concerning 66 percent of respondents said they have come under pressure to sacrifice mobile-device security “to get the job done.” Fifty-two percent have ended up succumbing to that pressure.

The Mobile Security Index (MSI) provides suggestions for safeguarding against the growing number of mobile cyberattacks, including establishing a “zero trust network access” (ZTNA) model and a secure access service edge (SASE) architecture.

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