Blogs -How Mobile Devices and Cloud Computing Changed Security

How Mobile Devices and Cloud Computing Changed Security


June 12, 2018

author

Beth Kindig

Lead Tech Analyst

Prior to the advent of mobile computing, security was limited to corporate IT assets that were often physically secured in facilities owned and managed by the company. According to a recent SANS Institute study, organizations spend as much as 12 percent of their IT budget on security.

In a Ponemon Institute study, it was found that organizations have a 27.7 percent probability of having a material data breach in the next 24 months at an average cost of $3.62M.

Meanwhile, the world of computing has changed. Security is not just about physically secure data centers and corporate controlled computing assets. Instead, end users have gone mobile, connecting to cloud enabled services, often with their own personal devices. And with the rise of the Internet of Things, there will be billions of connected computing devices on the planet in the next several years.

The primary consequences of applications getting hacked include financial loss, destroyed brand reputation, exposure to liability, and regulatory risk. Over 7 billion identities have been stolen in data breaches over the last eight years equal to one data breach for every person on the planet. Meanwhile, mobile’s rapid expansion has introduced a complicated and potentially hostile environment that is difficult to manage and protect.

64 percent of security practitioners said they were very concerned about the use of insecure mobile applications in the workplace with an average of 472 mobile applications reported as actively used in organizations.

Prior to the advent of mobile computing, security was limited to corporate IT assets that were often physically secured in facilities owned and managed by the company, on a network behind a managed firewall, and possibly in a datacenter with multi-factor access, physical security, and armed guards. Because the company owned those assets, they were able to dictate what applications could run on those machines, and actively manage and monitor them, providing the latest patches, endpoint security, and other controls dictated by corporate IT. Assets located in such places were implicitly trusted.

Today, the situation has changed. Mobile devices dominate the market, often as the primary or only way users access the Internet and the many cloud services available. These devices also have very little, if any, physical security. It is a well-worn path hackers use to access such devices to reverse engineer or tamper with the applications running on them, often through rooting, jailbreaking or hoodwinking the user.

This shift has created all sorts of new business models to take advantage of the popularity of mobile devices.

 

These new business models come with new security problems:

  • New forms of payment using near field communications (NFC) on mobile devices are becoming popular in recent years. These applications require that credentials to authenticate users must be stored on the device. If those credentials are compromised, then a hacker can execute fraudulent transactions.
  • Mobile devices are being used in the automotive industry to enable remote parking from your smartphone. A compromise of the device could pose a serious safety risk.
  • In healthcare, patients are using mobile devices to manage sensitive information collected from various devices ranging from fitness monitors to blood glucose monitors to improve care and create data driven treatment options. A compromise of such a device can lead to a loss of privacy and sensitive information. Or even worse, if a device is hacked, it could potentially lead to life-threatening consequences for the patient.

 

Internet of Things

By 2025, the total global worth of IoT technology will reach USD 6.2 trillion with the most value coming from health care devices (USD 2.5 trillion) and manufacturing (USD 2.3 trillion). Meanwhile, we see a persistent lack of IoT security investment with 67 percent of medical device makers expecting an attack on their devices while only 17 percent taking measures to prevent an attack. These numbers are staggering when you consider U.S. hospitals have an average of 10 to 15 connected devices per bed with some hospitals registering 5,000 beds — totaling 50,000 connected devices per hospital.

Furthermore, traditional security solutions do not port well to the IoT world, due to differences in system architectures and resource constraints. Therefore, IoT security solutions have not evolved enough and are prone to numerous vulnerabilities.

Gains of up to 2,400% from our Free Newsletter.


Here are sample stock gains from the I/O Fund’s newsletter --- produced weekly and all for free!

2,400% on Nvidia

450% on Bitcoin

*as of Oct 04, 2024

Our newsletter provides an edge in the world’s most valuable industry – technology. Due to the enormous gains from this particular industry, we think it’s essential that every stock investor have a credible source who specializes in tech. Subscribe for Free Weekly Analysis on the Best Tech Stocks.

If you are a more serious investor, we have a premium service that offers lower entries and real-time trade alerts. Sample returns on the premium site include 3,850% on Nvidia, 650% on Chainlink, and 700% on Bitcoin. The I/O Fund is audited annually to prove it’s one of the best-performing Funds on the market, with returns that beat Wall Street funds.

beth
head bg

Get a bonus for subscription!

Subscribe to our free weekly stock
analysis and receive the "AI Stock: 5
Things Nobody is Telling you" brochure
for free.

More To Explore

Newsletter

Why the I/O Fund is Not Buying Nvidia Right Now Video Interview

Why the I/O Fund is Not Buying Nvidia Right Now: Video Interview

In an interview with Darius Dale, Beth Kindig stated: “We ultimately think you can get Nvidia lower than where it is trading now. We are likely to take gains between $120 and $150 based on technical l

October 04, 2024
https://images.prismic.io/bethtechnology/ZvuHobVsGrYSwLe2_CybersecurityStocksSeeingEarlyAIGains.jpg?auto=format,compress

Cybersecurity Stocks Seeing Early AI Gains

Below, I look at the demand environment for leading cybersecurity stocks CrowdStrike, Zscaler, Palo Alto, and Fortinet, and which ones have key metrics hinting toward underlying strength.

October 01, 2024
https://images.prismic.io/bethtechnology/ZvK7P7VsGrYSv1Vx_4ThingsInvestorsMustKnowAboutAI_.jpg?auto=format,compress

4 Things Investors Must Know About AI

We’re still in the early innings of AI, but the pace of transformation that AI is driving is unlike any other technology seen before, and that was evident at Communacopia. Below, I dig in to the four

September 24, 2024
https://images.prismic.io/bethtechnology/ZupMBLVsGrYSvfYT_AIPCsHaveArrivedShipmentsRising%2CCompetitionHeatingUp.png?auto=format%2Ccompress&rect=14%2C0%2C3408%2C1917&w=1920&h=1080

AI PCs Have Arrived: Shipments Rising, Competition Heating Up

Chipmakers Qualcomm, Intel and AMD are working to bring AI-capable PCs to the “mainstream”, delivering powerful neural processing units to PCs for on-computer AI operations. AI PCs are not only a cons

September 19, 2024
https://images.prismic.io/bethtechnology/Zt_IoxoQrfVKl4bz_PredictionMicrosoftAzureToReach%24200BillionInRevenueBy2028.jpg?auto=format,compress

Prediction: Microsoft Azure To Reach $200 Billion In Revenue By 2028

The lead we see from Microsoft today on AI revenue streams is critical enough and predictive enough that it points toward Azure surpassing $200 billion by 2028, catalyzed by the OpenAI investment.

September 09, 2024
Jensen Huang at Convention

Nvidia Stock Is Selling Off: It’s Not Because Of Blackwell

Direct liquid cooling doesn’t lie as it’s intricately linked to the Blackwell launch, implying that Blackwell would indeed ship by Q4 – and Nvidia just confirmed that (multiple times) in Q2’s release.

September 02, 2024
Jensen Huang's Presentation

Nvidia Stock: Blackwell Suppliers Shrug Off Delay Ahead Of Q2 Earnings

Bulletproof Nvidia showed an unusual bout of weakness this past month following a report from The Information that Nvidia’s new AI chips are delayed. The report asserts that Nvidia’s upcoming artifici

August 26, 2024
Microchips

Arm Stock: Buy Its Customers, Not The Stock

Arm Holdings is the third-best performer of 2024 in AI-related semiconductor stocks with a 56% YTD return, behind only Nvidia and Taiwan Semiconductor.

August 20, 2024
Big Tech Battles on AI

Big Tech Battles On AI, Here’s The Winner

The major theme over the past month in Big Tech and AI semiconductors has been the durability of demand: essentially, what is Big Tech’s return on more than $150 billion in capex over the last twelve

August 12, 2024
Bitcoin Update - Next Stop $100,000

Bitcoin Update: Next Stop $100,000

Bitcoin is the best performing asset in market history. There is no stock or asset that has come close to delivering the returns of this digital currency --- it has greatly outperformed all FAANGs, an

August 01, 2024
newsletter

Sign up for Analysis on
the Best Tech Stocks

https://bethtechnology.cdn.prismic.io/bethtechnology/e0a8f1ff-95b9-432c-a819-369b491ce051_Logo_Final_Transparent_IOFUND.svg
The I/O Fund specializes in tech growth stocks and offers in-depth research for Premium Members. Investors get access to a transparent portfolio, a forum, webinars, and real-time trade notifications. Sign up for Premium.

We are on social networks


Copyright © 2010 - 2024