An increasing number of people are looking towards the ease and comfort of mobile banking and transferring money using their mobile phones.
As a result, IDC Financial Insights claims that companies need to tighten their security measures to deal with possible data breaches.
The Enterprise Mobile Device Security: Development Guidance to Tackle the Mobile Security Minefield found that an increasing number of firms need to boost their mobile security.
Popularity in mobile payments has increased markedly in recent times and ABI Research forecasts that it will only get bigger. Its analysts believe that the market will be valued at almost $1.9 billion (£1.2 billion) by 2017.
Associate director for the IDC Financial Insights Asia/Pacific Financial Advisory Service Li-May Chew said the best things firms can do is increase employee awareness of particular threats.
"With the rise of smartphones, IDC expects malicious mobile software – or malware such as viruses, worms, trojan horses, spyware and other rouge applications – to increase exponentially," she continued.
Posted by Peter Robinson