Losing a smartphone is a worrisome occurrence. Fueling the panic is the widespread use of Bring Your Own Device (BYOD), which makes the smartphone essential for work as well as play and turns the device into a gateway into the business. For this reason, a lost device can be a huge security risk.
Unfortunately, many business owners aren’t taking the security risks of lost devices as seriously as they should. According to the 2013 AT&T Small Business Data Security Poll, only one quarter of those surveyed said they are seriously concerned about the security of their wireless devices—a 20 percent decrease from 2012.
More small companies should be concerned since every time a smartphone, laptop, or tablet leaves their control—even for a minute—it becomes a potential point of criminal entry into the business. If a data breach occurs, it can severely damage and even destroy the business. Consider this:
- Over half (55 percent) of U.S. small businesses have suffered a data breach, and 53 percent have suffered multiple breaches.
- The cost of a lost single piece of data can be $200,000 or more.
- Nearly 60 percent of small businesses that suffer a cyber attack close permanently within six months.