Understanding Device Risk & How To Prevent It

May 18, 2023    |    5 minute read

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Device risk is a serious security issue faced by enterprises and financial institutions around the world. The surge in Bring Your Own Device (BYOD) policies and remote working arrangements has made device risk a much more significant concern than it used to be. Device risk refers to the possibility of unauthorized users or applications accessing sensitive company data on mobile devices such as smartphones, laptops, or tablets. This blog post aims to provide a detailed understanding of device risk, its implications, and preventive measures for enterprise security. 

1. What is Device Risk, and Why Is It So Important?

Device risk is the probability that information security will be breached through mobile devices, such as laptops, smartphones, and tablets. Each device connected to a corporate network increases the risk of cyberattacks, such as data leaks, phishing scams, and ransomware assaults. Potential attackers might use the stolen data to impersonate a system administrator or high-level executive. As a result, they’ll obtain access to more data and cause more damage. Because of the growing number of mobile devices in the workplace, device risk has become a critical security concern for companies worldwide. 

2. What Causes Device Risk in the Workplace?

In most cases, the primary cause of device risk is the use of unsecured devices and networks. The vulnerability of mobile devices to malware, ransomware, and phishing attacks is a major problem. Another common cause of device risk is the lack of security policies and training on device usage among employees. BYOD policies, if not well enforced, can increase device risks by allowing unknown applications and devices onto the networks. Without the proper protections in place, remote working arrangements can also increase the chances of device risk since most employees use their devices to access the company network from home or public hotspots. 

3. Preventive Measures Against Device Risk

So, what are those “proper protections” we mentioned? Well, there are many tools and strategies that businesses can use to prevent device risk. One of the most obvious is to be proactive and vigilant. This means being aware of the latest threats and trends in the world of fraud prevention, and constantly updating and refining your strategies accordingly. It also means staying up to date with the latest security technologies and investing in the right tools and resources necessary to stay ahead of the curve.  

But when staying informed isn’t enough, another key strategy is the use of advanced device authentication and verification techniques. This can include everything, including mobile, multi-factor authentication (like Knomi® AwareID® which provide secure and convenient facial and speaker recognition for mobile, multi-factor authentication). 

Both are innovative offerings; with AwareID, companies can swiftly bring their employees onboard and keep pace with the evolving landscape of adaptive authentication. It not only enhances the security of a company’s digital assets, but its intuitive interface and specialized tools make it a go-to solution for businesses seeking to improve their device security. AwareID understands that the risks of cyber-attacks and data breaches are increasing, and with this in mind, they prioritize the development of unique solutions that ensure maximum protection for their clients. With AwareID, companies can stay ahead of the curve and maintain a robust defense against device-related threats. 

Overall, the potential dangers posed by device risks are too great to ignore. Companies must go beyond enforcing strict security policies and providing regular training to employees. While those are helpful at the onset and certainly help foster a safer environment, it’s best to pair that training with a solution like biometric technology, which eliminates the opportunity for fraud to take place. Device risk is a significant security issue, given the prevalence of BYOD policies and remote working arrangements, and proactive management of device risks will go a long way in ensuring data safety and enhancing enterprise security. 

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