UK not as keen on mobile wallets as mainland Europe and US

The UK is lagging behind other countries in mobile wallet adoption, according to a new survey out today.

Consumers in the US and Europe are catching up with those in fast-growing economies in Asia and Latin America where mobile wallets have already become the dominant payment platform, according to an online survey of 6,000 consumers in 20 countries worldwide sponsored by global payments software firm ACI Worldwide.

The research shows that 17 per cent of US consumers now regularly use their smartphone to pay, up from 6 per cent in 2014 when the survey was last conducted. In Europe, Spanish consumers are the most active users of mobile wallets, with 25 percent using them regularly, followed by Italy (24 per cent), Sweden (23 per cent) and the UK (14 per cent). Read moreĀ here.

Global payments software firm ACI Worldwide found that security concerns, while present, are not holding back uptake.

Steven Murdoch, a security researcher at University College London and authentication vendor VASCO, said that the situation with mobile payment security is mixed.

“In terms of risks, it’s far easier to compromise a smartphone than a card. Cards are simple special-purpose computers, engineered primarily for security, whereas smartphones are complex, general-purpose computers potentially running software from dubious sources.”

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Why mobile security is the most critical initiative today

Today our lives are inextricably tied to our mobile devices. We use them just like mini-computers, handling sensitive personal and work-related matters throughout the day. This trend is concerning because mobile devices were not designed with security in mind and are now arguably the biggest threat to both consumer and enterprise security.

Just like we have seen with the evolution of computer threats, cybercriminals are catching onto the new opportunities mobile presents. This past year, we have witnessed a dramatic spike in mobile-first cyberattacks like social media and SMS phishing, malicious apps and even robocalls. These attacks are also only going to increase with the bring your own device workplace.

Why mobile security is the most critical initiative today? Read on..

Verizon’s 2016 Data Breach Investigations Report finds cybercriminals are exploiting human nature

Cybercriminals are continuing to exploit human nature as they rely on familiar attack patterns such as phishing, and increase their reliance on ransomware, where data is encrypted and a ransom is demanded, finds the Verizon 2016 Data Breach Investigations Report.

This year’s report highlights repeating themes from prior year’s findings and storylines that continue to play off of human nature, including:

  • Eighty-nine (89) percent of all attacks involve financial or espionage motivations.
  • Most attacks exploit known vulnerabilities that have never been patched despite patches being available for months, or even years. In fact, the top 10 known vulnerabilities accounted for 85 percent of successful exploits.
  • Sixty-three (63) percent of confirmed data breaches involve using weak, default or stolen passwords.
  • 95 percent of breaches and 86 percent of security incidents fall into nine patterns
  • Ransomware attacks increased by 16 percent over 2015 findings.
  • Basic defenses continue to be sorely lacking in many organizations.

Read more…