Key strategies for ensuring that your tech and mobile security stays ahead of the curve.
Tech is a fast mover, possibly most clearly demonstrated by the proliferation of mobile phones globally and, in particular, the phenomenal increase within emerging markets.
The use of mobile devices has also broadened, with 30 percent of mobile phone users within the Sub-Saharan African market making or receiving payments using their device, according to the Spring 2014 Global Attitudes Survey by the Pew Research Centre.
With this in mind, technology to improve and ensure mobile banking authentication and mobile security requires constant scrutiny to stay ahead of the fraud curve. These are some of the key strategies that have helped Entersekt achieve this.
Related: IT security
Looking ahead is something that every entrepreneur understands the importance of – in theory. In practice though, it’s easy to get caught up in the development of a product or the running of a business and lose the broader perspective necessary to make sure a project is moving in the right direction.
However, I believe that staying abreast of industry trends and relevant news gives one the edge to better identify indicators of change and anticipate what might be round the corner. This information allows our team to plan strategically and steer the business in the right direction in order to take advantage of future industry shifts.
Return on investment in implementing preventative strategies and effective research can be difficult to quantify, but we have seen the long-term benefits of allocating resources and time to this. Looking out for potential risks, particularly when it comes to mobile technology security, means being able to identify and address these before they even become a concern. For example, by identifying the potential risks associated with SIM swaps, Entersekt was able to begin building in protection against this before it became a problem in our home market and in Europe.
Being behind the tech curve, for any length of time, is time spent exposed to the attention of fraudsters. But forward thinking and research can prevent a vendor becoming an easy target.
Planning for the unplanned
It’s impossible to know exactly what the future holds. If we know anything from the changes we’ve seen as a result of technology over the last 25 years, it’s that almost anything is possible in the next quarter century.
We’ve always found that a proactive approach, bearing futuristic possibilities in mind, makes it possible to consider scenarios that do not yet even exist and to prepare for these.
In the context of mobile security, fraudulent attacks and potential hacks remain a threat as these adapt and become more sophisticated. However, by approaching the technology with a similar mindset and planning for and creating solutions to hypothetical situations, we have been able to stay 12 to 18 months ahead of attacks, protecting financial institutions and consumers with advanced authentication and security.
Related: Security in the age of digital transformation
Enlisting the specialists
Almost nothing is foolproof. Thinking otherwise merely makes one vulnerable.
We can implement thorough testing procedures internally. However, when those testing the systems have been so closely involved in creating and streamlining them, there is the risk of not being able to see the wood for the trees.
External third parties offer a valuable perspective, and are able to identify gaps and potential problems that may have been overlooked by internal stakeholders. This provides the opportunity to streamline and improve the design and implementation of the technology.
To achieve this could mean enlisting the services of white-hat or ethical hackers. We have also found that industry events and conferences, such as the Black Hat Conference, are also valuable to our engineers, helping them maintain focus and providing insight into emerging hacking strategies and how we can combat these effectively.
With these elements in mind, the overarching challenge is to maintain a clear purpose and sense of focus while being agile and adaptable in a dynamic environment.