The danger of data theft is becoming more and more of a concern as over 23,000 cellphones are stolen internationally each month. Experts stress the significance of taking precautions and putting solutions into place to preserve personal information, as the Global Mobile Phone Insurance Ecosystem Market is anticipated to reach USD 91.56 billion by 2030.
According to research, more than 50% of smartphone owners don’t secure their devices with passwords, making them susceptible to theft and to data leaks. Android devices, which make up 57% of stolen and compromised devices while Apple iPhones makeup 21% of the total, are particularly prone to security breaches.
When a mobile device is lost or stolen, experts advise taking the following precautions to guard against potential data breaches: Set up automatic backups for data preservation, notify your service provider of the theft and update the passwords for all connected accounts, get in touch with your bank for financial security, note the device’s serial number and use a phone finder app, use strong passwords and enable two-factor authentication, and keep a record of the IMEI number for reporting the theft and tracking the device.
Also, experts advise taking anti-theft gadgets into account. North America and Asia-Pacific are two important regions for growth in the global market for vertical mobile phone anti-theft devices. These gadgets give an extra degree of security and serve to discourage would-be burglars.
One such solution that handles smartphone theft, fraud, device trafficking, and associated challenges is Trustonic’s Asset Lifecycle Protection Service (ALPS). ALPS provides operators and Mobile Virtual Network Operators (MVNOs) with a secure communication method to regulate device communications and thwart illegal use by securing devices at their core, in the CPU and modem firmware.
Operators can efficiently combat device-related crimes and safeguard user’s personal information by deploying ALPS and comparable technologies. Major operators have come to trust ALPS because of its dependability and efficiency, and millions of devices now make use of its improved security features.
It is essential for people to take proactive actions to protect their data and privacy as the prevalence of mobile device theft increases globally. Users can reduce the dangers connected with mobile device theft and guarantee a safer digital experience by implementing strict security procedures and utilizing cutting-edge technologies.
The tech industry is grappling with ethical concerns surrounding corporate entity management strategies. Common entity management challenges have come to the forefront, including information silos, process bottlenecks, scalability issues, reporting deficiencies, wrong entity management systems, lack of intuitiveness, standalone platforms, and reporting problems.
Addressing these challenges, organizations are focusing on four fundamental issues that impact governance practices and the integrity of corporate records. One key concern is the lack of trust in data, with legal teams facing confidence issues due to poor data maintenance processes. Alarmingly, entity data is estimated to decay at a monstrous rate of 25% per year, and only about 69% of organizations leverage technology for compliance initiatives. Many companies still rely on error-prone spreadsheets for auditing and controls, leading to data leaks and inefficient processes.
Uncertainty over compliance status is another major ethical concern. Keeping track of regulatory changes and adhering to internal policies and external obligations becomes difficult as the pace of change accelerates. Failure to address compliance effectively can result in financial penalties and reputational damage.
Reporting deficiencies also raise ethical questions. The lack of adequate governance, risk, and compliance information exposes organizations to consequential bad decisions that can adversely affect them. Unfortunately, only around 47% of chief compliance officers report having an enterprise-wide reporting system that integrates with compliance monitoring, while nearly one in five governance, risk, and compliance professionals depend on spreadsheet accuracy for critical business decisions.
Inefficient processes are putting pressure on legal teams to achieve more with fewer resources. Standardizing legal work and investing in legal operations can significantly reduce legal spending. Implementing efficient entity management practices can lead to cost savings by reducing the effort required for compliance, minimizing errors, and avoiding fines.
Organizations are now looking towards a future state where proactive measures are in place to ensure data accuracy and compliance. Defining guardrails for data entry, requiring certain data fields, and implementing data validation workflows are some of the steps being taken. Additionally, collaboration across teams and unifying data from multiple business units into a single source of truth is enhancing entity governance.