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.
In the wake of the 2008 Global Financial Crisis, RegTech emerged as a crucial means of transforming compliance management. These innovative solutions have offered significant benefits to companies in navigating complex regulatory landscapes. However, the adoption of RegTech also presents a set of challenges that demand attention.
Algorithmic regulation, a system of social order, has taken shape due to advancements in digital communication technologies, cloud storage systems, and ‘Big Data.’ RegTech encompasses the transmission and modification of data behavior through computational algorithms and distributed ledger technology. While RegTech solutions provide compelling compliance tools, they also raise concerns about accountability, ethical implications, and data security.
The evolution of the financial industry and increasing regulatory demands have made compliance more costly and complex. RegTech solutions have become a lifeline for many financial services firms, helping them manage regulatory requirements, control costs, and improve customer service. However, relying on computer programmers to interpret legal requirements may introduce distortions and lack transparency, compromising sound decision-making.
Despite the benefits, RegTech faces challenges related to regulatory differences across regions, cyber-attacks, and integrating new technologies with existing systems. The study aims to offer practical implications and recommendations for successful RegTech integration and highlights the importance of understanding potential cyber threats, cost considerations, and the need for a comprehensive approach to implementation.
RegTech 3.0 emphasizes ‘know your data’ (KYD) using data analytics and predictive algorithms for risk assessment. The MiFID II legislation, implemented in 2018, aims to increase transparency and establish a common regulatory framework across the EU. The directive has led to a surge in RegTech companies, as firms seek technological solutions to streamline compliance and combat financial crime.
While RegTech offers valuable tools for regulatory compliance, its implementation comes with challenges that demand careful consideration. Addressing accountability concerns, ethical implications, and data security is essential to ensuring the effective and responsible use of RegTech solutions in the financial industry.
