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BYOD Booming In Financial Services

Bring Your Own Device (BYOD) is the latest mobile technology trend changing the way employees across a variety of industries access, share and store information. But a recent survey, “The Changing Mobile Landscape in Financial Services,” shows that the BYOD movement may be a double-edged sword for the financial services industry if the correct security procedures are not in place.

On one hand, BYOD can help businesses cut costs in a number of ways. Companies save on hardware and operational cost because employees use their personal smart phones, tablets, and laptops to access company data.  And according to research, employees are more productive when they use their preferred interface to complete work-related tasks.

On the other hand BYOD compromises the security of the company’s data, thus making network monitoring more difficult. The aforementioned survey collected responses from more than 400 IT professionals working for financial firms. Major findings included:

  • About 50 percent of respondents stated that their firm currently lacks a mobile plan
  • Forty-five percent of respondents employed by BYOD firms said that their company’s plan is not aligned with IT objectives
  • Thirty-six percent noticed a disconnect between their organization’s mobile strategy and business operations
  • The percentage of personally owned smart phones and tablets in the financial services workplace will increase from 40 percent to 49 percent in the in the next 12 months

These results make clear that many financial firms still lack the policies and tools required to ensure employees using personal mobile devices are not creating a serious security risk. Clearly, financial data is usually quite sensitive, so the onus is on these financial companies to adopt security solutions—quickly.

WildPackets can’t really help in developing policies for each individual company, but we can certainly help with assessing compliance with corporate policies, ensuring that the networks BYO devices connect to remain secure and high-performing.

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