More Apps, More Choices … More Problems?
The Fourth Industrial Revolution has ushered in an unprecedented era of digital innovation that is transforming every industry, business, and individual experience. In particular, mobile apps have accelerated this revolution by redefining the relationship between brands and their customers. Previously, brands held a monopoly over these relationships as they controlled the messages and channels they used to communicate to customers. But apps have redefined that dynamic by empowering customers with more choice, more information, and more control over their relationships with their favorite brands than ever before.
Leading companies such as Facebook, Amazon, Apple, and Netflix have capitalized on this new paradigm by delivering engaging experiences through innovative apps that have captured customers’ hearts, minds, and dollars. These types of apps have paved a way for the app economy to grow into a ubiquitous presence in our daily lives, where the number of apps downloaded is projected to grow from 194 billion in 2018 to over 258 billion in 2022, with gross consumer spend across all app stores to surpass $157 billion.
Yet, while mobile apps have redefined how we work, live, and play, they have also delivered an uncomfortable reality that comes with having more choice: As the number of mobile devices and apps increases, so too does the attack surface that can leave companies vulnerable to cybersecurity attacks. What’s more, 62% of breaches and 39% of incidents occur at the web application layer. While it is unclear exactly how the web applications were compromised in some cases, it’s assumed that attackers are scanning for specific web app vulnerabilities, exploiting them to gain access, inserting some kind of malware, and harvesting payment card data to create a profit.
Given how frequent and more sophisticated cybersecurity attacks have become, business leaders are starting to recognize that prioritizing cybersecurity is not a luxury but a strategic necessity. A failure to protect their organization and the customer data they possess from cybersecurity attacks has far greater consequences than just financial costs — it can also damage your company’s reputation and erode the trust your customers have in you, which can take years to recover from.
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