A new market segment is rapidly emerging within the tech sector that perhaps is one of the fastest, if not the fastest, segment of market growth – mobile security software and services.
Mobile transactional security and cyber defence has become increasingly critical since companies continue to collect, handle, and store enormous amounts of confidential information and sends that data across networks – many of them scarily unsecure and unprotected. There is also a “bring-your-own-device” (BYOD) culture in almost all modern companies today and that is one reason cyber security is crucial for all points in the network, including smartphone connectivity. Cyber security is not just a matter for the IT-department anymore, but for all executive decision makers in a company.
“Protecting mobile devices is in fact harder than to protect a traditional company IT environment”, says Peter Alexandersson, CEO of mobile security company Covr Security.
“It’s because employees have personal control over their own device and can choose to download any type of app and can decide what protection to use – or in worst case, not use.”
Cybersecurity isn’t new, but it’s definitely a red-hot area when it comes to protecting mobile devices. The ransomware epidemic and sensational rise in cybercrime has in recent years leapfrogged from PCs and laptops to smartphones and other mobile devices affecting companies and consumers resulting in catastrophic losses globally. So, there is a snowballing demand for secure mobile transaction solutions across all industries world wide which is, according to most analysts, expected to drive massive market growth in the coming years. One well-known example is Bank of America that has said that they have an unlimited budget when it comes to fighting cyber attackers, fraud and hackers.
“Every year, banks and other financial players are spending enormous amounts of money to stop fraud”, Peter Alexanderson continues.
“And every year, their losses multiply. This is why the solution to combat cyber crime, especially for mobile devices, has to be more holistic than just installing security software on a server. This is exactly the reason we have developed Covr.”
Peter Alexandersson, CEO COVR Security
According to an article in Forbes market research firm Cybersecurity Ventures expects that companies will spend more than $1 trillion over the next five years in cybersecurity for PCs, mobile devices, and Internet of Things (IoT) devices. In addition Business Insider’s research service BI intelligence has estimated that $113 billion will be spent on protecting mobile devices alone. A recent compilation article from Nasdaq also discloses that Bloomberg and IDC considers mobile security to be one of three that has the biggest market growth potential.
As companies and consumers grow increasingly nervous about new and gruesome cyber threats entrepreneurs rush to develop a multitude of innovative solutions – and venture capitalists are (sad to say?) seeing big openings here and pour money into the sector. While most tech industry sectors are operating on a more mature market with big competition, forced to improve profitability – cybersecurity is driven by online fraud, crime and felonies where innovation needs to evolve quickly to keep up with elaborate new threats.
New and innovative solutions, Covr in particular, guarantees extreme protection from advanced epidemic threats like phishing, malwares, viruses, network spoofing, connection to unsecure public networks and inadequate company policies for data protection. According to the predictions in this article we firmly believe that Covr is in pole position to protect enterprises and individuals on a large scale.
Covr Security AB, located in Malmo, Gothenburg, Stockholm, Frankfurt and Palo Alto, is a Swedish cybersecurity company. We have developed a next-generation, user-centric mobile security management app for a wide range of heavily regulated digital industries that depend on strong customer authentication and privacy. The Covr app is available both as an off-the-shelf authentication mobile app ready for a quick launch, and as a powerful SDK for hassle-free integration into existing mobile applications