Mobile Apps – a security risk too far?

A key theme to emerge from the CFO Leadership Summit in Orlando this week was a genuine concern about the new spate of mobile apps.  Many CFOs are apprehensive about the security and the limitations of the growing number of mobile financial reporting apps that are on the market at the moment.

UK bank Barclays hit the news last month with their new app, Pingit, which allows people to send money instantly via their mobile phone.  Consumers were concerned, like CFOs, about the safety of mobile banking transactions.

But mobile apps are surely a must have for businesses today. With people constantly on the move, they need to be able to access and contribute to their data in real time…  This rapidly developing marketplace is flexible, and inclusive, reach ing out to as many people as possible.

Security is always an obstacle new technologies have to overcome, but they inevitably do. The security of financial reporting and of mobile banking is something that consumers will no doubt become comfortable with as they become more familiar with the ease and convenience that these apps provide. Reassurance should come through measures already in place, like having the pin codes in applications to restrict user access to sensitive business information.

Other tips include making sure that your phone operating system is up to date and checking if there are any compatible anti-virus packages you can download.

As with other computing devices, users should be careful with the apps they download, especially those from unregulated sources or app stores – check reviews and comments first and be wary of apps that request permission to access sensitive content and functionality such as SMS.

But the considerable benefits promised by a mobile workforce that is truly empowered and able to operate wherever they are in the world, means that the relentless rise of mobile apps will continue.

So the question should be – can business afford NOT to embrace mobile apps?