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Advantages and disadvantages of using personal mobile devices in financial institutions

Abstract

Advantages and disadvantages of using personal mobile devices in financial institutions

Tereshchenko G.V., Novikova Yu.A., Popov D.A.

Incoming article date: 06.02.2023

This article discusses information system vulnerabilities associated with the use of personal mobile devices in financial services companies. The recommendations of this study will help to understand the importance of formulating an information security policy in this situation. The use of personal devices by employees has become commonplace in the workplace due to the increased reliance of business processes on Internet-based services and advances in technology. The organization benefits from the fact that employees buy, use their own devices, thus, the organization reduces the cost of providing employees with computer equipment and software for workplaces. However, a company can suffer huge losses if the use and connection of personal devices to the company's information technology infrastructure is not regulated and controlled. Hacking personal devices by intruders allows you to gain unauthorized access to the assets of information systems. Financial institutions handle highly sensitive information, which makes them more vulnerable when using personal devices. A qualitative research method was conducted with specially selected participants working in the information security departments of financial institutions. The study revealed the lack of an information security policy regarding personal devices and the use of an unlimited number of such devices by employees.

Keywords: personal mobile devices, information security, unauthorized access, vulnerabilities, cyber attack