Consumer Alert: Mobile App Security a Pressing Global Concern!

by | Jun 26, 2023

The use of mobile apps has become an integral part of our daily routines, offering us easy access to various services ranging from food delivery to transportation and finance management. As the use of mobile apps continues to grow, so do the risks associated with them. Cybersecurity incidents involving mobile apps have become more common in recent years, and the consequences for businesses can be severe.

A recent study conducted by Appdome, a mobile security company, revealed that 70% of consumers are likely to stop using an app from a brand that has experienced a cyber incident. This is alarming news for businesses, as the loss of customers can significantly impact revenue and reputation. The study also found that 27.6% of local respondents cited developers’ lack of concern for users’ security as a major concern. This highlights the need for mobile app developers to prioritize security in their app development process.

The study also found that the fear of falling victim to fraud and having an app hacked were the top fears that would stop Australians from using an app, with 56% and 52% of respondents citing these as their biggest concerns, respectively. These fears are not unfounded, as cyber incidents involving mobile apps can lead to the loss of personal and financial information.

To address these concerns, 83.9% of Australians deemed protection against security threats, fraud, and malware to be equally important, or more important, than new features within the apps they use. This shows that consumers prioritize security over convenience, and mobile app developers need to take note of this.

The study also revealed that mobile brands whose apps are perceived to be less secure can expect to face bigger adoption costs and higher customer churn. This is because consumers are becoming more aware of the risks associated with using mobile apps and are willing to switch to more secure alternatives.

Moreover, the study found that e-wallets, money transfers, and payment apps should have the highest security, with 15.9% of Australians stating that these types of apps should have the highest level of protection. This is not surprising, as these apps deal with sensitive financial information.

When consumers feel that mobile brands have met their security expectations, they are incredibly happy to advocate for those brands. In fact, 91.1% of Australian consumers stated they would promote brands on social media, recommend to their friends and family, or write positive reviews on the app stores if they were protected. This highlights the importance of mobile app security not just for protecting customers but for building brand loyalty and advocacy.

The survey of Australian citizens was part of a global study of 25,000 consumers from multiple countries, including the US, the UK, Germany, Israel, Brazil, Singapore, and Australia. The findings show that mobile app security is a global concern, and businesses need to take action to address this issue.

More than half of consumers (51.9%) said all mobile apps that share personal data should have the highest level of protection. This is a clear message to mobile app developers that consumers expect their personal data to be protected at all times.

The study found that 41.3% of Australian consumers demand the most advanced level of protection in mobile apps they use regularly. More than a quarter of Australian consumers fear their mobile apps will be breached and need mobile developers to invest more in delivering robust cyber protection in mobile apps.

The fastest-growing fears, meanwhile, included the threat posed by on-device malware, unprotected mobile apps, and fake apps, also known as Trojans. Social media apps and health and wellness apps were tied for third place at 12.9% each. This shows that consumers are becoming more aware of the different types of cyber threats they face when using mobile apps.

Finally, the study found that mobile banking apps should have the highest level of security, according to 36.5% of respondents. This is not surprising, as mobile banking apps deal with sensitive financial information, and any breach of security can have severe consequences for customers.

In conclusion, the study by Appdome highlights the importance of mobile app security for consumers and the need for mobile app developers to prioritize security in their app development process. Consumers are becoming more aware of the risks associated with using mobile apps and are willing to switch to more secure alternatives if their security expectations are not met. Mobile app security is a global concern, and businesses need to take action to address this issue to protect their customers and build brand loyalty. As mobile apps continue to play a significant role in our daily lives, let us hope that the importance of mobile app security is not overlooked.