Hackers are turning their attention to your smartphones due to the personal and financial information they carry. Most phones have little security and anti-malware protection. Given the right opportunity, malware creators can breach your email and contact lists, monitor highly personal communications, and capture important data such as your mobile banking app passwords.
One of the most vulnerable aspects is text messaging. What seems like a legitimate text from your bank may contain a link that, if clicked, could download a virus onto your phone. Most mobile malware is being written for Android phones since they have the biggest market share. Androids are easier to hack since their apps are not as tightly regulated and can be installed from the wider internet.
A major problem is the lack of consumer awareness that smartphones can be targeted. Most retailers do little to promote anti-virus software for smartphones.
When it comes to insuring your business against cybercrime, make sure your cyber insurance policy includes coverage for portable computer systems which include laptops, tablets, smartphones, USB keys/flash drives and similar portable devices.