Strategies for Transforming Intelligent Gadgets into Instruments for Risk Assessment

In today's digital age, smartphones have become an essential part of our daily lives, serving as our personal assistants, navigation systems, and communication tools. However, their widespread use also brings about certain risks that are worth exploring.

According to SquareTrade Europe, the summer of 2024 saw a peak of nearly 37% claims for stolen or lost smartphones in the UK. July was identified as the peak month for such incidents. This trend underscores the importance of smartphone security, a concern that has been echoed by Ecclesiastical's survey, which found that people are most concerned about online fraud via their smartphones.

Smartphones can send alerts from security cameras, weather apps, and navigation services to warn users about potential risks such as burglaries, weather changes, and traffic. However, these same devices can also expose users to cyber threats. Ecclesiastical's research reveals that smartphone security complacency is leaving devices vulnerable to criminals.

On the health front, smart watches and fitness apps log health data and flag patterns that might need attention, helping prevent bigger health issues. Current smartwatch and fitness apps indicate emerging trends such as the integration of generative AI for personalized health coaching, advanced real-time health scoring, and conversational virtual assistants. These innovations are not yet widely recognized by many users, presenting an opportunity for users to take advantage of these advanced features for their health and wellness.

Location sharing gives reassurance when moving around unfamiliar places. Navigation apps reduce the risk of getting lost while traveling, and translation tools help reduce confusion abroad. Transport apps send live updates, allowing users to change plans before a cancelled train leaves them stranded.

In the realm of work, smart devices reduce risks tied to communication and deadlines by allowing remote staff to access files securely, join meetings instantly, and share updates without delay. Smart devices in work settings also play a crucial role in ensuring seamless collaboration and productivity.

However, the use of smart devices is not without its pitfalls. Which?'s research focused on the risk of inadvertently giving away personal information via smartphone sync systems. Up to four in five drivers may inadvertently give away personal information due to insufficient action to delete sensitive details from their cars before selling them. These details include contact numbers, home addresses, and even wifi details.

On a positive note, mobile banking and budgeting apps provide real-time insights into savings goals and spending habits, helping users spot irregular transactions or overspending before they become serious issues. Online streaming sites and non-GamStop casinos are becoming popular pastimes for smartphone users, offering quick entertainment and secure payment methods to ensure financial information remains safe.

The findings from Ecclesiastical's research commissioned to reveal the risks of smartphone cyber security present an opportunity for brokers to discuss smartphone security risks with their clients. By being aware of these risks and taking necessary precautions, users can enjoy the benefits of smart devices while minimizing potential threats.