A guide to small business loss prevention for mobile devices

There are various sources of technology-related risks for your business. But they usually boil down to one common factor: humans. That's certainly the case with lost, stolen or damaged mobile devices. So how can your business protect against all sorts of variables? There could be a malicious third party to blame, or it could be the result of a negligent—or just plain unlucky—employee. Whatever the root cause, it's increasingly worth investigating small business loss prevention options for your mobile devices.

Device management: Why do small businesses need mobile protection?

There's no one-size-fits-all when it comes to device management in small businesses. As explained in the Verizon 2024 Mobile Security Index, all types of organizations are adding mobile and IoT devices into their daily operations, and there are various device management models, including bring your own device (BYOD). Further, 59% of firms now allow employees to access work email from their personal phones or devices.¹

Whatever your approach, one fact remains: More Americans than ever are using their work devices in more than one location. A majority of employee organizations (92%) have hybrid workers² and 80% of organizations have employees who travel for work.³ Now add the number of employees who may use the same device for work and leisure, and the chances of it getting lost, stolen or damaged while out and about surely multiply.

Understanding the threat landscape

The Verizon 2024 Data Breach Investigations Report reveals that lost and stolen assets led to far more data breaches in the current reportable year (91%) versus the previous year (8%).⁴ And the vast majority of these were lost (88%) rather than stolen (12%). The most common types of compromises included personal (97%), internal (42%) and bank (25%) data.⁵ If devices aren't properly locked and protected, miscreants can potentially access sensitive corporate information through network and VPN logins, cloud storage accounts and other SaaS-based portals.

A 2024 survey by Allstate Protection Plans reported that nearly a third (31%) of American smartphone owners damaged their phone over the previous year, with 8% permanently losing their device, and 5% suffering theft.⁶ The latter numbers may not seem that high. However, if extrapolated out nationwide, to the estimated 310 million smartphone users in the U.S., they signify tens of millions of Americans suffering device loss, theft or damage in a single year.

That alone should make the case for small business loss prevention programs for mobile devices.

The impact of lost, stolen or damaged devices

It's not just the prospect of mobile devices disappearing that should be of concern. Damaged assets could also have a significant impact on business productivity. Here are some of the reasons you might want to consider a small business mobile device loss prevention plan:

• A major data breach. This could incur significant financial and reputational costs.
• Lost worker productivity. This can happen when employees are unable to access corporate resources until a replacement device is received.
• Extra IT expenses. This would include the cost of device replacement, reporting and other related business processes.
• Unhappy employees. They could be distressed about losing their device and anxious over possible fraud or the loss of personal items such as photos.
• Fraud against the company and individual. Both parties can be at risk if the threat actor is able to access personal and corporate information, including banking details.
• Regulatory fines. This is a potential risk if sensitive information is compromised.

Small business loss prevention

There are various computer information systems controls that you can put in place to mitigate data breach risks stemming from lost or stolen devices, such as data encryption and remote wipe capabilities.⁷ This is where mobile device management solutions, or MDM, can help.

What is MDM and how can it help?

MDM is a type of solution designed to perform continuous monitoring and enforce policy and controls on mobile devices—whether corporate or employee-owned. Policies and applications are configured via an MDM server and pushed out wirelessly to endpoint software on each device.

Why do you need mobile device management? And what about device protection?

Mobile devices in the MDM context could be smartphones, tablets, laptops, or even IoT devices. These devices come in an almost limitless range of shapes and sizes, but all have one thing in common. For many employees, these devices are the primary way to access corporate networks, data and applications. That also makes them a target for threat actors and a potentially major source of business risk. Verizon offers Mobile Device Management solutions that help organizations protect their network and mobile device endpoints from attacks and minimize risk. For example, in the case of a lost or stolen device, an MDM solution can allow IT administrators to remotely lock and wipe mobile devices to help prevent the risk of data breaches without the need to handle them physically.

Additionally, for lost or damaged devices Verizon’s Total Mobile Protection for Business protection plans include support and services that help you avoid lengthy downtime, and multi-device protection for accounts with eligible lines. The plans offer features like:

• Same-day replacement of lost or stolen devices
• Device repair (cracked screen/back glass or battery replacement), including replacement devices during repair
• 24/7 tech support
• Protection for multiple devices with shared claims

Lost, stolen and damaged devices could cost your organization dearly. If you're worried about the impact on the bottom line and your employees, small business loss prevention plans for mobile devices, such as Verizon’s Mobile Device Management solutions and Verizon’s Total Mobile Protection services, can help.

The author of this content is a paid contributor for Verizon.