5 Ways Mobile App Hacks Can Ruin Your Business

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In an increasingly competitive mobile app development landscape, most developers’ first priority is getting apps to the customer as soon as possible. This quick roll out may drum up early interest and rapid sales, but can haunt you in the long-term. Mobile app hacks ruin businesses, destroy reputations, and could even land you in legal trouble.

With AppSolid on your side, you can focus on development, allowing you to race to app publication as we protect your app and your business from the perils of various hacks. With the most powerful binary protection in the industry and a dogged commitment to your security, you can rest assured that AppSolid is here to protect your business from mobile app hacks.

Reputation Damage

Most consumers can rattle off a long list of devastating hacks. Remember when Target accidentally released consumer credit card data? Or when the 0Auth 2.0 Hack enabled silent access to a billion mobile accounts? Mobile apps become synonymous with the hacking scandals that penetrate them. This means that years of reputation building can instantaneously come toppling down at the hands of a hacker.

Even if you recover from a hack, consumers may be reluctant to use your products for their most sensitive data. That will make it difficult to accept payments, and nearly impossible to re-establish yourself as a trustworthy source in the global marketplace.

Legal Threats

Businesses have an obligation to do what they can to protect their customers, and at the very least, to not knowingly expose consumers to hacking risks. Though no businesses have yet been held legally liable for any hacking scandals, that could soon change. Yahoo! was recently sued for negligence in its own hacking scandal. Your business could be next.

Most small business mobile app developers don’t have the resources to defend a hacking-related lawsuit. Even fewer have the financial means to repay consumers for what they lose in a hacking. And of course, a lawsuit could destroy your reputation. If you know there’s a threat out there — and everyone knows this, since hackers have targeted just about every sector of the economy — and do nothing about it, a court might consider that negligence.

Decreased Consumer Interest

When a new app enters the mobile landscape, it’s often accompanied by intense consumer interest. Alongside that interest also comes intense scrutiny — does the app work? Is it secure? What is it doing with consumer data? Consumers are increasingly invested in how their use of apps affects the companies that develop those apps. Financial vulnerability and loss of privacy figure prominently among consumer concerns.

So what happens to your business if you fall victim to a significant hacking effort? Consumers may lose interest in your products, since no one wants to invest in an app that might ultimately harm them, their family, or their business. This means you’ll have to work harder to sustain the same level of interest you once got easily, and growing your business may become virtually impossible.

Release of Corporate Secrets

Consumer data is just one target of mobile app hacking attempts. Hackers may also attempt to access your information. Competitors can access proprietary data through your servers, potentially giving them a competitive edge, or even allowing them to publicly humiliate your company. Consider how the press would react to learning your corporate secrets or reviewing communications among staff.

Criminals may use hacking to access your bank accounts and consumer payments. This means customers could send you money you never receive, costing you money and interfering in your relationship with your customers. This could put you in an impossible situation, in which you’re losing money and not receiving payment, but still paying the costs of providing your customers with a service for which they have paid.

Loss of Competitive Edge

If you were seeking out a bank, which would you choose: the one with a history of losing customer money in robberies, or the one that never lost any customer money? The choice is easy, and the same simple choice applies to consumers exploring mobile app options.

If your competitors offer a more secure mobile environment, or even if they just haven’t yet fallen prey to a hacking scam, you’ll lose your competitive edge. With thousands, if not millions, of apps on the market, it’s easy for a competitor to break into your niche. Secure mobile apps are one of the most cost-effective ways to remain competitive.

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