Data Security on the hand phone! who gives a damn?

To begin with let me post a most basic question first and then try to answer it from my perspective. I would then like to invite some of the executives whom I have met - from among users, government agencies, enterprise users, telecom operators, handset manufacturers, value added service providers, security companies, application developers & aggregators and banks looking at m-banking and m-commerce - to look at it from their perspective?

Does a “user” care about security of data on his / her hand phone?

Some of the guys when asked if they care about security of data or told about a new product that helps secure SMS messages for instance went on to ask what is the threat to SMS messages? They do not perceive the threat!

But is there a real threat? A normal Joe using texting for interacting with friends and family does not basically know whether there is a threat to him / her if SMS messages fall into wrong hands or are spoofed. When users were explained that data security and privacy is considered breached even if some one say browses through their mobile phone when they have left it at their desk at office by mistake, they almost unanimously agreed that they would not be happy about it. One of the mobile operator when looking at mobile security/ SMS security product to be rolled out as a service even went so far as to confirm that they know 2 person in their office at this moment who have a habit of doing that. When I have asked a number of people the question – “What data on your handset would be your biggest worry if you say lost a phone or had your phone stolen?” Contacts, SMS Messages, images and in some cases video clips appear to be the biggest areas of concern. What are your big concerns when you lose your hand set???

My answer would be “Yes” users do care about security of data on their hand phones. Some or rather most of them may not have thought of it till they are asked or till they suffer a breach – someone snoops in on their data or they lose a phone. What do you say?