The recent news that Nexus One smartphone owners were unable to send or receive data is just a precursor to what security experts say is the next big threat to mobile phones and services - mobile malware.

According to Dr. Markus Jakobsson, a noted security expert in the field of phishing and crimeware, mobile phones -- especially smart phones -- pose the next big headache for security professionals. And financial institutions should be particularly concerned about risks to mobile banking.

"Hackers target data that can be turned into cash, and mobile banking services are a prime spot for them to target," says Jakobsson, principal scientist at the Palo Alto Research Center (PARC), a commercial innovation center.