If you think your business has secure apps and robust data security policies, rethink your confidence. Because breaches happen. And not everything is 100 percent secure all the time.

At least it wasn't for LifeLock. The Tempe, Ariz. identity theft protection service provider that disclosed late Friday that one of its popular apps did not meet industry security standards — and all information with the app will be deleted.

App Removed

Todd Davis, chairman and CEO of LifeLock, Inc. blogged Friday that his company's been alerted that certain aspects of the recently-acquired mobile app LifeLock Wallet "may not be fully compliant with payment card industry (PCI) security standards."

Learning Opportunities

LifeLock removed the LifeLock Wallet application from the App Store, Amazon Apps, and Google Play, and when users open the LifeLock Wallet, their information will be deleted in the app, according to Davis.

LifeLock was trading at $10.75 this afternoon. Yesterday, stocks had gone down 17 percent.

"We have taken steps to delete all stored information for the mobile app from our servers," Davis said. "Even though we have no reason to believe the data has been compromised, we believe this is the right thing to do. As a company dedicated to online security and safety, we are committed to doing everything we can to ensure those who trust us with their personal information can do so without question."
Davis expects the LifeLock Wallet services and functionality to return with the highest level of PCI compliance to users soon.
"We know we’re asking a lot of our LifeLock Wallet users -- to delete and go without this application for a period of time," he said. "I personally apologize for the inconvenience."