Smartphones have become the most popular mode of communication as well as a novel mode of work, allowing users to work from anywhere and increasing their efficiency and responsiveness. However, the flexibility and convenience of mobile phones are associated with security risks. The objective of this study was to examine the threats and risks that smartphones face and to suggest mitigation strategies. A literature searches of scientific research articles published in online journals and databases was carried out. Some of the databases used are Google Scholar, IEEE Xplore Digital Library and Science Direct. The paper concludes that smartphones are not only capable of supporting office work but can also serve as a gateway to the Internet of Things (IoT) and a tool for user interaction with numerous electronic devices. This comes with concerns about technical threats associated with cybercrime, privacy infringements, and hidden data collection tendencies. The paper recommends advanced research to enhance counter-measures to mitigate the many existing security threats as well as those that may emerge in the future.