This paper presents the findings from a study which investigated the security and control issues surrounding the deployment of mobile and wireless applications within Australian based companies. This research undertakes an exploratory study into the perceptions of risk, which practitioners and companies have experienced, thereby enhancing knowledge of the domain. This paper will report on the risks of m-business identified by the study participants and their classification into Varshhney and Vetter?s (2000) 4-level integrated framework for mobile commerce.