Security is a multi-Billion dollar industry and the fear of your data being compromised or your device whether it's a phone or computer being ruined, is what fuels the industry and gets people to shell out money for things they might not necessarily need in the first place. The reality is that common sense tends to take care of most problems.
Verizon, in a quest to keep users safe, has launched a new mobile security app appropriately dubbed, "Verizon Mobile Security". The app is pretty standard when it comes to protecting your device. It offers virus and malware protection as well as the ability to remotely track and wipe your device say it becomes stolen. Of course, being Verizon, it can't be a completely free app for users who are already paying a decent chunk of change for their data plan.
If you want the ability to remotely track and wipe your phone, that will be $2 per month or $1 per month if you're already setup with a Verizon Equipment Protection plan. That may not seem like much until you realize you can get this same feature for free with an app like Prey or Avast.
The reality is that unless you're going to some very sketchy websites on your Android device and/or downloading files that you probably shouldn't, the whole virus and malware protection is not needed whatsoever. If however you want to be able to track and wipe your phone if it ever gets stolen, is definitely better looking into Prey or Avast and you get to save some money in the process.