Already, more than 74 percent of businesses are have a Bring Your Own Device (BYOD) policy or are planning to implement one. With the rapid expansion of BYOD, business owners have to ensure that they protect their interests and their employees from the associated risks. It is important that you stay informed of the benefits, risks and insurance implications are associated with introducing BYOD in your workplace.

1) The Benefits…

One reason why businesses are angling to implement a formal BYOD policy is because of the many handheld, personal devices that are already on their premises. Financial products, such as those reviewed on this Ascend personal loan review, make it easy for your employees to get the latest in terms of smartphones, tablets and wearables. Therefore, it makes more sense for any business to have a formal BYOD policy to take advantage of the incoming tide of personal devices for the numerous benefits it would bring in your operations.

Allowing your employees to carry their own devices to work, creates room for a more relaxed, efficient and open environment which benefits all parties involved. Other benefits of a BYOD policy include the fact it will eliminate the need to purchase a device for every employee, reducing your expenses significantly.

BYOD also helps in increasing employee satisfaction and happiness. It also helps boost productivity since your employees are using devices they are already comfortable and familiar using. Allowing your employees to bring their devices to work gives you the opportunity to use the latest devices, meaning that you are always up-to-date.

2) The Security Angle…

A major concern for many IT decision makers is whether BYOD will make the business environment vulnerable. When employees bring their own devices, they use them to access company apps, making it harder to establish who exactly owns the data. This can be an issue especially if some of your employees leave your company, but they still have corporate data on their personal devices; the information can easily be deliberately or accidentally leaked, leaving your company vulnerable.

Similarly, if a device is lost or stolen, then the information inside is also at risk. When it comes to personal devices, businesses have little to no control over the kind of software used to access, and security protocols being followed. This makes devices more vulnerable to malware that can be used to attack your business.

One way to overcome these risks is by implementing Mobile Device Management (MDM) software. You can set a limit on the type of software and files that are accessible to certain employees, ensuring that only the relevant data is available. MDM also allows you to lock devices remotely in case of device loss, and erasing sensitive company information in the process.

3) The Insurance Implications…

Following even the most stringent of security measures, policies and practices in the workplace does not guarantee that business-sensitive data will not fall into the hands of hackers. This is where cyber liability insurance comes in. Insurers and companies have to understand the unique risks that come with BYOD for coverage that provides protection in case of compromised business critical information.

A modern-day business requires robust and reliable mobility systems and tools to stay competitive on the market, and to maximize the effectiveness of the employees. This does require careful consideration due to the sensitivity surrounding data and device security, without sacrificing usability. Intelligent integration of apps and data means productivity and security can coexist.

This way, instead of weakening your business’ security, BYOD can improve it. The end result is a workforce working at its full potential.