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BYOD – Benefits, Risks and Insurance Coverage

February 26, 2018 | By admin 
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BYOD Benefits and Risk

BYOD has been a good source to improve employee’s performance, convenience, and satisfaction. Sources reveal that 74% of the organizations are either planning to implement in the near future or already implementing the BYOD trend for their employees.

With BYOD in place, users are to enforce proper security measures to protect themselves and the organization from cyber risks like data loss and security breaches. A right protection system in place is a vital aspect while using BYOD.

For a huge leap with the transition in the technology landscape, an advancement in protection system is equally important to encounter security risks. Also, a right insurance coverage plan has to be developed to improve existing insurance coverages to secure an organization from new BYOD-related risks. This would deliver companies with security options and the right insurance coverage plans they require.

There has been a consistent evolution of data protection, nevertheless, organizations ought to be advised on the advantages, insurance coverages, risks related to BYOD in a work location.

Benefits of BYOD

Implementing BYOD concept at work would benefit with a flexible work environment to employees.

Following are the benefits of BYOD

Save Money – Investing in devices for each employee does not become mandatory.
Flexible – Employees become more satisfied and can work from anywhere and anytime according to their convenience
Boosts Productivity – Employees find it more comfortable in using their own devices. This would increase productivity.
Implements Up-to-date technology – Users stay updated with their devices, this ensures they are accessible to the latest technology and hence benefits the organization as well.
Though BYOD has been a great option to increase the productivity of the work environment, BYOD also gives way to new risks and malware exposures. Organizations are to implements protection and preventive measures that necessitates to protect critical data.

Risks that Could Pose a Threat to Your Business

BYOD brings out related privacy concerns for the organizations and its employees. It permits employees to implement BYOD in the workplace to bring down investments on devices for each employee. However, there are a higher possibility of security risks associated along with the usage of BYOD.

Lost Devices – By any chance, when the user’s device has been lost, the company’s data is also lost – this would allow any third-party users to gain access the business data stored in the user’s device. This creates an havoc when the user has no proper security system in place.

Ex-Employees – When employees resign the company informally, there would be no time to wipe out the sensitive information from the user’s device. This gives way for the ex-employees to gain access intentionally or unintentionally to the system and the organization’s data after they are gone.

No proper security system – Users are ignorant about the importance of using an antivirus or firewall much effective to battle against the malicious threats. A proper antivirus program and a firewall are to be implemented on the users’ device in the workplace. If users are ignorant and negligible, there are high chances of creating weak networks in the systems.

Accessing common hotspots – When employees are traveling and when their devices get connected to public unsecured hotspots at coffee shops, malls, airports and so it can give way to the hackers to easily access the company’s data through the weak network.

Any of these above-mentioned risks would create higher chances of the company’s sensitive information getting stolen if the users are not wary about the security precautions they take.

It is mandatory for the organization to enforce security protocol for the employees to follow. It is vital to help the employees understand the importance of practicing the enforced security policies to avoid or mitigate such security risks.

Implications of Insurance of BYOD

Even after implementing the best security posture in the organization, business data always vulnerable and are all-time hackers’ prey. This calls for a compulsory insurance coverage.

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