There is no ignoring the buzz about BYOD, especially with a largely remote workforce for the foreseeable future. A BYOD policy can provide greater flexibility for employees and cost-savings for employers by allowing employees to access work-related networks or systems using their personal devices, such as laptops, smartphones, and tablets. This is not a new method of working, but its popularity has soared due to the growing consumer electronics market and the sudden influx of employees working remotely. While the benefits of BYOD are many (such as greater flexibility, convenience, collaboration, productivity, and work-life balance) there are some risks to consider before allowing outside devices onto the network.
As with any organizational practice, adopting an effective BYOD policy requires strategic planning, thorough risk analysis and comprehensive policy creation and implementation (including a strong employee education component). This process should always begin by asking what you want to accomplish by adopting such a policy:
Once you know where you want to go, it becomes much easier to identify potential risk exposures and to craft policy provisions that are more likely to help you achieve your goals. On the risk side of the equation, there are a multitude of potential exposures that can be associated with BYOD practices, some of which may seem obvious (such as security and data breaches), while others may not:
Before incorporating a BYOD program, make sure you understand all of the risks that can accompany the benefits. Once the program has been established, it must be supported by a thorough policy, as well as specific protocols that must be followed for anyone who participates in the program. Participating employees must be educated as to the expectations and limitations that will be imposed upon their usage of personal devices for work purposes. For more information about the risk and compliance considerations of BYOD, contact us.
Carla provides solutions to mitigate management and personal liability exposures for companies, directors and officers. She specializes in assisting clients to identify and mitigate personal, corporate and professional liability risks.
Carla provides solutions to mitigate management and personal liability exposures for companies, directors and officers. She specializes in assisting clients to identify and mitigate personal, corporate and professional liability risks. She consults with companies to uncover any liability exposures and then provides solutions to help mitigate those liability exposures. Carla has been in the insurance industry since 1982. She began her insurance career in the management liability underwriting department for financial institutions. She works with a vast array of clients including multi-hospital healthcare systems, private and public corporations, not-for-profit organizations and independent professionals. With Carla’s experience and knowledge she is frequently asked to speak on D&O and Cyber liability risks.
With massive data breaches at organizations such as Target, Dairy Queen, and JPMorgan, businesses are becoming more aware of the threat of hackers and external threats to their data. And while it’s important to protect yourself from such exposures, history has shown that the real enemy lies within our own companies. Don’t believe it?
What should you do to prevent a cyber attack and what should you do if it happens to your business?
One of the most valuable lessons is simply a greater awareness and respect for this type of threat. Many business owners and executives do know fully understand the risk or have the it won't-happen-to-me syndrome. As a result, they don’t do enough to prevent cyber crimes. Businesses should establish a disaster recovery plan so they are prepared if they do experience a significant loss — and, if still necessary, protect themselves with insurance coverage.
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