On the global stage, a new corporate movement has gone into motion known as the BYOD or bring your own device movement. This movement has gained some popularity because business owners save money while employees can use their own devices. In fact, the movement has been so popular that it’s expected to reach $181.39 billion in 2017, according to MarketsandMarkets.

Protect Your Business

This movement could do a lot of positive for business owners who take advantage of it, but you must design your BYOD policy so that it doesn’t become a liability. Business owners must protect themselves and their employees from the costs associated with BYOD, and they must dodge the risks that come with it. That includes having the right insurance policy.

What does the right insurance policy look like? First, this insurance will have coverage over the existing offering. It will protect businesses from the emerging risks of BYOD, and it will provide you with the protection and coverage needed.

Benefits of BYOD

A BYOD policy boosts productivity because an employee who uses his own devices will have greater familiarity and feel more comfortable with it than a device from the company. BYOD also brings you up-to-date technology without ridiculous costs because some employees will bring the latest devices with them. In addition, this policy will lessen the stress on your IT staff because employees will largely have a responsibility of their own to keep these devices working. As a result, your expensive IT staff can fix more important problems than solving help desk tickets.

Security Plan

If you decide to take the BYOD route, you must enact security measures to keep your business safe from harm. You should develop your security plan so that it outlines the most important regulations, and you have to stress the importance of your employees following the regulations because you don’t want to risk your data being compromised.

Remote wiping is a common practice businesses have implemented when adopting a BYOD policy. For example, let’s look at the following situation. You fired an employee yesterday, and they vowed vengeance on your company. If you left sensitive information on their phone, such a scenario could be financially crushing. With remote wiping, you require all employees to have this installed on their phone so that you can wipe it clean even if the person leaves without letting you wipe their phone.

Insurance for BYOD

Even if you have taken all the security measures possible, the wrong move can still slip through your hands. A determined hacker can breach your business data, and this is where cyber liability insurance could save your company from going belly up. Before you choose a BYOD insurance carrier, check to make sure the company stays ahead of the curve on these products, and they remain knowledgeable about the trends. An insurer provides essential protection, but they must understand the unique risks involved in BYOD. This ensures proper coverage will be provided so that critical information never gets compromised.

Based on a report from Tech Pro Research, 78 percent of businesses cited security as the chief reason they had not allowed for a BYOD policy. If you do allow BYOD, you have to immediately address the security threats. Lost or stolen devices, people leaving the company, use of unsecured wi-fi and a lack of firewall or antivirus can all lead to grave threats against your company. When you understand how BYOD works, you can reap the rewards a policy has for business owners and employees, and at the same time, you can dodge the dangers that might come up.

If you’re interested in learning how to stay safe with BYOD, feel free to contact us.