Spotlight on Cyber – Bring your own Opportunities and Challenges

World Cyber Risk

Bring your own device (BYOD) programs, where employees use their own devices for work purposes, present IT managers with both benefits and challenges.

A recent Intel survey of IT managers and end users found widespread support for providing BYOD policies. However, while productivity benefits were seen by respondents as a key driver, costs took a surprising back seat. Nearly all IT managers reported concerns about security for employee-owned devices – from meeting compliance regulations and securing data, to managing lost or stolen devices. In response to this threat, companies need to ensure encryption of employee-owned devices. This—coupled with the wide range of different mobile devices available that might require different servers to operate—could result in additional costs to the employer. A BYOD policy should clearly state the responsibility of the employee to report a lost or stolen device, including procedures for the company to remotely erase data from devices in such an event. In addition, the encryption of mobile devices is a key underwriting rating criteria for a cyber-insurance policy. The absence of such measures, including a robust disaster recovery plan could result in higher premiums for cyber liability cover. Mitigating the additional risks and potential costs of a BYOD policy should be a priority in boardrooms, rather than left to IT departments to deal with in isolation.

This post was part of our SPOTLIGHT ON CYBER: Is Any Industry Safe?, published June 25, 2013. The feature also included these other risks:
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