Risks and Rewards of Bring Your Own Device

Risks and Rewards of Bring Your Own Device

This is last in a series of four messages regarding the risks associated with data breach events and cyber security.  We welcome your feedback on the information we’ve provided you over the last four weeks.

As if there weren’t already enough concerns regarding cyber security, we can now add the Bring Your Own Device (BYOD) phenomenon to the list. Simply stated, this refers to the growing number of employees using personally owned smartphones, tablets and laptops at the workplace.

While the BYOD phenomenon may be a boon for cost controllers, it is proving to be a headache for IT and risk management professionals. Following are just a few risk management considerations:

  • Dictate usage controls regarding device functionality, data security, applications and content ratings.  Without this ability, each device becomes a ticking time bomb in the hands of an indiscriminate employee.
  • Set device security and data security at levels IT has deemed sufficient to block data breaches.
  • Gain control of a lost or stolen device to “wipe” it clean of data.
  • Enable devices with a Corporate Security Package that will exert top down control on this important link in the data network.  In effect, each employee becomes an independent communications contractor with his or her own agenda.

As the BYOD phenomenon gains volume and recognition, it is important for every company to examine its cyber security insurance coverage. To fully understand the implications to your firm’s risk profile, we recommend seeking the advice of an experienced insurance professional.

At KMRD Partners our skills and grasp of coverage come from having  more than 7,000 insurance policies.  The knowledge we have gained enables us to detect and correct coverage gaps, seen and unseen, including cyber insurance gaps attributable to BYOD.

For more on Cyber Risks Click Here.

KMRD reduces the overall cost of risk for clients by producing a greater value for each insurance dollar spent, while utilizing an enterprise risk management approach to engineer the optimal solution. The firm’s diagnostic process is supported by its unique collaborative technology, KMRD XCHANGE ®

We are dedicated to anticipating risk and helping firms recover from unplanned events that wait on the other side of one minute from normal.


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