BYOD Security: How Companies Reduce the Risk

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The 2014 Ponemon Institute Cost of Data Breach Study estimates the globally, the average cost of a data breach to a company was $3.5 million, a 15 percent increase over the previous year. The average cost paid for each lost or stolen record containing sensitive and confidential information increased more than 9 percent from $136 in 2013 to $145 in this year’s study.

So then, why would a company potentially increase its security risk by accepting an employee practice to Bring Your Own Device (BYOD)?

Nate Lord, blog and SEO Manager at Digital Guardian, asked a panel of experts, “how can companies keep data secure in a BYOD environment?” in a recent article.

DocStar Executive VP, Jeff Frankel offered the following:

  • Be Proactive: The first answer is obvious – have a proactive BYOD strategy that informs employees on how they are to handle company data whether working from home, the office, the airport, or the beach. BYOD strategies can include everything from password requirements and device registering to what information may and may not be shared via mobile. This includes content. Your data is your company’s greatest asset. Without a BYOD plan – you are at risk.
  • Consider your ECM Options: With any ECM, tracking and workflow features ensure data is protected regardless of the device. Ensuring compliance becomes much easier when any time a file is accessed, edited or shared it is automatically tracked. There are security features to password protect any level of access to files, and the information is readily available to those who need it.

Data breaches do more than financial damage – they do damage to your brand image and reputation making it even more interesting that despite the security risks BYOD poses the trend for allowing BYOD in the workplace continues to grow at a rapid pace.

Read the full article of why companies are so accepting of BYOD in the workplace and what tips other experts on the panel offer regarding policy, mitigating risks, and preventing a breach at Digital Guardian.