Insights From ORAM Corporate Advisors

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One of the biggest risk management issues in business today is BYOD. Short for bring your own device, it’s the practice of allowing your employees to use their own computers, smartphones and other electronic devices for work. Many small businesses like BYOD because it saves them money. Large companies often allow it for a variety of reasons beyond cost savings, such as when an employee prefers to use their own equipment.

But allowing employees to tap company systems and databases from their own devices creates a whole new level of risk and liability for a company. Electronic devices can be lost or stolen. Customer information can be more easily compromised and your business could face a legal claim in the event of a security breach. Malware may be much more easily introduced onto an employee’s device and transferred into your company’s system. And what happens if an employee’s laptop is stolen while they’re on a business trip? Who pays for a new one?

A good security expert can be a valuable member of the cyber risk management team, help you protect your technology and create IT security policies. A well-crafted BYOD policy also is a must. But one of the most important parts of BYOD risk management is making sure you’re properly insured. Standard business liability coverage doesn’t always provide protection for digital disasters.

We can help you make sure any electronic devices used for business are protected. Beyond that, we also can discuss your options for protecting your business from a host of other digital disasters.