Exploring information systems security implications posed by BYOD for a financial services firm

Abstract

This study explores information systems security implications posed by Bring Your Own Device concept in financial services firms. Thus, the findings and recommendations from this study will help financial services and other organisations to be cognisant of the importance of BYOD policy formulation. The use of BYOD has become prevalent in the workplace due to the increased dependence on the Internet and advancements in technologies. It is beneficial to the organisation in that employees buy, use and insure their own devices, thus, the organisation does not bear these costs. However, there is a huge cost to the company if the use and connection of BYODs to the company’s Information Technology infrastructure is not regulated and monitored. BYODs expose information and information systems assets to threat actors. Financial institutions handle very sensitive information, making them a target for data breach and the adoption of BYODs more hazardous. A qualitative research method was conducted with eight (8) purposefully selected participants working in the Risk, IT and Information Systems Security departments of the financial institution. Telephonic interviews were conducted in line with the national protocols of the global Corona Virus Disease-2019 (COVID-19) pandemic. The study revealed the absence of a BYOD policy and employees could use any number of personal devices without restrictions. Users were aware of information systems security policies and protocols because of the annual training and awareness programmes.