Bring your own device or BYOD can also be referred to as BYOT - bring your own technology, BYOP – bring your own phone and BYOPC – bring your own personal computer. These terms refer to the policy of allowing employees to bring in personally owned devices such as laptops and phones into the working environment to be used alongside dedicated work equipment or to be used instead of.
The advantages of this to the employer are increased employee morale, productivity and at the same time saves the employer money. However, this has a massive impact on the security of the internal business network as you are potentially adding malicious devices and software on to it.
BYOD is great but only if has been setup well to begin with. Failing this can cause you and your business to lose a lot of money, time and reputation.