Although there are some nightmare stories when it comes to running a bring your own device policy, Small business Trends founder Anita Campbell wrote that it doesn't have to be that way. While there are security risks, using mobile device management software, taking control of the network and creating happier and more knowledgeable employees can all be beneficial when transitioning into this program.

"Recognize that the IT environment is very different today," she wrote. "It calls for new policies, employee education, adoption of up-to-date best practices, and last but not least, implementing device management tools and other technology solutions designed for a BYOD environment."

One recent report showcases this well, as security company Symantec said companies with fewer than 250 employees were the focus of 31 percent of all cyberattacks in 2012. Attacks on mobile devices are becoming more popular, as there was a 58 percent increase in attacks on devices from 2011 to 2012, with nearly one-third of attacks aiming to steal data.

What can be done? Campbell wrote that a lot can, including requiring notification by employees who wish to bring their own devices. This means ensuring that devices are registered with the organization before they can be used for work purposes. Businesses should also adopt best practices for security, including use of antivirus, firewalls and password protection. Users should all be well aware of what policy the organization has in place, Campbell said, as this will help them take responsibility for their own actions on the mobile network.

"With freedom comes responsibility," she said. "Create a written BYOD policy for employees. This could be in the form of a memo, incorporated into the employee handbook, and/or placed on the company intranet.  Make employees aware of what is acceptable, and what's not."

Education is another critical factor, as many employees may not yet be aware that there are risks to using their devices in the workplace.

How to use MDM services
Campbell said one of the best steps toward being secure with BYOD is to use mobile device management as a way to see the big picture, including who is using the gadget, how it is being used and see how the network is interacting with it. These services can also help remotely wipe devices if one happens to be lost or stolen, something that can save an organization from a data breach.