While there are plenty of risks for a company to consider before implementing a bring your own device policy, InformationWeek reported that attorneys from Foley & Lardner said there are risks after a BYOD implementation that cannot be ignored either. For example, many may not even think about when storing data on their devices is that these smartphones, tablets and other tools can be searched and seized during international travel, leaving information in danger if not properly protected.

"If you've got employees that travel internationally, their devices might be subject to search or seizure at border control - something they need to be aware of in advance if they're going to use their own when they're on the road," the news source said. "This falls into the category of employee awareness. They need to know, via policy and education, that they're forfeiting certain rights to their personal devices by using them for work."

Other things that employees and businesses must look out for include what happens when a device is disposed of by an employee and what may happen if an employee shares a device with a spouse or someone else. These are issues that should be taken care of in a BYOD policy.

InfoSec Island said mobile device management applications should be brought into the company in case a device is lost or stolen so that it can be wiped out. This will help keep corporate data secure and contained.