There are a lot of positives that can come from implementing a bring your own device strategy, but it can hurt a company if it is left unprotected. According to a recent report by a mobile device management company, only 8 percent of companies in the U.K. have a formal BYOD policy in place and 39 percent of respondents said employees are allowed to use devices for both corporate and personal purposes.

When there is a BYOD policy in place, 31 percent of respondents said they had no concerns about security. Only 7 percent said their company was able to lock down app usage and 5 percent could track the devices via GPS.

"The fact that enterprises are rushing to implement BYOD initiatives is no surprise, thanks to the convenience and ever-growing popularity of mobile devices," said a general manager and vice president at the company that conducted the survey. "However, the security risks posed by this new level of mobility are clearly being overlooked by businesses, and with data breach incidents continuing to rise, it is an issue which simply cannot be ignored."

Industry professional Bill Ho told ZDNet that when writing a bring your own device policy, companies need to make sure they have created a list of unacceptable apps and trained employees on the security dangers of these devices.