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July 2012, Iss. 3

In a wild, BYOD world, companies need to lay down the law

There is no doubt that the mobile revolution has taken hold, and nearly all companies must support a growing diversity of smart-device use in mobile finance. The phenomenon of “bring your own device,” or BYOD, is driven by a seemingly insatiable demand from employees for the most appealing devices making their way to market and from managers who want real-time mobile access to financial planning and accounting systems. My firm’s estimate is that 55% to 65% of companies allow some form of BYOD, and that number will continue to grow.  But the variety and pace of change of mobile devices is presenting major challenges, particularly in highly regulated industries where financial transactions and personally identifiable information are commonplace. These challenges must be addressed if an organization is to safely deploy mobile finance software without running afoul of government regulations such as the Sarbanes-Oxley Act and Payment Card Industry (PCI) rules, risking the consequences of legal actions by irate customers or losing ...

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