The significant enhancement in demand for bring your own device (BYOD) mechanism in several organizations has sought the attention of several researchers in recent years. However, the utilization of BYOD comes with a high risk of losing crucial information due to lesser organizational control on employee-owned devices. The purpose of this article is to review and analyze the various security threats in BYOD; further we review the existing work that was developed in order to reduce the risks present in BYOD. A detailed review is presented to detect BYOD security threats and their respective security policies. A phase-by-phase mitigation strategy is developed based on the components and crucial elements identified using review policy. Managerial-level, social-level and technical level issues are identified such as illegal access, leaking delicate company data, lower flexibility, corporate data breaching, and employee privacy. It is analyzed that collaboration of people, security policy factors and technology in an effective manner can mitigate security threats present in the BYOD mechanism. This article initiates a move towards filling the security gap present the BYOD mechanism. This article can be utilized for providing guidelines in various organizations. Ultimately, successful implementation of BYOD depends upon the balance created between usability and security.