The acronym 'BYOD' stands for Bring Your Own Device. This business model allows employees to use their personal devices, such as smartphones, tablets, and laptops, for work-related tasks. It offers flexibility and can enhance productivity, as employees are often more comfortable with their devices. However, it presents challenges in security and data management, as organizations must implement policies to control access to sensitive information and ensure device compliance. By balancing employee preferences with security measures, companies can effectively navigate the BYOD landscape.