Before trying this code, make sure you have ensured that your camera works because you will not be able to see what is happening with the camera while it is saving to the SD card. If you are having issues with this, please check out the Evaluation Software provided by Linksprite.
Since the BeagleBone (and the Raspberry Pi) is Linux based, and has usb ports, it is actually very easy (and cheap) to make a security camera system. All you need are USB webcams. Just about any will do. I got four for $16 on Amazon. More expensive ones might say they have higher resolution, but what they are actually reporting is the still photo quality, not streaming video quality. Unless you get a USB 3.0 webcam, which would not be supported by either hobbyist computer, it is impossible to stream HD (1080) video, but some might be able to 720.