Sciextor

Insider Threats

Insider threats are users with legitimate access to company assets who use that access, whether maliciously or unintentionally, to cause harm to the business.

Insider threats can include current or former employees, contractors, partners, or anyone who has access to an organization’s systems or sensitive information

Insider threats can cause not only immediate damage to an organization’s data, reputation, and operations, but also long-term consequences such as legal liabilities, regulatory fines, and customer loss.

Insider threats can also enable external attackers to gain access to an organization’s network or data by exploiting the compromised credentials or devices of insiders

Some statistics on Insider Threats are

• Insider threat incidents increased by 44% between 2020 and 2022
• The average cost of an insider threat incident in 2023 is $15.38 million
• The global spending on cybersecurity accrued to $175.2 billion in 2023
• Over 34% of businesses globally are affected by insider threats annually
• 77% of Australian CISOs say their organization is unprepared to detect, deter and recover from a cyberattack

What can you do

• Implement policies and procedures that define what constitutes an insider threat, how to report suspicious behavior, and what are the consequences for violating the rules
• Use access control mechanisms to limit the access privileges of users to the minimum necessary for their roles and responsibilities. Review and revoke the access rights of users who leave the organization or change their positions
• Use data loss prevention tools to monitor, detect, and prevent the unauthorized transfer, modification, or deletion of sensitive data. Encrypt, backup, and secure your data in transit and at rest
• Conduct regular audits and reviews of user activity logs, network traffic, and system configurations to identify and investigate any anomalies or deviations from the baseline
• Provide security awareness and training to your employees, contractors, and partners on the risks and best practices of insider threat prevention and protection. Educate them on how to avoid common mistakes, such as clicking on phishing links, using weak passwords, or sharing confidential information

Security Policy