Under the Current Economic Conditions, Security Professionals Must Quickly Re-assess Their Approach to Defending Against Insider Threats.
Many organizations are aware of the challenges related to external threat actors and therefore focus their efforts on creating deterrents to protect against these cyber-attacks. In doing so, they often overlook that the biggest threats can arise from within.
Over the last two years, insider-related incidents increased by 47% according to the 2020 Cost of Insider Threats Global Report by the Ponemon Institute. At the same time, the average global cost of insider threats rose by 31% to $11.45 million. These numbers are quite concerning, especially when bearing in mind that they came at a time of global prosperity and growth. The risk of company employees walking away with sensitive data or selling their access credentials has never been greater now that a record number of individuals have been laid off and face financial hardship due to the COVID-19 health crisis. So, what measures can organizations take to minimize their exposure to insider threats?
As we’re all painfully aware, external threat actors are taking full advantage of these uncertain times by launching a wave of new cyber-attacks, using phishing, ransomware, and credential stuffing tactics. In turn, organizations need to focus on improving cyber resilience while stretching their budgets further. However, employees and business partners can do just as much damage from the inside, whether due to malice or negligence.
Since insider threats are carried out by current or former employees, contractors, or other trusted business associates that have ― or had ― access to the organization’s IT infrastructure and sensitive data, these attacks are often difficult to detect as they occur under the umbrella of legitimacy. According to the 2019 Verizon Data Breach Investigations Report, insider threats represent an often-ove ..
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