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The technology-driven era we live in has made information sharing and data access very efficient. Still, it has also brought forth a new set of challenges. One of the notable challenges businesses face in this day and age is the rising threat to data security. However, the threat to business data does not always come from external actors. According to a study by CybSafe, human error, whether intentional or unintentional, was the main reason behind 90% of data breaches in 2019. To make matters worse, insider-related cybersecurity incidents have increased 47% in the last two years.
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Therefore, it’s safe to say that the biggest threat to business-critical data comes from human elements inside an organisation. Since data is the lifeline of most businesses in this digital environment, any compromise can jeopardise operations and bring businesses to a complete halt. To avoid this, companies need to be aware of the threats posed by insiders and incorporate the necessary measures to prevent them.
In this blog, we’ll discuss the risks the human factor poses to cybersecurity and how you can overcome them.
There are two main types of actors behind all insider threat incidents: negligent insiders who unwittingly act as pawns to external threats and malicious insiders who become turncloaks for financial gain or revenge.
Negligent Insiders: These are your regular employees who do their jobs but occasionally fall victim to a scam orchestrated by a cybercriminal. These actors do not have any bad intentions against your company. However, they are also the most dangerous since they account for about 62% of all insider threat incidents.
Negligent insiders contribute to data security breaches by:
Malicious Insiders: These are disgruntled employees who wreak havoc on your data security for financial gain or revenge. While financial gain is the top reason behind most malicious insider actions, it isn’t always the case. Despite being rare in occurrence, these threats often have much more severe consequences since the actors have full access and credentials to compromise your security. For instance, a Chinese national allegedly stole trade secrets from a US-based petroleum firm, with the value of these secrets estimated to be about $1 billion. Losses of this magnitude are usually quite severe for any organisation, irrespective of its size.
When a business falls victim to a data security breach, it faces more than just financial repercussions. The organisation’s reputation, competitive advantage, intellectual property, etc., often come under fire following an insider threat incident. Additionally, some compliance regulations impose hefty fines on businesses for allowing such a breach to occur. It is estimated that 60% of companies go out of business within six months of a major data breach incident. That’s why you must take a proactive approach when it comes to combating insider threats.
Certain factors can help you identify insider threats before you experience a full-blown breach:
There are a few strategies that you can implement throughout your organisation to minimise the possibility of insider threats.
The average cost of insider threats increased by 31% between 2017 and 2019 and is estimated to be around $11.45 million. With this cost expected to rise over the years, having a trusted partner by your side to protect your data from all kinds of human threats can go a long way towards securing your business.
With our years of expertise in data security and storage, we can help you incorporate innovative strategies to protect your data. Give us a call today, and one of our specialists will be happy to discuss your needs and propose solutions tailored to your business.
Article curated and used by permission.