Insider threats, in the worst case scenario, result in damage to your brand and data loss. For companies of all sizes, this is a terrible scenario that can result in enormous financial damage. So it pays to identify user risks before a cyber-attack and train your own company’s user:s accordingly.
The problem is that most companies are not aware of the danger posed by insiders. Instead, they are preoccupied with defending themselves against external threats. However, insider threats should not be underestimated. According to a recent study, 62% of all insider threats are due to employees’ careless behavior or lack of awareness of IT security. Eliminating such threats costs companies around $4.5 million annually worldwide. Add to that the costs resulting from identity theft ($870,000 annually) and, of course, the damage caused by insiders’ criminal behavior alone ($4.08 million annually).
The length of time it takes to mitigate or repair the damage is 77 days on average for insider threats, adding just over $11 million in costs per year.
How can insider threats be mitigated?
The outsourcing of the workplace to the home office and remote concepts have further increased the dangers posed by insider threats. However, they can be contained with the right approach.
- Educate workforce: some insider threats are the result of malicious intent. But most often, the harmful behavior of the workforce is unintentional and occurs out of ignorance. A majority of insider threats are the result of negligent behavior, usually exacerbated by working from a home office. With security awareness training for employees:inside, insider risks can be significantly minimized.
- Consider stress factors: There are several reasons why employees become insider threats out of malicious intent. Perhaps the insiders are recruited or bribed by third parties, want to get back at their employer, or have conflicting values. To eliminate these causes of insider threats, strong team building and regular face-to-face conversations between team members and team leaders can help. In addition, your IT security department should monitor user activities related to data interactions.
- Coordinated processes: Should an insider threat occur, a company must act swiftly. After all, the longer it takes a company to deal with an insider threat, the more expensive it will be. So it’s important to respond as quickly as possible. With appropriate processes, this is possible.
One of the biggest security factors in any cyber security approach is the human factor. The best security programs and firewalls are of no use if the workforce is not trained and not sensitized to the dangers of cyber attacks. With our Security Awareness Training we pick up users at their different knowledge levels and train them efficiently and according to their needs.
We will be happy to show you how to sensitize your employees and build a sustainable security culture. Register now for a free and non-binding IT-Seal Phishing Demo.