Cybersecurity threats continue to grow, and while most of the focus rests on external concerns, insider threats are just as important to protect from. Whether unintentional or malicious, educating your employees about how to detect and prevent insider cybersecurity threats is essential to keep your company data safe. Left unchecking, insider threats can have major consequences for your organization — so let’s talk about how to identify and mitigate them.
What Are Insider Threats in Cybersecurity?
Insider threats are security risks that originate from within an organization, typically involving current or former employees, contractors, or business partners who have access to sensitive information or systems. These cyber threats can manifest in various forms, ranging from unintentional negligence to deliberate malicious actions. It's important to distinguish between negligent insiders, who may compromise security protocols accidentally, and malicious insiders, who intentionally seek to harm the organization or its assets. Studies show that the majority of inside threats — more than two-thirds — are due to negligence, which is why it’s so important to educate your employees about cybersecurity and data privacy best practices.
The Rising Cost of Insider Threats to Businesses
One of the main reasons to avoid insider threats is because of the financial impact it can have on your business. In 2022, the average cost of insider threats amounted to $15.38 million, with 2,200 internal security attacks daily. When addressing data breaches at large, according to Statista, the average expense associated with a data breach in the United States reached $9.48 million in 2023. On a global scale, the average cost per data breach amounted to $4.45 million U.S. dollars, with 6.41 million data records breached worldwide in Q1 of 2023.
Insider Threats vs. External Threats
While external cybersecurity threats often dominate headlines, insider threats pose a unique but equally concerning risk to organizations. Studies show that 74% of businesses experience more frequent insider breaches compared to external attacks. Perpetrators of insider threats often have access to critical systems and data, making detection difficult as their actions may appear legitimate. External threats are typically more visible and trigger security alerts through various monitoring systems. Mitigation strategies for insider threats often involve implementing least privilege access, user behavior analytics, and employee training, while external threats require more robust technical controls. The motivation behind both threats may come down to financial gain, but external threats often have a specific purpose while internal may be unintentional.
Key Indicators of Potential Insider Threats
Detecting insider threats can be challenging, as they may be subtle or unexpected to intentionally or accidentally evade traditional security measures. Common signs of insider threats include unusual access patterns, unauthorized data transfers, and unexplained network traffic spikes. More than 53% of organizations have reported that detecting insider attacks becomes increasingly challenging in the cloud, where most storage takes place these days.
The Industry Impact of Insider Threats
Certain industries are particularly susceptible to insider threats, with the 2023 Insider Threat Report reporting the healthcare, financial, and technology sectors as among the most vulnerable. The complex nature of their operations and the high value of their company data make them prime targets for insider attacks. Understanding the relevant data privacy protocols within these industries, such as HIPAA, GDPR, CPRA, and PCI DSS can help organizations learn how to protect especially sensitive company and customer data such as healthcare information, financial data, and more.
Strategies to Mitigate Insider Threats Effectively
Effective mitigation strategies against insider threats require a multi-pronged approach. Preventative measures must be implemented, considering that incidents often take an average of 200 days to be noticed and 75 days to be controlled, according to the Cybersecurity and Infrastructure Security Agency. Employing advanced cybersecurity tools like password managers and encryption software enhances protection against evolving cyber threats. Creating an incident response plan enables quick action in the event of a breach and effective workplace training can help raise awareness about security best practices to recognize potential red flags.
Strengthening Your Defense Against Insider Cyber Threats
By staying vigilant and proactive, organizations can mitigate the risks posed by insider threats and protect against potentially devastating consequences. Whether insider threats your company may face are intentional or accidental, ongoing education through workplace training is essential for empowering employees to identify and respond to insider threats effectively. EasyLlama’s Data Privacy and Cybersecurity courses use real-life scenarios, modern content, and interactive quizzes to keep your employees engaged and teach them about maintaining the safety of company data. Learn more about how our training works today with a free course preview!
