What is an Insider Threat?

Insider threats involve malicious or negligent actions by employees, contractors, or other individuals with access to an organisation’s sensitive data, systems, or facilities.

The Ponemon Institute, 2022, Global Insider Threat Report highlights the following:

• The cost of credential theft to organisations increased 65% from £2.19 million in 2020 to £3.6 million at present.
• The time to contain an insider threat incident increased from 77 days to 85 days, leading organisations to spend the most on containment.
• Incidents that took more than 90 days to contain cost organisations an average of £13.5 million on an annualised basis.

In today’s digital era, data serves as a valuable asset for businesses, offering insights and competitive advantages. However, this reliance on data also increases the risk of internal data security threats.

Dealing with such threats necessitates a well-rounded approach combining technology, employee awareness, and a strong security culture.

5 Effective Strategies to Protect Your Business from Internal Data Security Risks

1. Foster a Strong Security Culture

Cultivate a robust security culture that starts from the top and permeates every level of your organisation. This will underscore the importance of data security and encourage open communication about security concerns. Conduct regular training sessions to educate employees on best practices and common threats.

Encourage employees to promptly report any potential data security incidents or concerns. Provide an anonymous reporting mechanism, such as a confidential hotline or email address, to alleviate fears of retaliation.

Develop an incident response plan outlining steps to take in case of a data security breach. Assign roles and responsibilities to handle investigation, containment, and recovery efforts. A swift response can mitigate the impact of an incident.

2. Limit Access to Sensitive Data

Follow the principle of least privilege, granting employees access only to the data essential for their roles. Regularly review and update access privileges to prevent former employees or contractors from accessing sensitive information.

Before hiring new employees or engaging contractors, conduct thorough background checks to ensure their trustworthiness. Identifying potential risks beforehand can prevent data breaches.

Employ monitoring tools to track employee activities related to data access and usage. Detect unusual patterns, such as unauthorised attempts to gain access or excessive downloads, to thwart potential data breaches.

3. Secure Physical Access

Data security extends beyond digital cybersecurity threats; it involves controlling physical access to sensitive areas. Implement secure access controls, surveillance cameras, and visitor logs to monitor restricted areas and prevent an attack from occurring.

Read our blog on the 7 Layers of Cyber Security to find out how to maximise the layers of your security.

4. Encrypt Sensitive Data

Ensure all sensitive data, both at rest and in transit, is encrypted. Encryption adds an extra layer of protection, making it difficult for unauthorised individuals to decipher the information.

Add a layer of security by requiring users to provide multiple forms of verification before accessing sensitive data. MFA significantly reduces the risk of unauthorised access.

5. Regularly Update Security Software

Keep all software, including security solutions, up to date with the latest patches and updates. Regularly review and test your security measures to adapt to new threats effectively.

Protecting against insider threats is not just a responsibility; it is an investment in the security and resilience of your organisation.

The team at Intrasource have the knowledge and experience needed to identify and implement robust security measures. We can quickly identify suspicious activities, allowing for early detection and response to potential insider threats.