The Sudden Rise of Insider Cyber Threats
How To Protect Yourself From The Enemy Within
We’ve traced the cyberattack. It’s coming from INSIDE your company!
Shocking findings from the ISC2 2023 Cybersecurity Workforce Study reveal insider risk-related incidents have skyrocketed – now up a whopping 52%.
This is not employee carelessness; it points to a disturbing new trend: a sharp rise in intentional, malevolent activities against companies by insiders.
A survey of more than 14,000 cybersecurity professionals found that “39% have been approached or know someone who has been approached by a malicious actor. Those at companies that have had layoffs in cybersecurity are three times more likely to have been approached to act as a malicious insider.”
It goes without saying that a disgruntled employee motivated by cash paid by hacking groups may do infinitely more damage than someone who is merely careless.
The fiscal impact of insider sabotage has been estimated at an average of $16.2 million in losses per incident (according to the 2023 Global Insider Risk Report) which indicates a notable 40% surge in the annual costs of insider threats over the last four years.
These statistics show that the insider threat, once a minor concern, now stands as a pressing and destructive force.
Economic fluctuations have only fanned the embers of this covert strife. According to the report: “71% of respondents agree that periods of economic uncertainty increase the risk of malicious insiders.”
The link is clear and alarming: cybersecurity cutbacks have increased the frequency of insider betrayals, tempting employees to cross lines for financial gain or retribution.
Urgent action is needed as businesses worldwide confront this invisible adversary. The call to fortify internal defenses has never been more critical.
A layered and proactive defense strategy is imperative:
SCREENING
Thorough screening during hiring to weed out risks from the start.
SUPERVISION
Real-time surveillance of employees’ behavior and digital footprints.
CORPORATE CULTURE
Cultivation of a company culture steeped in integrity and mutual accountability.
EDUCATION
Persistent and evolving security education to stay ahead of new threat vectors.
SECURITY TOOLS
Adoption of multifactor authentication, a digital bulwark for sensitive systems.
REGULATION
Ironclad regulation of permissions to restrict entry to critical data.
STRICT PROTOCOLS
Swift termination of access for departing staff to secure loose ends.
IDENTITY MANAGEMENT
Uncompromising identity management to trace each access point.
SECURITY SIMULATIONS
Routine security simulations to steel the organization against potential breaches.
INSIDER THREAT PROGRAM
Establishment and perpetual refinement of an insider threat program.
These countermeasures are essential tools in the arsenal for employers, IT experts, and Chief Information Security Officers (CISOs) to shield their cyber territories. Acknowledging and equipping against the internal menace is not merely advised—it’s critical to an enterprise’s survival.
While the specter of internal threats looms, it’s not insurmountable. With strategic, proactive commitment, businesses can take important steps to help secure their operations and futures against the internal adversaries that walk among us.
Contact Cyber Defense Advisors with any questions you may have on how to secure your company against insider threats.
