Protecting your digital assets from threats within

In today's rapidly evolving digital landscape, organisations face an increasingly sophisticated array of threats to their sensitive data and operations. While external threats often take centre stage, it is essential not to overlook the potential dangers that lurk within an organisation. Insider threats, arising from employees, contractors, or business partners, pose a significant risk to the data security and integrity of an organisation's assets. 

Insider threats manifest in various forms, ranging from unintentional actions to malicious intent. Employees, with their access to sensitive information, can inadvertently compromise data security through negligence or, in severe cases, intentionally engage in harmful activities. Identifying and mitigating these risks  are crucial for maintaining a robust cybersecurity posture.

According to Ponemon, a Michigan based institution that specialises data safety and privacy within business and government, the total average cost of an insider risk rose from $15.4 million in 2022 to $16.2 million in 2023,  when the average number of days required to contain a security threat originating from an insider increased from 85 to 86 in the same period. 

Insider threats can take various patterns, including unintentional actions such as human error, where employees accidentally disclose sensitive information. Negligent insiders compromise security due to a lack of awareness or understanding of security policies, accounting for 62% of insider threat incidents according to Ponemon. Malicious insiders, driven by ill intent for financial gain or personal satisfaction, pose a serious threat, with 68% of organisations feeling vulnerable to such attacks.

Cybersecurity expert Dr. Emily Jones emphasises that educating employees about the latest cybersecurity threats is the first line of defence. Conducting regular training sessions to raise awareness about the consequences of insider threats and the prevalence of social engineering attacks, which accounted for 74% of breaches according to the Verizon data breach investigations report, is paramount.

Implementing strict access controls is crucial in order to  ensure alignment with job responsibilities  for enhanced efficiency and  risk reduction. Unauthorised access accounted for 20% of data breaches- underlining the importance of restricting access to sensitive information on a need-to-know basis. Regular review and  updates of  access privileges, along with implementing multi-factor authentication, add an extra layer of security.

Real-time monitoring is imperative in detecting anomalies and preventing insider threats from escalating. Implementing monitoring tools, conducting regular audits of system logs and user access, and employing automated alerts for unusual behaviour are essential steps. Insider threats can also arise from external sources, so organisations should be vigilant about who has access to their most valuable information. 

Creating a culture of trust and responsibility is foundational. Encouraging open communication and reporting of potential security concerns without fear of reprisal is crucial. Developing and regularly updating an incident response plan, according to an IBM report, significantly reduces the cost  associated with  a data breach incidence. Regular drills will ensure the plan's effectiveness in addressing insider threats. 

Organisations combating insider threats deploy a triad of technological solutions: Data Loss Prevention (DLP) tools, Endpoint Detection and Response (EDR) systems, and User and Entity Behavior Analytics (UEBA). These tools offer real-time monitoring, incident response capabilities, and contextual analysis, empowering organisations to proactively identify and mitigate insider threats. In addition, organisations must be alert about espionage.

Compliance with data protection laws and industry regulations is paramount. Non-compliance can lead to severe legal consequences, including substantial fines and reputational damage. The general data protection regulation  mandates stringent measures,  when industry-specific regulations necessitate tailored security protocols to uphold the highest standards of cybersecurity. 

Building a resilient organisational defence involves fostering employee engagement in cybersecurity initiatives. For example,   announcing incentives for employees to report security concerns may help in creating a culture that appreciates  integrating cybersecurity education into corporations . Collaborations with external partners and industry networks establish an  ecosystem of pooling insights and enhancing the overall resilience against insider threats.

By encouraging a sense of shared responsibility and emphasising the positive impact of individual contributions to cybersecurity, organisations can cultivate an engaged and security-conscious workforce, reinforcing the human element as a crucial component in the ongoing battle against insider threats.

By pooling insights, organisations can better anticipate emerging threats, identify common vulnerabilities, and collectively develop more effective countermeasures. This collaborative approach not only strengthens cybersecurity defences, but also fosters a proactive and adaptive response to the dynamic landscape of insider threats, emphasising the importance of a united front in safeguarding sensitive information and maintaining the integrity of organisational assets.

In the ever-evolving landscape of cybersecurity threats, organisations must remain vigilant against potential dangers from within. By understanding the various forms of insider threats and implementing proactive measures, businesses can significantly enhance their security posture. A combination of education, access controls, monitoring, and a culture of trust can go a long way in safeguarding an organisation from the potentially devastating impacts of insider threats.

Together, let us fortify our collective defences, and navigate the complex landscape of insider threats. As we continue to innovate and evolve, the resilience of our organisations hinges on our ability to adapt, collaborate, and stay one step ahead of those who seek to compromise  security and integrity of our valuable assets.

BM Zahid ul Haque is an Experienced CISO and Cyber Digital Transformation Strategist. The author can be reached at [email protected].

Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the opinions and views of The Business Standard.