The #1 Risk for Your Business Operations May Lie Within - How it Happens and Why an Insider Risk Management Program Can Help

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In the last article, the importance of digitizing your organization’s operations can help keep the proverbial lights on, especially during times of crisis.

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I intended to focus on network security next; however, as I researched more about that topic, I stumbled across some literature about insider risk management that I received at a cybersecurity conference last year.

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My previous focus centered on external factors that can impact your business infrastructure, impeding your ability to operate at full capacity. When digitizing our operations, there are equally catastrophic digital disasters that can threaten business infrastructure.

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When we think of cyber attacks it’s easy to think of and identify the external dangers that exist outside of our organizations. But what about the dangers that lie within?

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That’s the focus of this article.

What are Common Insider Threats?

If you’re like me, reading or hearing about cyberattacks conjures stereotypical images of someone outfitted in a hoodie and sitting hunched over behind a computer in a dark room. The only light comes from the screens and power buttons of the various devices used to carry out malicious activity.

But it’s those stereotypical images that can lull us business owners to sleep. We become comfortable with the protective measures we’ve put in place to ward off external threats with little to no regard for the internal threats that are equally, if not more damaging.

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Those internal threats can include:

• Data Theft (customer, financial, operational)
• Intellectual property theft
• Accidental data leaks
• Intentional data leaks
• Bypassing security controls
• Accidental installation of outside applications
• Intentional installation of outside applications
• Systems sabotage

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The above threats become even more prevalent if you have a hybrid or fully remote team that relies heavily on cloud-based apps and Bring Your Own Device (BYOD) policies.

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What is Insider Risk Management?

Notice that the above list of insider or internal cyber threats includes both accidental and intentional situations. Research shows that most insider cyber threats are, in fact, accidental. But pressing the wrong button, uploading an unauthorized external application, or any other accidental activity can be serious.

That’s why having an Insider Risk Management program is important. Code42, a company offering insider risk management services defines insider risk as, “…when any data exposure (regardless of perceived data value or user intent) jeopardizes the well-being of an organization and its employees, customers or partners.”

An Insider risk management program offers a wholistic approach to safeguard your company’s operations against insider risk.

A Few Solutions

Developing and maintaining an Insider Risk Management Program might sound like a daunting, expensive, and enterprise-level task. However, there are some practical things that even small businesses can have in place to offset the impact of internal cyber risks.

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First, I recommend downloading and reading this article from PWC and Microsoft. It will give you an idea of the overall insider risk management landscape with clues on the types of things your company may need to consider when developing your program.

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Another solution is Microsoft Security. With the proliferation Microsoft 365's software suite (i.e., Word, Excel, PowerPoint) across businesses of all sizes, this service is worth considering investing in. The video below explains more about their Insider Risk Management service.

If you're not an avid Microsoft 365 user, that's okay. Another solution that may better accommodate your company's digital operations is Code42's Incydr service. This internal risk management system works best for organizations that use a myriad of software that includes "disparate" tools like Google Drive, Slack, and Salesforce. You can learn more about their service in this video below:

Putting it All Together

In our quest to digitize operations and install security measures, we can forget about the dangers that lurk inside. This is especially true if you manage a digital-first organization with a hybrid or fully remote workforce.

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Disgruntled team members and spies pose just as much an internal risk as those deemed as “team players,” yet still exhibit negligent behavior and bypass security protocol. Educating yourself about these risks and the various solutions available for maximum protection is a step in the right direction.

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Next, you can incorporate this information into your disaster recovery and business continuity plans. Don’t forget to ask for help from the experts along the way and subscribe to this newsletter to continue receiving strategies, tips, and tactics to enhance your company's operations.

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About the Author

Alicia Butler Pierre is the Founder & CEO of Equilibria, Inc. – an operations management firm specializing in increasing enterprise value for fast-growing small businesses. She’s a software inventor, a two-time Amazon bestselling author, and producer of a top 2% podcast.

Alicia also serves on the boards of three education-focused organizations and is an adjunct instructor of Lean Principles at Purdue University. She serves as the USA Chair of the G100’s Micro, Small, and Medium Enterprises. The Process Excellence Network recognized her as a Top 50 Thought Leader in Operational Excellence. A chemical engineer turned entrepreneur, she’s designed and optimized processes for small businesses, large enterprises, non-profits, and government organizations alike.