Insider Threats: Mitigate Risks in Your Organisation

Even though you may have stringent peripheral risk mitigation strategies to bolster cybersecurity - insider threats pose the most significant risks.?

Moreover, according to recent statistics from leading cybersecurity research firms, socially engineered network breaches attributed to human errors are ramping up exponentially.?

In 2023 alone, over 70% of cyberattacks were a direct result of human error, and this number is projected to increase to 80% by 2024. Highlighting the importance of mitigating insider threats by ensuring that sensitive data is protected even when your network is compromised.?

So, if you want to know how to identify potential threats within your organisation and discover the most efficient ways to mitigate them – read on!

The Most Prominent Insider Threat Risks

According to the Ponemon Institute’s 2023 Cost of Insider Threats Global Report , insider threats annually cost an average of $16.2 M and only allow for 86 days to mitigate them.?

However, organisations only spend 8.2 % of their cybersecurity budgets on containing insider threats.?

Insider threats have various guises ranging from trustworthy current or disgruntled ex-employees and contractors to board directors with authorised access to company resources and data.

However, insider threats mimic human behaviour and are typically classified into the following three categories:

Pawns/Negligent Employees?

Recent Cybersecurity Breaches Survey 2024 ?statistics indicate that most network breaches could be attributed to employee negligence.?

Cybercriminals exploit human weaknesses to unintentionally share sensitive information and use employees as pawns to leak data or steal credentials.

Most unwitting data leaks occur when employees negligently forward sensitive company data to fraudulent email addresses, click on malicious phishing email hyperlinks or open attachments.

Other negligent insider threat behaviours include:

• Using/reusing weak passwords.
• Mislaying portable storage devices.
• Ignoring IT cybersecurity policies and crucial security patches or software updates.

Turncoats/Malicious Insider Threats

Nefarious “turncoats” intentionally harm companies as acts of vengeance by leaking sensitive data, disrupting operations or acting as whistleblowers to expose unethical company practices.?

Turncoats may collaborate with criminal syndicates on the dark web for financial gains or conduct industrial espionage to sell data to rival companies.

Malicious insider threats may also be classified as follows:?

• “Goofs” are typically employees who circumvent their organisation’s IT policies and procedures through incompetence or because they are perceived as inconvenient.?
• Lone wolves independently exploit a company's vulnerabilities to obtain sensitive proprietary data.

How To Efficiently Identify Insider Threats

Insider attacks can involve hacking security systems or setting up hardware and software infrastructure to facilitate unauthorised access to your system.?

So, it’s vital to recognise their tactics and tools to identify signs of a potential breach and take proactive steps to mitigate them. Here are some key indicators to watch out for:

• Backdoors granting unauthorised data access: Conduct regular backdoor file scans and monitor external requests to detect any potential backdoor exploitation by hackers.
• Hardware or software enabling remote access: Be vigilant for remote access software like TeamViewer or AnyDesk and unexpected physical servers like Synology devices on your premises.
• Unauthorised password changes: Investigate instances where users report password alterations they have not initiated, as this could be a sign of an insider setting up access to sensitive resources.
• Unusual modifications to firewalls and antivirus tools: Any alterations to firewall or antivirus settings should raise suspicion of an internal threat attempting to compromise system security.
• Presence of malware: Analyse its installation time and source to determine whether an insider deployed it.
• Unauthorised software: Any unexpected software installations should be treated as a potential security risk, as seemingly benign programs could contain hidden malware like Trojan horses.
• Unusual access attempts to servers or devices containing sensitive data: Illicit attempts to access restricted areas of your network may indicate an insider threat, especially if credentials specific to your organisation are required.

SecureKey Group's Approach to Mitigating Insider Threats

The SecureKey Group is at the forefront of mitigating insider threats with proactive cryptographic cybersecurity solutions that combat peripheral and insider threats and ensure that sensitive data remains out of reach.

By utilising advanced techniques such as data tokenization and Hardware Security Modules (HSMs), SecureKey has successfully protected organisations from internal risks.?

Data tokenization entails replacing sensitive data with unique identifiers, making it virtually impossible for malicious insiders to access valuable information.?

Additionally, HSMs perform a crucial role in implementing cryptographic operations, ensuring that only authorised individuals can access sensitive data within the organisation.?

These proactive measures prevent data breaches attributed to unintentional and malicious insider threats - fostering peace of mind with bolstered cybersecurity defences.

Conclusion

Considering the increasing risks associated with human behaviour and malicious insider activities, it is imperative to remain proactive and invest in tamper-resistant data tokenization platforms and Hardware Security Modules to bolster peripheral and internal cybersecurity strategies.

Resources

https://www.fortinet.com/resources/cyberglossary/insider-threats

https://www.dtexsystems.com/resource-ponemon-insider-risks-global-report/

https://www.gartner.com/en/cybersecurity/topics/cybersecurity-trends

https://www.gov.uk/government/statistics/cyber-security-breaches-survey-2024/cyber-security-breaches-survey-2024