01/25/2022 | News release | Distributed by Public on 01/24/2022 22:25
Insider threats are a major risk for organizations of all sizes-and it's expensive to ignore them. Insider threat incidents are costing businesses upwards of $15 million annually, on average.
And it's not just careless insiders who are to blame for insider threats; more organizations are reporting that credential theft is a growing concern in 2022. To compound matters, it now takes 85 days to contain an insider threat, compared to an average of 77 days just two years ago.
As the cybersecurity landscape becomes more complex, it's important to stay up to date on insider threat trends so you can create a proactive strategy to avoid these risks and reduce the cost and impact of incidents when they do occur. The following highlights from the 2022 Cost of Insider Threats Global Report from Ponemon Institute can help you better understand and manage insider threats:
In 2020, we told you that the cost of insider threats was on the rise. That trend has continued into 2022.
Combining historical data shows that insider threats aren't slowing down. Since 2020, the cost of addressing an insider security problem has increased by 34%-from $11.45 million in 2020 to $15.38 million in 2022. The frequency of insider-led incidents is also up by 44% in 2022.
So, why is the risk of the insider threat continuing to increase for businesses? The answer is firmly rooted in work from anywhere, the Great Resignation, the accelerated pace of digital transformation and the rapidly increasing shift toward using cloud-based applications.
Here are a few red flags signaling that your business needs to be even more proactive about staying vigilant for insider threats:
Not all insider threats originate the same way, and the intensity of their damage can change depending on the source of the threat and the industry. Knowing where the most damaging insider threats are likely to occur can help your organization determine which vulnerabilities to fortify first and how to monitor high-risk insiders effectively.
Here are the three main types of insider threats and their associated costs:
Some industries have it worse than others when it comes to insider threats. Industries that rely on sharing sensitive information-such as banking information or healthcare data-have become increasingly attractive to threat actors.
The cost of insider threats to organizations in the financial services industry increased by 47% to $21.25 million in 2022. An even more pronounced increase occurred in retail, where the cost of insider security events jumped 62% to $16.56 million in 2022.
Addressing insider threats has become a priority for many organizations, especially as boards and the C-suite are becoming savvier about cybersecurity. Spending is up 80% in the last eight years, with the highest cost per activity spent on containment. Organizations are spending $184,548 annually, on average, to contain the consequences of an insider threat.
But making investments is only part of the strategy. To mitigate the damage of an insider-related security breach effectively, organizations need to focus on:
Reducing response time is a must for organizations that wan t to reduce the impact of security breaches due to insider threats. Incidents that take more than 90 days to contain have the highest average total cost per year at $17.19 million. In contrast, incidents that take less than 30 days to contain have the lowest total cost, coming in at $11.23 million.
More than 50% of companies are using security awareness training, data loss prevention (DLP), insider threat management (ITM) and third-party vetting procedures to reduce the risk of insider threats. When dealing with insider threats, the focus should be on protecting data from exfiltration by careless users, negligent employees or malicious insiders who are using compromised credentials to steal information.
The insider threat risk is one organizations simply can't ignore. With the number of endpoints increasing and securing access to sensitive data becoming more challenging, organizations need to step back and assess how - and how well - they're protecting themselves from internal threats.
Traditional approaches to security aren't enough to defend against these threats, however. Organizations should consider employing the following strategies as well:
If you already have an ITM program, do you know if it's aligned with best practices? Download the 2022 Cost of Insider Threats: Global Report to find out more about leading practices that can help your business avoid insider threats and contain insider-led incidents.