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Mitigating Insider Threats
July 23, 2024

Mitigating Insider Threats

An insider threat refers to an individual entrusted with access to or knowledge of an organization’s operational components, personnel, physical assets, networks, systems or technology. These individuals may include current or former employees, vendors, suppliers, investors, business partners or other third-party collaborators. Due to their understanding of and unique privileges to such sensitive information and resources, insider threats can potentially compromise organizations’ most valuable assets and leave them increasingly vulnerable to cyberattacks, regardless of whether these individuals do so intentionally or unintentionally.

According to the IT company Cybersecurity Insiders, 74% of organizations are at least moderately vulnerable to insider threats, and the average insider threat event costs more than $1 million in CAD. Therefore, understanding the dangers of insider threats and leveraging robust risk-mitigation measures is critical.

Organizations can consider the following tips:

  • Know the signs. Several key signs may suggest the presence of insider threats, including individuals conducting troubling business transactions, working irregular hours without authorization, carelessly breaching organizational rules or acting erratically. Looking out for these signs can help organizations proactively mitigate insider threats.
  • Leverage access controls. Organizations should apply the principle of least privilege (POLP), allowing employees and third-party collaborators only access to the systems, networks, and data they need to do their jobs. This principle helps limit an insider threat’s resources, making it harder for them to compromise anything but their own accounts.
  • Utilize threat monitoring and detection solutions. Organizations should use threat monitoring and detection tools to identify unusual and potentially harmful activities. This will allow them to respond faster and limit losses should an insider threat occur.
  • Safeguard sensitive data. Because insider threat events commonly target confidential company information, organizations should implement sufficient safeguards, including encrypting and backing up data.

Did you know that 60% of small and medium businesses don’t survive after a cyber attack? Protect your business with Cyber Insurance, call us at 780.424.2727 or click here to get a quote.