Cyber Security

How an Insider Threat Affects Your Firm’s Cybersecurity

Cyberattacks have increased to a great extent due to remote and hybrid work models serving as a potential insider threat. Recently, a survey was conducted by Ponemon Institute, with more than 1,000 IT and professional security respondents. It stated that organizations spent more than $15.4 million on an average in 2021. There is a 34% increase in the cyber security budget from what it was in 2020. The survey also stated that many professionals have begun to believe that an insider threat can be curbed with modern gadgets and technologies.

Such mindsets have increased the risk of cyber threats. With the advent of cloud storage and hybrid data architecture, a minor technical error can cause a gigantic cyber hazard. In his article for Dark Reading, Robert Lemos talks about the probable insider threat that your firm possesses from your remote staff.

Understanding the Insider Threat

Many cyber experts believe that there are no programs or insider risk workshops for employees to identify potential cyber risks and hazards. Secondly, several leaders believe that the physical presence of employees can prevent cybersecurity attacks. The reason behind this concept is that leaders think physical presence keeps employees in a collective vigilance. Besides, there is a sense of fear of doing something unethical.

Per a survey report of 278 companies, 43% of the cyberattacks occurred due to employee negligence. 30% of the insider threats took place due to credentials theft and 27% due to malicious insiders. Your company must spread cyber threat awareness and implement safety models.

Credential Fraud: A Vulnerable Unit

The theft of login credentials is increasing at an alarming scale. Several cybersecurity experts believe that these credentials are easy to steal, and cyber crooks can significantly attack your company’s data. With the advent of VPN credentials, the possibility of insider threats has increased manifold. Malicious insiders are another cyber threat that is common as well as expensive to combat.

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