Somebody working for you at this current moment could also be working with cybercriminals. Before you know it, they are going to take down your business, and your sensitive data could easily be put into the wrong hands. Here we’re going to take a look at the cost of insider attacks and what you can do to prevent these from occurring within your business.
Reasons Insider Attacks Take Place
There are three main reasons that insider cyber attacks take place, and sadly this is a threat for businesses of all sizes today.
· An employee is an accidental double agent. This is the most common reason for an attack on your business, and it’s simply a case of your employee not noticing a cyber security attack. They might accidentally click on an email, attachment, web application, or even a text on a company mobile device and this leaves your business open to an attack.
· One of your employees is a malicious insider. When this occurs, it can be incredibly unnerving for everyone. They are aware of any weaknesses within your system and have access to your sensitive data. These individuals are often motivated by financial gain or revenge. One incident of this type could set your business back £539,000 in recovery costs.
· Imposter theft. This takes place when someone has access to your business’s credentials and then uses them to steal sensitive data. Imposter theft attacks are usually the most costly for businesses and can cost over £620,000 an attack, which is three times more costly than an insider negligence attack, which usually needs around £219,000 to recover from.
What Would A Cyber Attack Cost Your Business?
While you may think your team are aware of cyber security threats, as a business owner, you need to be alert for the risk of insider attacks. These attacks continue to occur more often each year, and small businesses with less than 500 employees are spending an average of £5.4 million dealing with the aftermath of these attacks. To avoid this, we encourage any business owner to think about their insider threat strategy. It’s important to note that every business will have different requirements, and you can work with an IT support partner to create your bespoke strategy.
5 Key Areas That Must be Covered in Your Insider Threat Security Measures
Ongoing Cyber Security Training in Threat Detection: Training is the easiest way to avoid insider attacks from occurring, and it’s something you need to provide for everyone in your organisation. While you may think your senior management team are more likely to be on top of these threats, they are actually the most likely to make technical errors. This opens them up to being hacked and puts your entire business at risk. Cyber criminals act throughout the year, so you need to regularly update your team about anything they should keep an eye out for.
- Tailored, Multi-Layered Cybersecurity Solution
While education is a good place to start, you also need to invest in security software for your business. As you are looking after the data of your employees and clients, off the rack security isn’t likely to be strong enough for your needs. We recommend that every business today invests in security tailored to their business and the software you use on a daily basis. An IT expert can share their top recommendations for your business with you, and we also encourage you to discuss multi-layered security. When different software works together, it can increase your levels of security and keep your data safe and secure. Using biometrics and multi-factor authentication are two such tools that any business can start using.
2. Restrict Access & Risk Management
If you aren’t sure who in your business has access to certain data and files, it’s time to take back control of your systems. In 2019, a global risk report found that 53% of employers discovered that everyone in their organisation could access 1,000 or more sensitive files. The more people who can access a single file, the more likely there will be a data breach in the future. Restrict access to files only to those who need access to complete their work, and use encryption and password protection where applicable. Also, consider external partners who may have access to these files and whether that’s something they need
3. Business Exit Protocol
Oftentimes, attacks occur due to someone within your organisation feeling disgruntled, such as when they are fired or made redundant. If you don’t already have a protocol for leavers, make one as soon as possible. The survey we mentioned above also found that 40% of companies still had 1,000 user accounts that were no longer needed. Anyone who is leaving your organisation should:
· No longer be able to access any files, including those on their personal devices.
· Return any devices owned by the company
· Have all accounts and access blocked
3. Good Communication
While you likely communicate with your employees about their day-to-day tasks, how often do you discuss cyber threats with them? Without constant updates and reminders, employees may share passwords or give someone access to a restricted file by accident. Keep educating and discussing the reasons behind your company’s protocols so they are aware of the steps you are taking to keep your data secure.
These are the five key areas that we recommend you apply to your insider threat strategy. However, depending on the type of business you own and the way in which you operate, there may be other areas you need to consider. Always think about the data you have and the clients you are working with, and keep these in mind at all times when creating your strategy.
Keeping your business safe before you encounter a problem should be your number one priority. Working with a team of experts can help you create and implement a strategy that will secure your business from all of the threats we mentioned above. The cost of securing your business is nothing compared to the potential loss, so we encourage you to take the time now to implement a strategy that will secure your company for many years to come.
If you’d like to learn more about how iceConnect can help train your team and protect your business from cyber security breaches, simply click the link below. There you can set up a free no-obligation demo with iceConnects Director, Haree Patel.