Over the last two years, there’s been a 47% increase in the frequency of incidents involving Insider Threats. This includes malicious data exfiltration and accidental data loss.
Why does this matter? Because these incidents cost organizations millions, are leading to breaches that expose sensitive customer, client, and company data, and are notoriously hard to prevent.
In this article, we’ll explore:
If you know what an Insider Threat is, click here to jump down the page. If not, you can check out some of these articles for a bit more background.
As we’ve said, incidents involving Insider Threats have increased by 47% since 2018. But the frequency of incidents varies industry-by-industry. Verizon’s 2020 Breach Investigations Report offers a comprehensive overview of different incidents in different industries, with a focus on patterns, actions, and assets.
They found that:
Looking at Tessian’s own platform data, Negligent Insiders may be responsible for even more incidents than most expected. On average, 800 emails are sent to the wrong person every year in companies with 1,000 employees. This is 1.6x more than IT leaders estimate.
Malicious Insiders are likely responsible for more incidents than expected, too. Between March and July 2020, 43% of security incidents reported were caused by malicious insiders.
We should expect this number to increase. Over three-quarters of IT leaders (78%) think their organization is at greater risk of Insider Threats if their company adopts a permanent hybrid working structure. Which, by the way, the majority of employees would prefer.
When it comes to the “why”, Insiders – specifically Malicious Insiders – are often motivated by money, a competitive edge, or revenge. But, according to one report, there is a range of reasons malicious Insiders act. Some just do it for fun.
But, we don’t always know exactly “why”. For example, Tessian’s own survey data shows that 45% of employees download, save, send, or otherwise exfiltrate work-related documents before leaving a job or after being dismissed. While we may be able to infer that they’re taking spreadsheets, contracts, or other documents to impress a future or potential employer, we can’t know for certain.
Note: Incidents like this happen the most frequently in competitive industries like Financial Services and Business, Consulting, & Management. This supports our theory.
The cost of Insider Threat incidents varies based on the type of incident, with incidents involving stolen credentials causing the most financial damage. But, across the board, the cost has been steadily rising.
Likewise, there are regional differences in the cost of Insider Threats, with incidents in North America costing the most and almost twice as much as those in Asia-Pacific.
But, overall, the average global cost has increased 31% over the last 2 years, from $8.76 million in 2018 to $11.45 in 2020 and the largest chunk goes towards containment, remediation, incident response, and investigation.
But, what about prevention?
As the frequency of Insider Threat incidents continues to increase, so does investment in cybersecurity. But, what solutions are available and which solutions do security, IT, and compliance leaders trust to detect and prevent data loss within their organizations?
According to Tessian’s latest report, The State of Data Loss Prevention 2020, most rely on security awareness training, followed by following company policies/procedures, and machine learning/intelligent automation. But, incidents actually happen more frequently in organizations that offer training the most often and, while the majority of employees say they understand company policies and procedures, comprehension doesn’t help prevent malicious behavior.
That’s why many organizations rely on rule-based solutions. But, those often fall short.
Not only are they admin-intensive for security teams, but they’re blunt instruments and often prevent employees from doing their jobs while also failing to prevent data loss from Insiders.
So, how can you detect incidents involving Insiders in order to prevent data loss and eliminate the cost of remediation? Machine learning.
Tessian turns an organization’s email data into its best defense against inbound and outbound email security threats.
Powered by machine learning, our Human Layer Security technology understands human behavior and relationships, enabling it to automatically detect and prevent anomalous and dangerous activity.
Importantly, Tessian’s technology automatically updates its understanding of human behavior and evolving relationships through continuous analysis and learning of the organization’s email network.
Oh, and it works silently in the background, meaning employees can do their jobs without security getting in the way.