The 7 Insider Threats That Can Destroy Your Business

Insider threats are one of the most serious security risks facing businesses today. According to the Ponemon Institute, insider threats cause an average of $11.45 million in damages per year. And the problem is only getting worse. In 2020, there were over 1,200 reported insider threats, a 40% increase over the previous year.

There are many different types of insider threats, but they all have one thing in common: they involve someone who has authorized access to an organization's systems and data. This could be an employee, a contractor, or even a business partner.

The 7 Most Common Types of Insider Threats

1. Theft of data: This is the most common type of insider threat. Insiders can steal data for a variety of reasons, including financial gain, revenge, or espionage.
2. Sabotage: Insiders can sabotage systems or data to disrupt operations, damage the company's reputation, or steal money.
3. Fraud: Insiders can commit fraud by using their access to systems to manipulate data, steal money, or make unauthorized purchases.
4. Espionage: Insiders can spy on their company's activities for the benefit of a competitor or other third party.
5. Extortion: Insiders can extort money or other benefits from their company by threatening to expose sensitive information or sabotage systems.
6. Terrorism: Insiders can use their access to systems to plan or carry out terrorist attacks.
7. Unintentional insider threats: These threats are caused by employees who do not intentionally harm their company, but who make mistakes that can lead to security breaches.

The Impact of Insider Threats

Insider threats can have a devastating impact on businesses. They can cause financial losses, damage the company's reputation, and disrupt operations. In some cases, insider threats can even lead to criminal charges.

How to Prevent Insider Threats

There are a number of steps businesses can take to prevent insider threats, including:

• Educating employees about insider threats: Employees need to be aware of the risks of insider threats and how to protect themselves from them.
• Implementing security measures: Businesses can implement security measures to make it more difficult for insiders to steal data or sabotage systems.
• Monitoring employee activity: Businesses can monitor employee activity to identify suspicious behavior.
• Conducting background checks: Businesses can conduct background checks on employees to identify potential security risks.
• Terminating employees who pose a security risk: Businesses should terminate employees who pose a security risk.

Conclusion

Insider threats are a serious security risk that businesses need to be aware of. By taking steps to prevent insider threats, businesses can protect themselves from the financial, reputational, and operational damage that they can cause.