Insider Threats Cost $11.45 Million in Average

A New Approach Dealing with Insider Threat

We are always protecting our network from external threats, but sometimes we ignore the larger threats that hide inside. This threat can enter corporate office buildings and use passwords to log into corporate networks. It’s among us, setting up our servers, configuring software, and even messing up protection rules that should protect us. It seems not to pay enough attention to insider threats, and our network often opens doors to its own employees, especially those with access privileges.

There are many types of insider threats. The most typical ones are disgruntled employees, victims of extortion, and negligent users, and they are easily identified. However, a handful of users who may be more harmful to the company are not easily identified. That is privileged users or users with unlimited access to most sensitive data and systems on the corporate network. System administrators, network engineers, and even CISOs could pose the greatest threat to the company.

A new study has highlighted that cybersecurity incidents caused by insider threats have increased by a whopping 47% since 2018. This, in turn, has caused organizations across all sectors to spend an average of $11.45 million annually to remediate such security incidents caused by careless or malicious insiders. The costs are driven by monitoring and surveillance, investigation, escalation, incident response, containment, ex-post analysis, and remediation. While containment and remediation represent the most expensive activity centers for insider threats, the least expensive activities are ex-post analysis and escalation. Organizations are spending 60% more to recover from insider threats in comparison to what they paid 3 years ago.

The study involves companies located in North America, Europe, the Middle East, and the Asia-Pacific region. According to the report, researchers note that investigations are the fastest growing cost center, with the average cost across all incident types rising to 38% in the last two years.



Let Us Know If LIFARS Can Help

Solving Your Cybersecurity Issues