Key Points

• Insider threat and insider risk are often used interchangeably but have distinct meanings.
• Understanding the differences between them is crucial for effective data security.
• Types of insider threats and risks include malicious, unintentional, and negligent actions.
• Metomic offers data security solutions to mitigate insider threats and risks, such as comprehensive monitoring and behaviour analytics.

When we talk about safeguarding our businesses from data breaches, two terms frequently come up: insider threat and insider risk.

Although they might seem interchangeable, understanding the distinction between ‘insider threat’ and ‘insider risk’ is crucial for building a robust security strategy.

Insider threat refers to malicious actions by individuals within an organisation who intentionally cause harm or steal data, whereas Insider risk covers the broader spectrum of potential vulnerabilities, including unintentional mistakes by well-meaning employees.

Why does this matter? Because addressing these concepts effectively can significantly enhance your data security measures.

What is meant by insider threat?

Insider threats refer to harmful actions carried out by individuals within your organisation—be it employees, contractors, or business partners—who exploit their access to data for malicious purposes.

These aren't just minor mishaps or accidental data leaks; insider threats are deliberate actions aimed at causing damage or stealing sensitive information.

Insider threats can lead to severe financial losses, damage to your reputation, and compromised customer trust.

And these threats aren't rare. In fact, ID Watchdog reports that a staggering 60% of data breaches are caused by insider threats.

Insider threats can manifest in various ways. It could be an employee stealing intellectual property, a contractor leaking confidential information, or even a disgruntled worker sabotaging your systems.

What is meant by insider risk?

Unlike insider threats, which are intentional and malicious, insider risks encompass a broader range of potential issues. These are vulnerabilities and opportunities for mistakes that can lead to security breaches.

Anyone with access to your company's data—employees, contractors, even partners—poses a certain level of risk simply by virtue of having access.

Think of insider risk as the potential for something to go wrong. This could be an employee accidentally sending sensitive information to the wrong person, or someone finding a workaround for a cumbersome security measure.

While these actions might not be malicious, they can still have serious consequences.

To put it into perspective, this "Cost of Insider Risks Report", by DTEX, states that 7,343 global insider risks were reported in 2023, which shows just how prevalent these risks are.

What are the types of insider threat and risks?

When it comes to insider threats and risks, it's crucial to understand the different types so you can effectively protect your organisation. Let's break it down:

• Malicious Insiders: These are individuals who intentionally cause harm by stealing sensitive data, sabotage systems, or leak confidential information. An example could be a disgruntled employee selling company secrets to a competitor.
• Unintentional Insiders: Sometimes, people make mistakes or get tricked. These unintentional insiders can accidentally send sensitive emails to the wrong person or click on a phishing link, exposing the company to risks. For instance, an employee might mistakenly share a confidential document with an external contact or be duped by a convincing email that prompts them to provide login details or download malicious software.
• Negligent Insiders: Negligent insiders are those who, through carelessness or lack of training, fail to follow security protocols. This could be an employee who doesn't bother to use secure passwords or someone who disables security features for convenience.

The "Cost of Insider Risks Report", by DTEX, also states that:

What are the dangers?

When it comes to insider threats and risks, the stakes are high, and the consequences can be severe.

Let's take a closer look at the potential dangers:

• Financial loss: Insider threats and risks can result in significant financial repercussions for organisations. Whether it's through data breaches, intellectual property theft, or fraudulent activities, the financial impact can be substantial, with costs running into millions of dollars - And as of 2023, breaches caused by insiders cost businesses an average of $16.2 million.
• Reputational damage: Beyond monetary losses, insider incidents can tarnish a company's reputation and erode trust among customers, partners, and stakeholders. Recovering from a damaged reputation can be a long and arduous process, with lasting effects on brand perception and market credibility. In fact, 66% of consumers would not trust a company after a data breach.
• Regulatory penalties: Non-compliance with data protection regulations can lead to hefty fines and legal penalties. Organisations that fail to adequately safeguard sensitive data may find themselves facing regulatory scrutiny and enforcement actions, further compounding the financial and reputational fallout.

It takes approximately 86 days to identify and mitigate the effects of an insider-related security breach. Clearly, proactive detection and response mechanisms are crucial for minimising the impact of insider threats on organisational security

What are the signs of an insider threat/risk?

Recognising the signs of insider threats and risks is crucial for early detection and mitigation.

Here are some common indicators to watch out for:

1. Unusual Behaviour: Keep an eye out for any deviations from normal patterns of behaviour among employees or insiders. This could include accessing sensitive information outside of regular working hours, attempting to bypass security protocols, or exhibiting sudden changes in attitude or performance.
2. Access Patterns: Pay attention to any unusual access patterns or privileges granted to insiders. This could involve accessing files or systems that are not relevant to their job responsibilities, attempting to escalate their level of access without proper authorisation, or frequently accessing restricted areas of the network.
3. Data Transfer Activities: Monitor for any unusual data transfer activities, such as large-scale downloads of sensitive information, unauthorised sharing of confidential files, or attempts to exfiltrate data to external locations. These actions could indicate potential insider threats or risks to data security.

Employees who suddenly start accessing sensitive financial data unrelated to their role, or a contractor who frequently downloads large amounts of data onto removable storage devices without valid reasons could be exhibiting signs of insider risk.

Similarly, employees displaying disgruntled behaviour or expressing dissatisfaction with their job may pose a potential insider threat, especially if they have access to critical systems or sensitive information.

Who can be an insider threat/risk?

Insider threats and risks can emerge from various roles within an organisation, extending beyond just employees. Here's a closer look at who might pose insider threats or risks:

1. Employees: Naturally, employees are the most common source of insider threats and risks. Whether intentional or unintentional, their actions can significantly impact data security. This includes everyone from junior staff to executives who have access to sensitive information.
2. Contractors: External contractors or third-party vendors who have access to an organisation's systems or data can also pose insider risks. While they may not have the same level of loyalty or accountability as permanent employees, they still have the potential to cause harm through negligence or malicious intent.
3. Partners: Similarly, business partners or associates who collaborate closely with an organisation may pose insider risks. This could include suppliers, consultants, or even clients who have access to proprietary information or systems.

While employees may have a deeper understanding of the organisation's systems and processes, external parties with access to your organisation's internal systems and sensitive data can also pose significant threats.

How can the risk of insider threats be mitigated?

Mitigating and managing insider threats and risks requires a comprehensive approach that combines technology, policies, and employee education. Here are some strategies to help protect your organisation:

1. Implement access controls

One of the first steps in mitigating insider threats is to enforce strict access controls. Ensure that employees only have access to the data and systems necessary for their roles. Regularly review and update these rights to prevent unauthorised access.

2. Monitor systems

Advanced monitoring tools can track user activities, flagging any anomalies that deviate from normal patterns, and is crucial in detecting unusual behaviour that might indicate an insider threat.

3. Employee training programmes

Educating employees about the risks of insider threats and best practices for data security is vital. Develop engaging training content that is relevant to your employees' roles, and use real-world scenarios to illustrate the potential consequences of insider threats.

Leveraging technology like Metomic’s data security platform can also give you access to initiatives such as the “Human Firewall,’ where your employees proactively become an integral part of your security ecosystem.

4. Leverage technology

Use tools that can analyse user behaviour, detect suspicious activities, and provide real-time alerts. When selecting such tools, look for features such as behavioural analytics, real-time monitoring, and automated response capabilities.

5. Promote a culture of security

Creating a culture of security within the organisation is key to preventing insider threats. Encourage employees to report suspicious activities and reinforce the importance of data security through regular communications and training.

Organisations are aware of the need for a security culture and proactive measures in combating insider threats, with 39% of organisations having already established an insider threat programme, and 41% planning to add one within the next two years.

How can Metomic help?

Metomic offers a comprehensive data security solution for managing insider threats and risks through its advanced features and capabilities:

• Automated responses: Metomic can trigger alerts if sensitive data is shared improperly, ensuring immediate action is taken. It sends notifications to employees who violate policies, helping to maintain data compliance.
• Advanced monitoring: Metomic continuously tracks and alerts on sensitive data across various integrations. For instance, in Google Drive, Jira, and Confluence, it monitors sensitive data and sends notifications when rules are violated. In Slack, it can redact sensitive information and quarantine messages for review.
• Behaviour analytics: Metomic identifies unusual or suspicious behaviours within integrations like Jira, Slack, Google Drive, and Notion. This detection triggers alerts or automatic actions, mitigating the risk of data breaches and preventing unauthorised access and sharing.
• Strengthening employee defence: Metomic helps educate employees on security best practices and mitigates human risks by empowering them to act as a "Human Firewall". With real-time notifications and alerts, employees can proactively secure sensitive data, enhancing their role in defending against data breaches.
• Improve DSPM: Metomic’s platform gives you the tools to enhance your organisation's data security posture, ensuring compliance and safeguarding against insider threats and risks.

Conclusion

While insider threats are malicious in nature, insider risks can stem from various factors, including negligence and unintended actions. It’s crucial to grasp these distinctions and take steps to protect your organisation’s sensitive data.

Whether it’s implementing comprehensive monitoring systems, providing comprehensive employee training, or leveraging innovative solutions like Metomic, every step counts in mitigating the risks posed by insiders.

Ready to see how we can help your organisation protect itself against insider risks and insider threats? Take a virtual platform tour of Metomic now.