The latest News and Information on Insider Threats including employee monitoring and data privacy.
Shifts in the threat landscape have caused cyber insurance providers to rethink how they offer and price their coverage. The result has been stricter underwriting requirements, more exclusions within coverage, and a dramatic increase in premiums. Tougher underwriting requirements have also put pressure on security and risk leaders to more thoroughly validate their security controls as enterprises are applying for, or renewing, their coverage.
Financial data is a desired target for cybercriminals. Hackers frequently attack financial institutions such as banks, loan services, investment and credit unions, and brokerage firms. Security incidents in the financial sector are extremely expensive (surpassed only by the healthcare industry), with the average total cost of a data breach reaching $4.35 million in 2022.
An insider threat is a cyberthreat that happens within an organization. Insider threats occur when current or former employees, partners, contractors or vendors cause sensitive data and systems to become compromised or steal data for their own malicious purpose. Insider threats can be intentional or unintentional, depending on the goal of the insider and if the insider is working with someone else.
Every company has workers that have been there from the beginning and worked in every department. Knowledge of the company’s processes makes them valuable employees, but they can also access and put at risk lots of sensitive data. Regular user access reviews can help you mitigate this risk and safeguard your critical assets. Regularly reviewing user access is an essential part of access management.
If you’re busy securing the perimeter, mandating strong authentication practices, and restricting software downloads, you may be missing the mark. (Just to be clear: if you are doing those things, keep it up. You’re off to a good start, and none of what follows here replaces classic and vital cybersecurity measures.) Protecting your organization from outside threats is foundational to any effective cybersecurity strategy.