Managing Insider Risk: Why It Is Crucial for Business

Most businesses usually focus on keeping outsider risks at bay. They implement effective security models to ensure their organization’s safety but ignore one crucial aspect. Many security experts have stated that modern companies are alarmingly vulnerable to insider risks. Be it through negligence, error, or malicious intent, an insider threat can adversely affect your company’s security to a great extent. One of the main reasons why an insider risk can be more impactful is the fact that insiders know where the data is located. In his article for InformationWeek, Paul Furtado shares several tips to deal with insider risk.

How Insider Risk Can Affect Your Firm 

Insider risks take place when an authorized professional has access to significant company information and exploits it, whether maliciously or unintentionally. This access plays a vital role in this process and can lead to serious concerns, such as data theft and financial losses, to name a few.

Solving Insider Risk Issues

Firstly, it is crucial to identify the type of threat. Furtado classifies threats into three categories:

Irresponsible userMalevolent userCompromised username and passwords

Once you are aware of the type of risk, your mitigation strategy should be to deter, detect, and disrupt the potential attack. Evaluate the security models and make sure the data confidentiality is not compromised further.

Implementing Safety Frameworks

Here is a list of security frameworks you should introduce to mitigate threats:

Insider threat policies and proceduresConfidential reporting processGovernance, oversight, and compliance modelsEnterprise risk managementIntegration with trusted business alliesRisk management trainingInsider risk playbookIncident response plansEmployee privacy rights

It is crucial that you conduct activity-based programs to familiarize your workforce with insider threats and how to mitigate them. CIOs and CISOs should develop effective security strategies and analyze them periodically to minimize risks.

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