As a business owner, you work hard to protect your company from outside threats such as hackers, viruses, and data breaches. However, it’s essential to recognize the potential threats that may come from within your organization.
Insider threats can be just as damaging, if not more so, as external attacks. This blog post will explore the best practices and strategies for protecting your business from insider threats.
What are Insider Threats?
Insider threats are security risks that originate from within an organization. This threat can come from current or former employees, contractors, vendors, or partners accessing the company’s sensitive information, systems, or resources. Insider threats can take many forms, including theft of intellectual property, embezzlement, sabotage, and espionage.
According to the 2020 Cost of Insider Threats Global Report, the average cost of an insider threat is $11.45 million per year. The report also found that it takes an average of 77 days to contain an insider threat and that 64% of organizations had experienced it in the last year.
Best Practices for Protecting Your Business from Insider Threats
Develop a Strong Security Culture
A strong security culture is the foundation of effective insider threat prevention. This foundation involves creating a company-wide culture of security awareness and encouraging employees to take responsibility for protecting sensitive information. Develop a comprehensive security policy that outlines the company’s expectations for security behavior, and communicate it clearly to all employees.
Implement Access Controls
Access controls are essential for preventing unauthorized access to sensitive information and systems. Limit access to sensitive data and systems only to those employees who require it to do their jobs. Use multi-factor authentication to ensure only authorized users can access critical systems and data. Implement role-based access controls to ensure that employees only have access to the data and systems they need to perform their duties.
Monitor Employee Activity
Monitoring team member activity can help detect potential insider threats before they become significant. Use security software to monitor user behavior and detect anomalies or unusual activity. Monitor access logs to identify unauthorized access attempts and review activity reports to ensure employees adhere to the company’s security policies.
Protecting Your Business from Insider Threats: Conduct Regular Security Awareness Training
Security awareness training is essential for educating employees about the importance of security and helping them recognize potential threats. Regular training can help employees identify and report suspicious activity, such as phishing emails or unusual behavior by colleagues. Conduct training sessions regularly to ensure that all employees are current on the latest security best practices.
Implement Data Loss Prevention (DLP) Technology
Data Loss Prevention (DLP) technology can help prevent insider threats by identifying and stopping attempts to exfiltrate sensitive data. DLP software can monitor all data leaving the organization and prevent unauthorized data transfers, such as sending data to a personal email account or USB drive. Implement DLP technology to help protect your business from data theft and other insider threats.
Conduct Background Checks
Conducting thorough background checks on all new employees can help prevent insider threats. Verify employment history, education, and references, and conduct criminal background checks where appropriate. This checking can help identify potential red flags before hiring the team member.
Protecting Your Business from Insider Threats: Regularly Review Access Controls
Regularly review access controls to ensure that employees only have access to the data and systems they need to perform their duties. Remove access rights for employees who no longer require them and conduct periodic access reviews to ensure appropriate access.
Have an Incident Response Plan in Place
Having an incident response plan can help minimize an insider threat’s impact. Develop a plan that outlines the crucial steps you need to take in the event of a security breach, including who will be responsible for responding, the incident’s containment, and how employees and customers will receive the notification. Test the plan regularly to ensure it is effective and current.
Use Encryption and Data Protection Technologies
Encrypting sensitive data can help protect it from unauthorized access, even if it falls into the wrong hands. Use encryption technologies to protect sensitive data at rest and in transit. Use data protection technologies such as firewalls and antivirus software to prevent unauthorized access to the company’s networks and systems.
Limit the Use of Personal Devices
Limiting the use of personal devices can help prevent insider threats. Personal devices may have different security measures than company-owned devices and can be more vulnerable to malware and other security threats. If personal devices are allowed, ensure they are properly secured and that access to company data is limited.
Protecting Your Business from Insider Threats: Conclusion
Protecting your business from insider threats requires a comprehensive approach that includes a strong security culture, access controls, team member monitoring, security awareness training, DLP technology, background checks, access reviews, incident response planning, encryption, and data protection technologies, and limiting the use of personal devices. By implementing these best practices and strategies, you can help minimize the risk of insider threats and protect your company’s sensitive information and resources.
Prevention is critical, so taking a proactive approach to security is essential to ensure your business’s preparation for any potential threat.