Cyber Risk: Preparing Your Organization Against the Growing Number of Insider Threats

By Lacy Rex

Insider threats can come in many forms. A disgruntled employee who has access to records can embezzle money. An unsuspecting employee can be phished into giving money or data to a cybercriminal when they receive an email that looks like it came from an executive.

Intentional or not, insider threats can be hard to detect, yet they are becoming more prevalent. According to the Insider Threat 2023 report by Cybersecurity Insiders:

• 74% of organizations say insider attacks are growing
• 74% of organizations believe they are vulnerable to insider attacks
• More than half of respondents say they have experienced at least one insider threat in the past year.

Threats can manifest anywhere, so being prepared is critical. Detection and prevention should occur enterprise-wide, including the use of HR, legal, and non-technical indicators.

With automated behavioral tools, technical tools can help identify and mitigate insider threats, such as anomaly detection. It could also be as simple as observing behavior such as drug use, poor performance and absence from work.

To keep potential insider threats at bay, companies should provide regular training sessions for all employees to help them spot a phishing attempt and avoid falling prey to the scam.

Employers also should instill the value of a cybersafe culture. Reward employees for completing training sessions and provide incentives when potential attacks are reported to the IT team.

To learn more, watch Oswald’s “Cyber Protection Webinar Series: Hygiene, Incident and Breach Response.” The four-part cyber series reviews cybersecurity from an insurance, legal and technical perspective. The panel discusses current potential threats, the importance of cyber insurance, and the protocols to follow to avoid becoming a victim.

Insider cyberattacks can happen to any organization – public or private, big or small. The experienced cyber team at Oswald can help you assess your risk, plan ahead and protect your business.

This post was originally published in July 2022; updated October 2024.

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