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Insider Threats in 2024: Key Insights You Should Know About!

Staying updated with the latest insights and statistics on insider threats is crucial for organizations to mitigate potential risks. Going through the latest statistics, helps you can gain a better understanding of the most recent trends, risks, and strategies that you can use to enhance your organization’s cybersecurity. In this article, we will explore information regarding the various types of insider threats, their costs, and the measures you can take to prevent and prepare for insider attacks.

What are insider threats?

Insider threats are security risks that originate from within an organization. These threats can result from employees, contractors, or any other individuals with authorized access to the organization’s systems, networks, or data. Insider threats come in different forms, ranging from unintentional actions such as human error or negligence to malicious activities such as fraud, theft, or sabotage.

Key Insights You Should Know About in 2024

74% of breaches involved the human element, which includes social engineering attacks, errors, or misuse.
According to the Insider Threat Report 2023 by Cybersecurity Insiders, 74% of organizations are at least moderately vulnerable to insider threats.
Insider security incidents are on the rise. A report published in 2023 reveals that 71% of companies are experiencing between 21 to over 40 such incidents annually. This marks an increase from 67% in 2022.
According to Verizon’s 2023 Data Breach Investigations Report, 89% of all privilege misuse cases are financially motivated.
The average cost of insider risk increased from $15.4M in 2022 to $16.2M in 2023.

It takes 86 days on average to detect and contain an insider threat incident.
It takes an average of more than 2 months to contain an insider incident.
Only 13% of insider-related incidents are contained in less than 31 days.
The average yearly cost of insider threat incidents taking over 91 days to detect is $18.33 million.

Ways to prevent Insider threats

Preventing insider threats involves a combination of protocols, procedures, and security measures, designed to mitigate the risk of malicious or accidental actions by individuals within an organization. Here are 4 key strategies to prevent these threats:

Educate: Providing comprehensive security training to employees, and emphasizing the importance of protecting sensitive information and recognizing potential threats.
Monitor: Implementing robust monitoring systems to keep track of employee activities, access to data, and unusual behavior patterns.
Track: Utilizing tools and processes to track and audit employee interactions with critical systems and sensitive data in real-time.
Prevent: Employing solutions such as access controls, encryption, and data loss prevention to prevent unauthorized access, data leaks, and internal breaches.

Preventing Insider Threats with DataPatrol

DataPatrol provides out-of-the-box solutions to help organization elevate their cyber security protocols and prevent insider threats. Our solutions are designed to help organizations improve their control over internal data leakage through screen capture. It seamlessly integrates with your existing work environment and ensures security across all platforms.