Home Risk Managements Insider-caused data breaches could incur costs exceeding $15 million

Insider-caused data breaches could incur costs exceeding $15 million

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Insider-caused data breaches could incur costs exceeding $15 million

In a recent interview, a cybersecurity expert highlighted the increasing trend of insider data breaches within companies. From salespeople uploading data to Dropbox to finance employees emailing corporate financial information to personal accounts, it seems like no department is immune to the risks of insider threats. However, the most concerning incidents involve software developers pushing source code to their personal cloud repositories using git commands on their endpoints.

Despite the fact that 99% of companies surveyed claimed to have data protection systems in place, a staggering 78% of cybersecurity leaders admitted to experiencing sensitive data breaches, leaks, or exposure in 2023. What’s even more alarming is that over half of the insider-driven data incidents in the past year were intentional, emphasizing the severity of the situation.

One major challenge faced by cybersecurity teams is the lack of skilled personnel, with 79% of respondents reporting a shortage of talent in this field. To address this issue, companies are increasingly turning to AI tools, with 83% utilizing artificial intelligence, especially GenAI tools. However, this heavy reliance on AI also opens up potential vulnerabilities to insider threats.

Another obstacle faced by organizations is the ambiguity surrounding data regulations, as reported by 73% of survey participants. Furthermore, 68% of respondents expressed doubts about their company’s compliance with new data protection laws. The lack of clarity in regulations can make it challenging for companies to ensure that their technology and processes align with compliance requirements.

To combat insider-driven data losses, cybersecurity expert Payne identified three key contributing factors: the high portability of data, the presence of multiple exfiltration channels within organizations, and the shift towards a fully distributed workforce. These factors create a breeding ground for insider threats, necessitating a collaborative effort between auditors and cybersecurity teams to ensure compliance and data protection.

In conclusion, the rise of insider data breaches poses a significant threat to companies across various industries. As cyber threats continue to evolve, organizations must prioritize the development of robust data protection strategies, invest in skilled cybersecurity personnel, and stay updated on the latest regulatory requirements to safeguard sensitive information from malicious insiders.

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