Majority of Companies Experienced Insider Attacks Over the Last Year

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Insider attacks affect the majority of companies with costs that can reach into the millions, according to a recent report into insider threats.

According to Bitglass’ 2020 Insider Threat Report, released last week, 61 per cent of companies have reported at least one insider attack against their organisation over the last 12 months. Of these companies, 22 per cent also reported at least six separate attacks over the same period of time.

With the increased use of online resources by businesses as a result of the current circumstances, insider threats, both caused by malicious individuals, careless employees or outright infiltrators, cause a significant amount of financial and reputational damage, and the potential for legal consequences for leaking data is significant.

According to the Bitglass report, the average cost of a single insider attack is between $100,000 (£75,000) and $2m (£1.5m), which only increases by orders of magnitude with multiple attacks.

What compounds the potential issues surrounding this further is the increased use of personal devices or online cloud systems to access business networks.

A staggering 82 per cent of businesses surveyed say that cannot confirm if an insider threat comes from a personal device, whilst 50 per cent claim they cannot detect insider threats on the cloud. A further 81 per cent of those surveyed have difficulty assessing how much damage an insider attack has caused.

Beyond the physical damage, there are also factors that are more difficult to define, such as reputational damage, the current and potential future loss of customers, as well as how much the business is disrupted and its compounding effect on all of these factors which may cause further losses.

Agenda can help you put in place training and processes to reduce the risks associated with the insider threat. Talk to us about our training courses, pre-employment screening and existing employee re-screening.