Insider Risk Management Strategies to Protect Sensitive Data

Cybersecurity methods are usually focused on protecting an organization from external risk factors, but insider attacks can be just as dangerous and costly as those that originate outside an organization. In fact, insider threats pose serious security risks because they typically involve individuals with authorized access to the organization’s systems, data, or networks. These threats can lead to data breaches, financial loss, and damage not only to an organization’s day-to-day operations but also to its public reputation. Let’s explore the world of this type of risk and review some of the best practices for insider risk management.

‍

Understanding insider risk management

Insider risk management involves identifying, assessing, and mitigating threats posed by individuals within an organization. The “insiders” that make these types of risks possible can be anyone inside the organization, from employees and contractors to business partners and vendors. The ultimate goal of insider risk management is to protect sensitive information and ensure business continuity. Without careful attention to insider risks as a potential attack vector, the fallout to the organization can be devastating.

Types of insider threats

There are many types of insiders that can pose risks to an organization’s security, which means  there are many types of possible insider threats. Let’s study a few of the most common insider risks to look out for:

Malicious insiders

It’s clear to see how insiders with malicious intentions can pose a threat to an organization. Malicious insiders are often driven by motives like revenge or financial gain. Because they already have legitimate access to the organization’s systems, it’s easier for them to cause harm.

Negligent insiders

Insiders don’t have to be malicious to harm their organization, though. Employees can also cause damage through carelessness, lack of awareness, or failure to follow security protocols. Simple human error and falling for social engineering tactics are some common examples of this type of insider risk.

Compromised insiders

Compromised insiders are individuals whose access credentials have been stolen or compromised by external actors. Although these types of risks do originate outside an organization, once the compromise is complete, the insider’s actions facilitate unauthorized access to sensitive information, allowing the attack to progress. 

Third-party risks

While most insider threats originate with company employees, this particular risk type originates from third-party entities like contractors or vendors. Once they have been granted access to an organization’s systems, networks, or sensitive information, they essentially function as insiders who can then become malicious, negligent, or compromised as in the examples above.

‍

Implementing effective insider risk management strategies 

Insider risk management is critical for protecting sensitive information and intellectual property from unauthorized access and disclosure. Effective insider risk management strategies can help your organization prevent financial losses, preserve your reputation, and achieve and maintain compliance with regulatory requirements. Here are some of the most effective strategies for managing insider threats:

Identify and assess insider risks

Conduct thorough and regular assessments to identify potential insider risks and vulnerabilities within your organization. The earlier you can identify an insider threat, the more effectively you can mitigate any risk, remediate the issue, and strengthen your overall security posture.

Develop insider risk policies and procedures

It’s also important to develop clear and comprehensive policies and procedures that prevent insider risk as much as possible. Take the time to define acceptable network behavior, establish access controls, and outline incident response protocols so that your entire organization is prepared in case a breach does occur.

Utilize monitoring tools

Advanced security tools can also help your organization detect and mitigate insider threats in real time. Tools that facilitate activity monitoring, data loss prevention (DLP), and user and entity behavior analytics (UEBA) are all crucial pieces of the insider risk management puzzle. 

Regularly revisit your strategies

It’s also important to continuously monitor and update your insider risk management strategies. Instead of taking a one-and-done approach, make sure you revisit your strategies often to ensure that you are addressing evolving threats and ensuring effectiveness as both your security environment and your risk profile shift over time.

‍

Best practices for insider risk management

Introducing these techniques will help get your organization’s insider risk management strategy off to a strong start:

Train and educate employees

Provide comprehensive training and awareness programs to educate employees about insider threats, security best practices, and reporting procedures. Empowering everyone within your organization to be a steward of strong security practices is an excellent way to distribute responsibility and avoid preventable risks.

Establish privilege and access controls

Implement robust role-based access controls to avoid unnecessary vulnerabilities. Use a zero-trust model and the principle of least privilege to unlock granular security and prevent unauthorized access throughout your organization. It’s also important to monitor user activities and behaviors over time; developing an understanding of normal patterns makes it easier to detect anomalies and spot suspicious activities.

Create an incident response plan

Establish a well-defined incident response plan before issues unfold or breaches occur. That way, in the event of an incident, you’ll be perfectly equipped to respond to insider threats and mitigate risks instead of scrambling to figure out what to do next. Make sure your incident response plan includes steps like investigation, containment, and recovery.

‍

Manage insider risks and protect your data

Cyber threats can originate inside or outside an organization and can be sparked by a variety of factors ranging from malice to carelessness. Learn more about how to prevent insider risks, thwart outsider threats, and proactively protect sensitive data at your organization in our free e-book Minimize Risk to Your Data With End-to-End Visibility and Controls.