Insider Threat Management (ITM) Statistics

Insider Threat Management (ITM) Statistics 2023: Facts about Insider Threat Management (ITM) outlines the context of what’s happening in the tech world.

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Top Insider Threat Management (ITM) Statistics 2023

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Insider Threat Management (ITM) “Latest” Statistics

• According to the Ponemon Institute, the average worldwide cost of insider threats increased by 31% to 11.45 million in only two years, while the number of events increased by 47% over that same time.^[1]
• Leading cryptocurrencies fell 9% last week, and since November 2021, they have fallen more than 70%.^[1]
• According to a Ponemon report from 2021, an insider with hostile intent was implicated in 26% of data breaches.^[2]
• The most pressing issue, according to 55% of firms, is that a hacker may obtain an employee’s legitimate login information.^[3]
• Negligence was the cause of 56% of occurrences, and the average cost to fix an incident was $6.6 million.^[3]
• This year’s analysis found 1,247 occurrences, or 18%, involving credentials that were stolen.^[3]
• At an average cost of 648,062, malicious insiders were responsible for 26% of the occurrences, or 1,749.^[3]
• The biggest expense increases are in monitoring, surveillance, and escalation, at 114% and 113% respectively.^[3]
• The cost of responding to an insider threat event has climbed dramatically since 2016 by roughly 80%.^[3]
• 20% of the cost of insider events is related to investigation and incident response activities.^[4]
• Even more, pronounced growth was seen in the retail sector, where the price of insider security incidents increased by 62% to $16.56 billion in 2021.^[4]
• Insiders who are careless insiders account for the biggest proportion (56% 1) of occurrences involving credential theft (14% in 2020 vs. 18% in 2022).^[4]
• To lessen the danger of insider threats, more than 50% of businesses use security awareness training, data loss prevention, insider threat management, and third-party vetting procedures.^[4]
• Second permissible deviation ranges may be set up around the baseline patterns, for example, a 5% variation in the daily number of individuals entering a sensitive area.^[4]
• From 2020 to 2022, the price of fixing an insider security issue rose by 34%, from 11.45 million to 15.38 million.^[4]
• Spending has increased by 80% over the last eight years, with containment activities having the greatest cost per activity1.^[4]
• Organizational costs associated with credential theft grew by 65%, from 2.79 million in 2020 to 4.6 million in 2022.^[4]

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How Useful is Insider Threat Management Itm

The concept of insider threat management involves the monitoring and detection of suspicious activities by employees or other individuals who have access to an organization’s sensitive information. This includes not only malicious actors intent on stealing or leaking data but also well-meaning employees who may inadvertently compromise security through their actions.

Many organizations now recognize the importance of ITM and have implemented various tools and techniques to mitigate insider threats. This may include continuous monitoring of user behavior, privilege management, access controls, and data encryption, among others. However, the usefulness of ITM can vary depending on the organization’s size, complexity, and industry.

One of the key benefits of ITM is its ability to provide early detection of potential insider threats, allowing organizations to take preemptive action before any harm is done. By monitoring user behavior and detecting anomalies, such as unauthorized access to sensitive data or unusual network activity, organizations can identify potential insider threats and take appropriate measures to address them.

In addition to early detection, ITM can also serve as a deterrent to insider threats by making employees aware that their actions are being monitored. This can help create a culture of accountability and responsibility within the organization, where employees are more likely to adhere to security policies and guidelines knowing that they are being watched.

Furthermore, ITM can help organizations quickly investigate and respond to insider threats once they have been detected. By providing security teams with the necessary tools and information to analyze the threat, organizations can take immediate action to contain the incident, minimize damage, and prevent further breaches.

However, despite the potential benefits of ITM, there are also challenges and limitations to consider. One major limitation is the difficulty of distinguishing between legitimate user behavior and malicious activity. Employees may engage in normal activities that may appear suspicious to security systems, leading to false alarms and unnecessary investigations.

Moreover, ITM tools and techniques can be complex and resource-intensive to implement and maintain, requiring ongoing training and expertise to effectively manage insider threats. This can be a significant barrier for smaller organizations with limited resources and cybersecurity expertise.

Despite these challenges, the importance of insider threat management cannot be understated in today’s digital landscape. As organizations continue to face evolving cybersecurity threats, it is essential for them to prioritize ITM as part of their overall security strategy to protect sensitive data and systems from insider threats. Only through a multi-layered approach that combines technology, policies, and employee awareness can organizations effectively mitigate the risks posed by insider threats and safeguard their critical assets.

Reference

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1. yahoo – https://au.finance.yahoo.com/news/proofpoint-introduces-cloud-based-observeit-120510370.html
2. cybersecurity-excellence-awards – https://cybersecurity-excellence-awards.com/candidates/proofpoint-insider-threat-management-itm-4/
3. socradar – https://socradar.io/insider-threats-rising-average-cost-of-an-incident-is-6-6m/
4. webinarcare – https://webinarcare.com/best-insider-threat-management-software/insider-threat-management-statistics/