Insider Threat Management (ITM) Statistics 2024
– Everything You Need to Know


At LLCBuddy, we don't just offer information; we provide a curated experience backed by extensive research and expertise. Led by Steve Goldstein, a seasoned expert in the LLC formation sector, our platform is built on years of hands-on experience and a deep understanding of the nuances involved in establishing and running an LLC. We've navigated the intricacies of the industry, sifted through the complexities, and packaged our knowledge into a comprehensive, user-friendly guide. Our commitment is to empower you with reliable, up-to-date, and actionable insights, ensuring you make informed decisions. With LLCBuddy, you're not just getting a tutorial; you're gaining a trustworthy partner for your entrepreneurial journey.

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

LLCBuddy editorial team did hours of research, collected all important statistics on Insider Threat Management (ITM), and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to form an LLC? Maybe for educational purposes, business research, or personal curiosity, whatever the reason is – it’s always a good idea to gather more information about tech topics like this.

How much of an impact will Insider Threat Management (ITM) Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

Please read the page carefully and don’t miss any words.

Top Insider Threat Management (ITM) Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 17 Insider Threat Management (Itm) Statistics on this page 🙂

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]

Also Read

How Useful is Insider Threat Management Itm

When examining the usefulness of ITM, it becomes apparent that its significance stretches far beyond mere cybersecurity. While ITM undoubtedly aids in fortifying infrastructure against external attacks, it also addresses the equally pressing issue of internal vulnerabilities. According to industry experts, insider threats can materialize through various motivations, such as financial gain, disgruntlement, or even inadvertent negligence. These diverse motives necessitate a comprehensive approach that involves not only security protocols but also organizational policies and culture.

One notable advantage of ITM is its proactive nature, enabling businesses to detect and deter threats before they cause substantial damage. By implementing and consistently updating protocols, organizations can preemptively detect suspicious behaviors or deviations in employees’ normal activities. Early detection enables swift interference, potentially averting a potential data breach, financial loss, reputational damage, or worse outcomes. Furthermore, effective ITM practices act as a precursor for cultivating a culture of trust, where employees feel valued and motivated, making it less likely for insiders to turn into threats.

Beyond detection, ITM also benefits organizations through swift response mechanisms. With established ITM procedures, companies can promptly neutralize threats that successfully bypass implicit preventive measures. Timely response protocols set in motion after an incident allows for containment, minimizing the potential aftermath and mitigating devastating consequences. By analyzing the root causes of these incidents, organizations can strengthen security measures, reevaluate employee permissions, and further refine ITM strategies – ultimately creating a safer and more resilient operating environment.

Moreover, businesses that invest in comprehensive ITM can gain a competitive edge in today’s corporate landscape. Demonstrating a robust ITM framework not only satisfied clients, investors, and regulatory bodies but also attracts top talent. With data breaches and information leaks becoming alarmingly commonplace, job seekers, investors, and consumers are increasingly prioritizing security when making decisions. A strong ITM system instills confidence among stakeholders that an organization is taking the necessary precautions to protect vital data, proprietary information, and trade secrets.

When considering the importance of ITM, it is essential to approach this topic holistically. While no single solution can eradicate all insider threats, a comprehensive ITM program that includes personnel training, regular risk assessments, continuous monitoring, and collaboration among departments can bolster security exponentially. Investing in robust ITM programs with strong governance provides businesses with a solid foundation to combat the evolving risks posed by individuals within an organization.

To stay updated with rapidly evolving threats in the modern digital landscape, organizations must remain agile and proactive in aligning their ITM strategies with changing circumstances and emerging technologies. The value of ITM reaches far beyond its role in cybersecurity – it encompasses a broader mission to ensure resilience, prevent reputational damage, and preserve trust within an organization and beyond. However, ultimately, the challenge lies in organizations recognizing the importance of ITM amidst the multitude of security concerns they face and incorporating it into their overall risk management framework.

Reference


  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/

About Author & Editorial Staff

Steve Goldstein, founder of LLCBuddy, is a specialist in corporate formations, dedicated to guiding entrepreneurs and small business owners through the LLC process. LLCBuddy provides a wealth of streamlined resources such as guides, articles, and FAQs, making LLC establishment seamless. The diligent editorial staff makes sure content is accurate, up-to-date information on topics like state-specific requirements, registered agents, and compliance. Steve's enthusiasm for entrepreneurship makes LLCBuddy an essential and trustworthy resource for launching and running an LLC.

Leave a Comment