In today's fast-paced digital era, protecting your business from insider threats is a top priority. Malicious or unintentional actions from employees and trusted individuals with access to sensitive information can have devastating consequences. As we look ahead to 2024, let's explore new trends and approaches, supported by relevant statistics, that help you defend against insider threats.
Harness the Power of Artificial Intelligence and Machine Learning
The landscape of combating insider threats is undergoing a revolution from artificial intelligence and machine learning technologies. According to the research conducted by Markets and Markets, the artificial intelligence cybersecurity market is currently estimated at USD in 2023 and is projected to reach USD by 2028, with a robust compound annual growth rate (CAGR) of 21.9%. In 2019, a study conducted by Capgemini Research Institute found 61% of organizations recognize the indispensable role of AI and ML in identifying insider threats. Since that time, prominent corporations have been introducing their own AI-based solutions. For instance, Nvidia has unveiled an AI-powered system specifically designed to monitor individual user accounts for potentially harmful activities and to deter identity attacks.
Findings from Deloitte's research indicate that technology and tools are still in the early stages of adoption. The global market for these advancements is projected to undergo remarkable growth, estimated to reach a staggering USD between 2021 and 2025. The future of countering insider threats appears promising, with AI and ML at the forefront of this transformative journey.
Unraveling User Behavior Analytics: Unveiling Patterns for Detection
The rise of User Behavior Analytics (UBA) and User and Entity Behavior Analytics (UEBA) has become a significant trend, enabling organizations to closely monitor employee activities and detect deviations from their regular behaviors. According to a recent study by Global Industry Analysts Inc. (GIA), the UEBA market is projected to reach a value of by 2026. One exciting development is the integration of UBA with Security Information and Event Management (SIEM), which new avenues for identifying insider leaks.
One particularly noteworthy trend to highlight is the use of behavior biometrics. Behavioral biometrics is an innovative security approach that examines an individual's distinctive behavioral patterns, such as typing speed and mouse movements, to authenticate users. This cutting-edge technology adds an extra layer of security by identifying any irregularities in user behavior that may indicate unauthorized access.
Data-Centric Security: Protecting Your Valuable Assets
Emphasizing data-centric security involves the implementation of encryption and access controls to safeguard vital information. According to a recent Data Centric Security Market Size and Share Report for 2030, the global market was valued at USD in 2022 and is projected to experience significant growth at a compound annual growth rate (CAGR) of 24.2% from 2023 to 2030. These innovative solutions offer businesses the means to thwart unauthorized access to sensitive data, making data-centric security crucial for dynamic data protection. Compared to traditional access controls, this approach grants businesses greater flexibility in managing networks, systems, and data.
Collaboration Across Departments for a Holistic Approach
Effectively addressing insider threats requires a coordinated effort involving IT, HR, legal, security, and management teams. Regular communication and information sharing among these departments are crucial for prompt detection and response to potential threats. Moreover, the involvement of senior management, HR, and training departments play a significant role, as they directly impact the company's climate regarding insider leaks and awareness levels.
Considering the aftermath of the 2022 layoffs in the United States, where over were affected, the importance of an organization’s vigilance in enforcing non-disclosure agreements (NDAs) signed by departing employees becomes even more critical. As per the 2022 Cyberhaven's Insider Risk report, it was discovered that employees have a 69% higher likelihood of taking company data just prior to their termination or voluntary departure. This underscores the importance of HR departments diligently overseeing and enforcing Non-Disclosure Agreements (NDAs) to protect sensitive information.
Safeguarding Valuable Assets with EDR Solutions
Endpoint Detection and Response (EDR) solutions play a crucial role in mitigating insider threats, which are security risks that arise from within an organization. These threats can involve intentional or unintentional actions by employees or other individuals with privileged access to sensitive data or systems.
In addition to protecting against insider threats, EDR solutions are becoming increasingly important due to the prevalence of Bring Your Own Device (BYOD) policies in workplaces. Studies have shown that approximately 75% of employees use their personal cell phones for work-related tasks. This widespread adoption of personal devices in the workplace further emphasizes the need for robust EDR solutions to ensure the security and integrity of organizational data and networks. In addition, it is necessary to integrate solutions that can mitigate leaks of data and documents that may be compromised by personal smartphones.
By adopting these trending approaches and solutions, businesses can significantly enhance their ability to combat insider threats and protect themselves from potentially devastating consequences in the ever-evolving digital landscape of 2024. A pre-emptive and comprehensive approach to insider threat detection and prevention will undoubtedly be instrumental in maintaining the trust and security of organizations in the face of evolving cybersecurity challenges.
Remember, safeguarding your organization from insider risks is an ongoing effort that demands continuous vigilance and innovative solutions to protect your valuable data and maintain your company's reputation.
This post was co-authored by Jeff Reich,