(From FEI) Insider threat via an organization's own employees is one of the largest unsolved issues in cybersecurity. In fact, research from IBM found that 60 percent of all cyberattacks are carried out by insiders, yet 34% percent of respondents reported lack of budget to be a major barrier to effective threat management. So, how can financial executives plan ahead to reduce the potential impact of insider threats? Here are a few strategies:
- Keep insider threats in mind when building your cybersecurity budget.
- Understand your threat profile — down to the numbers. Research security trends, both globally and within your organization’s industry.
- Study and compare cybersecurity tools. From privileged access management to user activity monitoring, what tool is best for your organization's goals and security needs?
- Understand security cost centers. A budget should address monitoring and surveillance, insider threat investigation, escalation, incident response and containment.
- Account for extraneous/unexpected costs.
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