Insider threats have become a major concern for banks and financial institutions. These threats can come from current or former employees, contractors, or business partners who have access to sensitive information and systems. According to the Insider Threat Report 2020 by Crowd Research Partners, 68% of organizations reported being targeted by insider attacks in the past 12 months. In this guide, we will discuss the different types of insider threats and how banks can prevent them.
Types of Insider Threats
Insider threats can be classified into three main categories: malicious insiders, careless insiders, and third-party collaborators.
Malicious insiders are individuals who intentionally use their access to harm the organization. They may have grievances or malicious intent towards the organization, or they may be motivated by financial gain. These individuals can use their knowledge and access to steal confidential information, disrupt operations, or sabotage systems.
Careless insiders are employees who make mistakes that compromise the security of the organization. This could be unintentional actions such as clicking on a phishing email, sharing login credentials, or losing a company-issued device. These actions can lead to data breaches and put the organization at risk.
Third-party collaborators include contractors, suppliers, and business partners who have access to the organization’s systems and information. If these individuals are not properly vetted or monitored, they can pose a significant insider threat by intentionally or unintentionally causing harm to the organization.
Preventing Insider Threats
Preventing insider threats requires a multi-layered approach that involves implementing security policies and procedures, educating employees, and utilizing technology solutions. Here are some steps banks can take to prevent insider threats:
Implement Security Protocols
Banks should have strict security protocols in place, including access controls, encryption of sensitive data, and regular security audits. These protocols should also extend to third-party collaborators, with contracts clearly outlining their responsibilities and obligations in maintaining the security of the organization’s data.
Employees should be educated on the importance of cybersecurity and how they can help prevent insider threats. This could include training on identifying phishing emails, using strong passwords, and reporting any suspicious activity.
Monitor and Detect
Banks should have systems in place to monitor employee activity and detect any anomalies or unusual behavior. This could include monitoring network traffic, tracking access to sensitive data, and implementing user behavior analytics to identify potential threats.
Utilize Technology Solutions
There are various technology solutions available that can help prevent insider threats. These include data loss prevention tools, privileged access management, and endpoint security solutions. Banks should assess their specific needs and invest in the appropriate technology to protect against insider threats.
Insider threats pose a significant risk to banks and financial institutions. By understanding the different types of insider threats and implementing preventive measures, banks can better protect themselves from these threats. It is essential for banks to continually review and update their security protocols to stay ahead of potential insider threats. The key is to have a multi-layered approach that involves educating employees, implementing security policies and procedures, and utilizing technology solutions to mitigate risk. Overall, with the right strategies in place, banks can better protect themselves from insider threats and maintain the trust of their customers.