The life of your business depends on maintaining secret internal sensitive information.
The statistics below were obtained from an independent study by the Ponemon Institute. They interviewed 964 IT Managers and IT security practitioners in 204 organizations in North America (United States and Canada), Europe, the Middle East & Africa, and Asia-Pacific. Interviews were completed in September 2019.
Each organization experienced one or more material events caused by an insider. The targeted organizations were businesses with a global headcount of 1,000 or more employees. These organizations experienced 4,716 insider incidents over the past 12 months.
Inside threats have been identified as:
1. Careless employee or contractor
2. Criminal or malicious insider or
3. Credential thief
The frequency and cost of insider threats have increased dramatically over two years. For example, the overall cost of insider threats is rising, with a 31% increase from $8.76 million in 2018 (Ponemon) to $11.45 million in 2020. In addition, incidents have increased by a staggering 47% in just two years, from 3,200 in 2018 (Ponemon) to 4,700 in 2020. This data shows that insider threats are still a lingering and often under-addressed cybersecurity threat within organizations, compared with external threats.
The threat of internal document theft exists in your business regardless of the number of employees. The incidents will be relative to the size of your business, but they will happen with no doubt; do your proportional assessment using the number of employees in your business and the statistics of the study. The risk is imminent.
Five signs that your organization is at risk
Employees are not trained to fully understand and apply laws, mandates, or regulatory requirements related to their work, which affect the organization’s security.
Employees are unaware of the steps they should take to ensure that the devices they use—both company-issued and BYOD—are always secured.
Employees send highly confidential data to an unsecured location in the cloud, exposing the organization to risk.
Employees break your organization’s security policies to simplify tasks.
Employees expose your organization to risk if they do not always keep devices and services patched and upgraded to the latest versions.
TeraKey® solution
TeraKey tremendously reduces the risk of internal theft by encrypting all sensitive documents, where only authorized personnel can open them.
Thieves with access to storage space will find encrypted files impossible to read because the encryption keys were destroyed. The decryption keys only appear when the user needs to decrypt a file and if the user has permission to open the file.
The theft of users' credentials to get encryption keys has no consequences because there is no "Key Management System."
The TeraKey encryption operation is integrated into Explorer, which allows users to encrypt and decrypt files using familiar functionality; file encryption only takes a few seconds.
Contact us for a free trial!
Why wait? Contact us now and request a free trial of TeraCryption. Convince yourself on your own time that the future of document protection is here with the TeraCryption platform.
Nothing will be installed on your servers; your current cyber protection is unaffected. In less than 15 minutes, you can encrypt files on your computer. Files never leave your company.
By the way, you do not need to worry about managing encryption keys for each document. Let TeraCryption take care of all automated technical operations to protect documents with unbreakable encryption invented over a century ago using a process perfected by TeraCryption’s modern patented technology.
It is straightforward. Go to Contact Us, fill in the form, or email us at sales@teracryption.com.
Prepared by TeraCryption Corporation.
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Reference: 2020 cost of insider threats.
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