Last year, companies were forced to accelerate their digital transformation activities to support a remote workplace. While CIOs and CISOs have been praised for keeping their companies operating throughout the global health crisis, the pivot to telework has given rise an increase in insider threats. The 2020 Cost of Insider Threats Global Report by Ponemon Institute reveals that the number of insider threats has increased 47 percent over the past two years. Meanwhile, the cost of these incidents has surged 31 percent, from $8.75 million in 2018 to $11.45 million in 2020.
While cybersecurity teams need to contain these threats from crippling operations, they also don’t want to deploy any cyber tools that could inhibit or slow down the pace of business and hamper the company’s revenue-generating capabilities. Meanwhile, security teams need to address an expanded pool of insider threats (e.g., ransomware, phishing attacks) while applying the right level of resources to tackle these challenges.