Insider threats are a growing concern for every organisation, one that is increasingly difficult to manage using conventional security technologies. According to Ponemon’s 2023 Cost of Insider Threats Global Report:
Insider threats have continued to rise in both frequency and cost. The total average cost to organizations over 12 months is now $16.2 million, with North American companies experiencing the highest price at $19.09 million.
Containing insider threats incurs an average cost of $179,209. Incidents within 30 days had the lowest average total cost of $11.92 million, while those that took over 90 days reached an average of $18.33 million.
Employee negligence remains the most prevalent cause of insider threats, accounting for 55% of incidents.
Cloud and IoT devices are the primary channels where insider-driven data loss occurs, reported by 59% and 56% of organizations, respectively.
Measures such as Privileged Access Management (PAM) and user training can significantly reduce costs. PAM can save an average of $5.9 million, while user training and awareness programs can save $5.4 million
