Insider theft is keeping enterprises awake

BANGALORE, INDIA: Insider data theft and malware attacks top the list of the most significant concerns for enterprise security executives, as per a new report from Accenture and HfS Research.

Of those surveyed, a majority (69 per cent) of respondents experienced an attempted or successful theft or corruption of data by insiders during the prior 12 months, with media and technology organizations reporting the highest rate (77 per cent). This insider risk will continue to be an issue, with security professionals’ concerns over insider theft of corporate information alone rising by nearly two-thirds over the coming 12 to 18 months.

Additionally, the research shows that a budget shortage for hiring cybersecurity talent and well-trained employees is hindering the ability of organizations to properly defend themselves against these attacks.

The survey, “The State of Cybersecurity and Digital Trust 2016’”, was conducted by HfS Research on behalf of Accenture.

Its findings indicate that there are significant gaps between talent supply and demand, a disconnect between security teams and management expectations, and considerable disparity between budget needs and actual budget realities.

“Our research paints a sobering picture. Security leaders believe threats are not going away, in fact they expect them to increase and hinder their ability to safeguard critical data and establish digital trust,” said Kelly Bissell, senior managing director, Accenture Security. “At the same time, while organizations want to invest in advanced cyber technologies, they simply don’t have enough budget to recruit or train skilled people to use that technology effectively. To better manage this security problem, businesses will need to work in tandem with the extended enterprise ecosystem – business units, partners, providers and end users – to create an environment of digital trust.”

Despite having advanced technology solutions, nearly half of all respondents (48 per cent) indicate they are either strongly or critically concerned about insider data theft and malware infections (42 per cent) in the next 12 to 18 months.

“While the gaps we identified can be overcome, they do collectively underscore the need for an inherently different approach, one that includes more robust risk management measures and the development of digital trust,” said Fred McClimans, research vice president, Digital Trust and Cybersecurity, HfS Research. “There is an important opportunity to address these gaps by rethinking how digital trust and security can be holistically woven into the enterprise fabric through the integration of automation and AI solutions as well as through business partnerships and processes.”