BOSTON--(BUSINESS WIRE)--ObserveIT, the leading insider threat management provider with more than 1,700 customers around the world, today released a study, commissioned with Ponemon Institute, that uncovered the direct and indirect costs associated with insider threats.
“Insider threats continue to threaten organizations across the globe, ultimately resulting in loss of mission critical data, downtime and lost productivity, and even reputational damage,” said ObserveIT CEO Mike McKee. “Understanding the growing costs and time associated with preventing and managing insider threats, organizations need to invest in a holistic cybersecurity solution to assist with real-time detection, deterrence, education and prevention.”
Key findings include:
- Since 2016, the average number of incidents involving employee or contractor negligence has increased by 26%, and by 53% for criminal and malicious insiders. The average number of credential theft incidents has more than doubled over the past two years.
- The majority of respondents (64%) cited that the negligent insider is the root of most incidents.
- Credential risk is the costliest type of insider incident at an average of $648,745 per event.
- Large organizations with a headcount of more than 75,000 spent an average of $20 million over the past year to resolve insider-related incidents while smaller organizations with a headcount below 500 spent an average of $1.8 million.
- Asia-Pacific and European and Middle Eastern (EMEA) companies had lower annualized costs to contain insider-related incidents at $5.88 and $7.04 million, respectively, compared to North American companies.
To read the full study, 2018 Cost of Insider Threats: Global Organizations, visit here.
ObserveIT is the leading Insider Threat Management solution with more than 1,700 customers across 87 countries. ObserveIT is the only solution that empowers security teams to detect insider threats, streamline the investigation process, and prevent data exfiltration. With 300+ out-of-the-box insider threat indicators of compromise, rich metadata and outstanding search capability and playback of any policy violation, ObserveIT provides comprehensive visibility into what people – contractors, privileged users and high-risk users – are doing, and reduces investigation time from days to minutes. For more information visit: www.observeit.com.