Laugh Your Way to Better Cybersecurity: How Your Co-Worker’s Forgetfulness is Costing You Millions

Your office pal’s forgetfulness may cost more than you think! The annual price tag for insider cybersecurity threats has skyrocketed to $16.2 million, mostly due to the aftermath. From negligence-caused ‘oops’ moments to malicious insider drama, Insider Threat Management Costs are becoming an IT budgetary blindspot. So, remember, every unpatched system is a potential cyber time-bomb.

Hot Take:

Well folks, it turns out the worst enemy of your cybersecurity might just be the person in the next cubicle. The cost of insider cybersecurity threats has gone through the roof, hitting a whopping $16.2 million per annum. And here’s the kicker – the biggest costs are not from the initial breach, but from cleaning up the mess afterwards. The next time your co-worker forgets to patch their system or secure their device, remember it’s not just a harmless oversight, it’s a ticking cyber time-bomb.

Key Points:

  • The annual cost of insider cybersecurity threats has risen to $16.2 million, a 40% increase over four years.
  • Containment and remediation are the most expensive aspects of these threats, costing $179,209 and $125,221 per incident respectively.
  • Employee negligence accounts for 55% of the cyberattacks, with an average remediation cost of $7.2 million.
  • Malicious insiders are responsible for a quarter of incidents, costing an average of $701,500 each.
  • Despite the growing cost of insider risks, 88% of organizations spend less than 10% of their total IT security budget on insider risk management.

Need to know more?

Inside Job

External hackers are not the only ones to worry about, it seems. 20% of incidents where an insider was outsmarted involved stolen credentials, costing an average of $4.2 million annually. So, it's not just the black-hoodie-clad figure in the basement you need to be wary of, but also the unwitting insider who falls for the old credential-stealing trick.

The Price of Negligence

Employee negligence, such as not ensuring their devices are secured, not following the company’s security policy, or forgetting to patch and upgrade, accounted for 55% of cyberattacks. These "oops" moments are no laughing matter, as the average annual remediation cost reached a staggering $7.2 million.

Malicious Intent

Then we have the malicious insiders, those who use their data access for harmful, unethical, or illegal activities. These individuals accounted for a quarter of incidents, costing an average of $701,500 each. That's a hefty price for some office drama.

A Budgetary Blindspot

Despite the rising cost of insider risks, 88% of organizations are spending less than 10% of their total IT security budget on managing these risks. It seems like the gravity of the situation hasn't fully dawned on them yet. We can only hope they catch on before their budget is blown on remediation costs.
Tags: Business Email Compromise Scams, Cybersecurity Costs, Data Privacy, Insider Threats, IT Security Budget, Ponemon Institute, Remediation