Monday, November 1, 2010

Insider Cyber Crime Discovered at 62% of Organizations According to Ponemon Institute Study

62% of organizations experienced cyber crime by malicious insiders according to a new study by the Ponemon Institute that studied a 4-week benchmark period.(a) In healthcare Ponemon has done further research and found criminals and malicious insiders are the root cause for 35% of all data breaches.(b)
$100,300 is the average annual cost of insider crime - Ponemon Institute, July 2010 (a)
Malicious insiders are the second most costly category of cyber crime and account for 19% of all cyber crime costs. Cyber crime is used here to refer to any criminal activity conducted via the Internet and includes viruses and worms, malicious insiders, web-based attacks, malicious code, phishing, botnet, and malware.

Details of the Cost of Insider Crime.
The internal costs of cyber crime are driven by the labor required by each stage of incident response.

As can be seen in the accompanying chart there is great potential for cost savings due to automation and use of pay-per-use services.

Reducing the Cost of Insider Crime
So how can an organizations improve security and reduce the cost of addressing cyber crime by insiders?

You can reduce the incidence of insider crime by detecting employees and contractors with excessive access rights that give them opportunity for financial fraud and data theft.

The same identity and access intelligence that detect excessive acess right can be use do reduce the cost of incident response. Especially the use of an on-demand service with a pay-per-use model since it is dramatically more cost effective than a traditional licensed software.

Learn how Veriphyr identity and access intelligence services effectively prevent or automaticaly detect data loss or theft by insiders.

Sources:
(a) "First Annual Cost of Cyber Crime Study - Benchmark Study of U.S. Companies" by Ponemon Institute released July 2010 (registration required to download report)
(b) "Benchmark Study on Patient Privacy and Data Security" by Ponemon Institute released November 9, 2010 (registration required to download report)

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