Companies Cannot Stop Cyber Threats From Insiders

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Cyber threats to the corporate world come from different sections. However, it can be broadly classified into two aspects. One is the external aspect and the other is internal. While the companies spend billions of dollars on external threat, many are clueless in preventing the threats from inside.

However, this issue was not restricted to business circles alone. Even the government sector faces such threats from internal elements as displayed by the Edward Snowden incident. Even the NSA could not prevent a skilled insider from breaching. Therefore, it is anyone’s imagination as to how far the corporate world can be affected by the insider’s threats.

Impossible To Stop

Security analysts’ and experts have already termed that it was an impossible task to stop insiders from indulging in data threats or allowing cyber attack to make it look like it was an external attack. The comments gained momentum after the recent attack on Morgan Stanley (NYSE:MS) exposed insider’s involvement in revealing thousands of customer account.

The issue was quite a different matter for companies when threats come from external forces. They have been spending billions of dollars every year to ensure protection from the determined cyber attackers through the Internet. However, experts warn that corporate cannot ignore the threat posed by insiders. Some experts believe that the companies are not even ready to face it.

Wake Up Call

The exposure of insiders hand in data breach in Morgan Stanley was undoubtedly a wake up call for the corporate to come up with fresh ideas to tackle insider threats. The financial service provider’s data of over 350,000 customer accounts were stolen by an employee.

For cyber security, companies have spent approximately $71.1 billion in 2014 representing an increase of 8% from the preceding year. It cannot be forgotten that hackers were managed to attack big companies such as JPMorgan Chase & Co. (NYSE:JPM), Target Corporation (NYSE:TGT) and Home Depot Inc (NYSE:HD) last year. Experts believe that employees face a bigger threat irrespective of whether done by accident or intent.

There were also leaks from the Government sector such as the leakers Edward Snowden and Chelsea Manning. Both of them not only accessed but also leaked thousands of documents. In the two cases, the two employees circumvent some of offices computer system through the inside.

Increasingly companies will have to make sure they are not exposed internally as well as externally.

Viraj Shah

Viraj Shah has completed M.Com (Finance) and is currently pursuing his CFP. He tracks US markets along with other global markets like India very closely. He is very passionate about stocks, real estate, and technology. He also believes that money can always be made in the market.

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