Growing data breach occurrences are the biggest concern for industries where maintaining high regulation is critical. With the challenges ahead involving managing remote and hybrid teams in evolving workplaces, aligning them with compliance rules, and securing business operations – concerned organizations with data-intensive operations are looking for the right solutions to gain threat intelligence and avoid non-compliance or loss of client trust.
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A recent Proofpoint Data Threat Report 2024 reveals organizations are facing the most threats from their frontline defense – that is their employees at work. In data theft instances involving malicious actors breaching important information (48.1%), negligent employees impacting data privacy (70.6%), and disgruntled insiders (45.3%) benefiting authority to expose data to some third party or competitors – it is compromised insiders who are not aligned and doing the most harm in industries with strict regulatory compliance obligations, including BFSIs (Banking, Financial Services, and Insurance).
Organizations, facing the most risk, need to rethink their security approach and resolve vulnerabilities, exposing opportunities to internal threat actors.
Causes and impact of data threats
Lower number of organizations with an effective security system
Despite facing increasing threats from malicious insiders, the number of organizations with an effective security system against ever-growing data breach instances is significantly lower (only 38%).
Curious case of threat actors
A Proofpoint Threat Report 2024 further discloses only 1% of insider data theft actors are responsible for a whopping 88% of data breach instances in highly regulated industries. It indicates the potential damage a single compromised insider can carry out and an urgent need to control them.
Data threat caused business disruptions
Data threats can be highly disruptive, as over 50% of organizations reported disruptions to their business operations resulting from data breach instances.
Here are the key driving factors that lead insiders to turn malicious and carry out the data breach.
Top motivations behind malicious threat actors
Financial benefits
Financial perks can manipulate employee loyalty and make them involved in insider trading or sensitive data exposure to some third party or competitors for monetary advantages.
Personal gains
Personal benefits, including gaining more favors and influence can encourage insiders to commit data threats.
Revengeful intent
Being unfairly treated or facing biases, disgruntled insiders can target organizations by leveraging sensitive data exposure vulnerabilities after perceived wrongs.
Concerned organizations need to reconsider their security posture and evaluate its effectiveness in regulatory compliance management to navigate the increasing data threat landscape.
Advanced security capabilities to control malicious insiders and potential data threats
User behavior analytics
Observe workforce behavior and identify risky actions indicating threats to data and workplace compliance.
Risk prediction and prevention
Gain the ability to predict activities not in compliance with security regulations and prevent them before they evolve into threats and cause harm.
Insider threat control
Implement industry regulations and measure employee behavior to help align their actions in accordance with defined security standards.
Leverage trusted AI security solutions adopted by leading BFSIs, like you, gaining advantages of comprehensive security analytics and actionable insights into how your teams in data-critical roles behave and whether their actions are in compliance with defined security rules.
Role of AI-powered modern-day security and compliance solutions from wAnywhere
Get real-time security alerts
Set alerts against malicious insider actions and get real-time updates on non-compliance events to respond at the right moment with corrective measures and mitigate risks.
Trigger automated actions against violations
Unlock automated actions against anomalies and malicious actions with AI-powered self-triggered measures – including screen blackout/block/OTP Lock in non-compliant events of employees leaving machine unattended in remote work with a chance of data exposure to unauthorized persons in the home office – presence of multiple persons around remote workforce in home office, cafes, or other remote work locations posing a risk of data exposure – or use of the mobile device at work risking recording of the screen displaying sensitive data.
Ensure compliance with industry regulations
Implement and observe Clean Desk rules, including no recording instrument at the work desk to avoid data storage and breaches. Enable leading regulatory compliance, including GDPR, HIPAA, ISO 27001, SOC 2 Type 2, PCI DSS, and more, to regulate employee behavior as per defined security standards. It helps the workforce mitigate distractions and stay focused at work.
Align the workforce and secure your business operations
Helping your frontline defense comply with the defined security rules can immensely reduce the risk factors of potential breaches, leaks, or exposure of sensitive information in data-critical industries. Additionally, strengthening security posture by integrating wAnywhere AI security into your critical workflows ensures high regulation obligations in your information-intensive business environment. Get a free trial today and start your wAnywhere experience to explore how it can be an effective solution to control and secure against rising data threats.
What is the biggest data threat to highly regulated organizations, and how wAnywhere can help control them?
Negligent insider actors cause the biggest data threat to organizations with their careless behavior following malicious insiders causing intentional harm to business data privacy. With behavioral and predictive analytics, wAnywhere provides modern-day security and compliance solutions to align the workforce working anywhere and strengthen protection against growing negligent and intentional threats in evolving workplaces.
Why is security important for BFSIs, and what role wAnywhere compliance solutions can play?
BFSIs with high regulatory obligations need to align their business processes and workforce with defined security standards, otherwise, it could invite hefty regulatory fines and result in business and reputation loss. Integrating AI-powered automated security actions against anomalies and malicious activities can help get advanced prediction and prevention of employee behavior indicating threats to respond and control before they can cause damage.
