When it comes to managing insider threats, functional areas of a business are dependent on one another. For example, a lack of purchasing controls over cloud storage can lead to a massive data breach. Weak access provisioning can lead to increased fraud risk. When addressing insider threats, bringing together people and expertise from different functional areas is essential. The goal should be to create a system of monitoring and control that spans the entire organization, encompassing people, processes, and technologies to ensure that there’s awareness and vigilance about what’s taking place among employees.
In addition to having effective logical access control and change management, focus on areas involving money and data. Strive for a well-controlled procurement process where spend is monitored, including review and approval. The more centralized visibility you have over what people are buying and who they’re engaging with, the better. It’s always a good idea to have formal channels for vetting transactions with third parties. Lastly, make sure you extend your monitoring to credit card purchases.
Human Resources has a pivotal role to play in insider risk management. This begins with proper vetting and screening of new hires to ensure that the organization isn’t engaging employees with disreputable pasts who might be more likely to commit fraud or other malicious acts. HR controls extend to companies that embrace performance management. Actively addressing performance problems can help eliminate future potential insider threats.
Operational areas like IT can look to the accounting department and Controllership for examples of how to build routines and regular automated reporting processes designed to identify instances that fall outside the bounds of normal business activity. When it comes to reducing insider threat risk in cybersecurity, ongoing monitoring can do a great deal. Lastly, when incidents happen, identify the root cause and implement measures to prevent future occurrences.
Ultimately, building a system of control—where insider risks are sensibly managed—is good for the business. It’s a mindset that the leadership teams should collectively value.
Interesting in learning more about building processes that will reduce risks and benefit your business? Check out our expert-led Governance, Risk and Compliance Services. Or get in touch with our team to schedule a free, no-obligation consultation today.