With cyber-attacks and data breaches on the rise, data security is more critical than ever, irrespective of the size and nature of your business. And while the threat from external sources is undeniable, it is equally important to turn your gaze inwards, to the risk of insider fraud and mishandling of data - both too often neglected in security and prevention strategies.
An insider threat can be a current or former employee, service provider, supplier or contractor, or anybody else that may be able to gain access to your confidential data. These individuals are likely to have access to sensitive information, often with the responsibility to protect it, leading to severe consequences if it turns out they can't be trusted.
However, not all internal data loss occurs from intentional acts of insider fraud, with frequent cases of employees casually mishandling data, whether through sending documents to personal e-mail accounts, downloading data to their personal device or using insecure apps for their work. Employee turnover can also lead to data loss, where former employees intentionally retain confidential information to use in their new role or business.
So, what can you do if you suspect an employee is committing data fraud? Here's a few steps you can take:
Unfortunately, insider fraud and misuse of data within the workplace are on the rise, with the Kroll Global Fraud Report showing that 81% of companies affected by fraud reported insider perpetrators. It is therefore vital that businesses are aware of how to protect their data and then act quickly if a breach does occur. Otherwise they could face serious financial and reputational repercussions.
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