Mastering insider risk management: 7 essential strategies for mid-size enterprises

Don’t assume that only big corporations need to prioritize data protection. For small and medium-sized businesses (SMBs), insider risk management is just as crucial. In fact, insider threats can pose an even greater challenge to smaller enterprises.

This guide is designed specifically for SMBs, providing practical strategies and actionable tips for effective insider risk management to help you safeguard your sensitive information and ease your concerns.

What is insider risk?

Insider risk refers to the potential dangers that arise from individuals within an organization who may inadvertently or deliberately compromise the organization's security or data.

Types of Insider Threats

• Unintentional Threats: These stem from human mistakes or oversights, leading to accidental data breaches, misconfigurations, increased vulnerability to phishing scams, and improper handling of information.
• Malicious Threats: This involves individuals who intentionally aim to harm the organization through actions like data theft, sabotage, espionage, or insider fraud.

Challenges faced by SMBs

Small and medium-sized businesses encounter several distinct challenges when it comes to managing insider risks:

• Financial Limitations: SMBs often have constrained budgets, which makes it challenging to invest in comprehensive cybersecurity solutions and hire specialized staff.
• Lack of Specialized Cybersecurity Teams: Unlike larger organizations, smaller businesses may not have dedicated cybersecurity teams or experts to detect and address insider threats. They often rely on a general IT person or team, which might not have the depth of expertise required for thorough insider threat management. This limitation can make it harder to identify and mitigate such risks effectively.
• Remote Work and Cloud Reliance: The move towards remote work and the use of cloud-based tools like Slack create new complexities in managing insider risks. Remote settings typically offer less oversight and control compared to traditional office environments. Furthermore, the practice of allowing employees to use their own devices (BYOD) can introduce additional security vulnerabilities. To address these issues, SMBs must implement strong access controls and encryption measures.
• Underestimating Data Security: Some SMBs may not prioritize data protection or insider threat management adequately, often due to the belief that they are less likely to be targeted. There may also be a general lack of understanding about the serious impacts of data breaches.

7 Insider risk management strategies for SMBs

Once you've established the groundwork for insider risk management in your small or medium-sized business, consider these practical strategies and best practices tailored specifically for SMBs:

Developing a Data Security Policy

1. Create a Comprehensive Data Security Policy: Develop a thorough data security policy that outlines how sensitive information should be managed. This policy should include guidelines on data classification, access controls, encryption methods, incident response procedures, and employee responsibilities.
   • Pro Tip: Use the ISO 27001 standard as a guide to setting up an effective information security management system for insider risk management.
2. Regularly Update the Policy: Continuously review and update your data security policy to adapt to changes in technology, business operations, and regulatory requirements.
3. Stay Updated on Data Regulations: Ensure your policy aligns with industry regulations and standards relevant to your business, such as GDPR, HIPAA, PCI DSS, or the European Data Act.

Implementing Zero Trust Access Management

1. Adopt the Zero Trust Model: Embrace the Zero Trust principle, which assumes no automatic trust for any user, including insiders. Implement continuous verification measures to ensure that only authorized individuals have access to sensitive data and systems.
2. Perform Regular Access Reviews: Periodically review and adjust user access rights to eliminate unnecessary permissions, thereby reducing the risk of insider threats.

Enhancing Security with Data Encryption and Two-Factor Authentication

1. Apply Data Encryption: Use encryption to protect sensitive information both during transmission and while at rest. For instance, encrypting emails with sensitive content ensures that any intercepted data remains unreadable without decryption, which is a key aspect of insider risk management.
2. Implement Two-Factor Authentication (2FA): Introduce 2FA as an additional layer of security beyond traditional passwords. Require users to provide two forms of identification, such as a password and a one-time code from their mobile device, to enhance protection against unauthorized access.

Fostering Employee Education and Awareness

1. Conduct Regular Training: Offer ongoing training sessions to educate employees about the importance of data security, insider threats, and best practices for protecting sensitive information.
2. Customize Training Programs: Tailor training to specific job roles and responsibilities, focusing on the importance of confidentiality and adherence to security protocols.
3. Promote a Security-Conscious Culture: Cultivate a culture where employees are encouraged to report suspicious activities and follow security policies, strengthening your insider risk management efforts.

Managing Employee Offboarding

1. Establish Secure Offboarding Procedures: Develop clear procedures for securely offboarding employees, including revoking access, retrieving company-owned devices, and conducting exit interviews to identify potential insider risks.
2. Promptly Disable Access: Immediately revoke access to corporate systems and data when an employee departs to minimize the risk of unauthorized access or data breaches.
3. Implement Data Recovery and Erasure Processes: Ensure that sensitive information on employee devices or accounts is securely deleted or transferred to successor employees.

Developing an Incident Response Plan

1. Create an Insider Risk Incident Response Plan: Develop a detailed plan outlining the steps to take when addressing insider threats. This should cover detection, response, and recovery phases.
2. Assign Roles for Incident Management: Designate specific roles and responsibilities for your incident response team to ensure an organized and effective response to insider risk incidents.
3. Regularly Test and Update the Plan: Continuously test and update your incident response plan to stay aligned with technological advancements, workforce changes, and emerging insider threat trends.

Utilizing Data Loss Prevention (DLP) Solutions

1. Invest in DLP Technology: Consider implementing DLP solutions suited to the needs and budget of SMBs, including features such as data discovery, classification, user activity monitoring, cloud protection, and real-time alerts, all crucial for insider risk management.
   • Note: Safetica’s DLP product offers many of these functionalities.
2. Deploy Endpoint DLP Agents: For businesses with remote workers, install DLP agents on endpoint devices to monitor and control data transfers, ensuring that sensitive information remains secure, even outside the office.

How Safetica empowers SMBs to manage insider threats

At ActiveMedia, we recognize the importance of effective insider risk management to protect your business. Safetica’s advanced DLP solutions offer tailored support for SMBs, helping you achieve robust security and compliance. We’ve recently published an article on how Safetica can enhance your insider risk management efforts. Check it out for more insights and discover how we can assist you in implementing these strategies to safeguard your organization from insider threats.

For those interested in exploring how Safetica’s solutions can specifically benefit your organization, feel free to book a demo with us to see them in action. We’re here to help you understand how these tools can enhance your insider risk management strategy.