FID: Insider Threats Resulted in $1b in Losses Across Private and Public Sector

The Financial Investigations Division, FID, says insider threats have resulted in over $1 billion dollars in losses across private and public sector entities within a three year period.

An insider threat refers to a cyber security risk that comes from within an organization.

Chief Technical Director at the FID, Selvin Hay, says nearly 50% of businesses cannot detect insider threats.

That’s according to the Ponemon Institute’s ‘2022 Cost Of Insider Threats Global Report.’

Selvin Hay, the FID’s Chief Technical Director.

The report also showed that the costs per incident increased by more than a third to over 15 million US dollars.

It says last year, 56% of insider threat incidents were related to negligence, while 26% were criminal or malicious and 18 percent related to theft of user credentials.

Head of the Constabulary Financial Unit, Inspector Brenton Williams, says the FID investigated 13 cases of insider threat.

He says much more needs to be done to safeguard systems from employees.

Brenton Williams, Head of the Constabulary Financial Unit Inspector.

The FID is urging businesses in the financial sector to intensify the enforcement of policies that target insider threats.