Eftsure Releases New Guide to Combat Insider Cybercrime Threats

Technology

Jun 14

SYDNEY, June 14, 2024 (VSNewsNetwork.com) – Eftsure, an Australian-based provider of B2B payment protection software, has released a new resource aimed at helping finance leaders and teams mitigate cybercrime risks originating from within their own organizations. According to Eftsure, these insider threats are responsible for 56% of cyber incidents, each costing nearly a half-million dollars on average.

Eftsure's resource, titled “The Danger Within: A Guide to Insider Threats,” provides comprehensive insights into the negligent and malicious behaviors that contribute to cybercrime, and offers strategies to address these risks without compromising organizational culture. The guide emphasizes the importance of understanding both the practices that lead to cyber threats and the factors that increase their likelihood.

Jon Soldan, Global CEO of Eftsure, highlighted the critical nature of addressing insider threats: “Sometimes it's hard to imagine an employee acting maliciously or negligently. And, of course, most of your people are almost certainly acting in good faith. However, insider threats are a serious risk, so leaders will need to take more precautions.”

The guide includes several key statistics, such as:

56% of incidents stem from negligent insiders, costing an average of $484,931 per incident.
Intentional insider incidents, while less frequent, are more costly, averaging $648,000 per incident.
Insider threats have increased by 47% in the past two years, a rise attributed to economic downturns and the cost of living.

Eftsure's guide outlines practical measures to mitigate these threats, including improved human resources policies to reduce employee dissatisfaction and the implementation of technologies that assign roles, automate control, and create audit trails.

The guide also addresses the challenge of balancing security measures with maintaining a positive organizational culture. Eftsure advocates for adopting a "zero trust" cybersecurity approach, which standardizes processes and segregates duties within internal systems to minimize the risk of internal fraud or negligence without fostering a culture of distrust.

“The right processes and technology ensure all employees and contractors are held to the same standards, reducing your fraud risks and offloading the need to second-guess your people. Our new guide provides the information you need to protect your business,” Soldan added.

Download the guide here.