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5 Types of Insider Threats in Financial Organizations

All organizations face the threat of cyberattacks equally, but financial organizations are the ones that are most vulnerable to cybersecurity threats. The main concern for these organizations is the level of risk they face from insiders in the company. Both internal and external factors may cause security breaches, but insider threats prove to be the most damaging to financial organizations.

This article will cover the five types of insider threats that financial organizations may face, along with measures they can take to protect themselves from major security breaches and cyberattacks. The main motivator for insiders is financial gain or a way to take revenge from the corporation. Whatever the reason, financial organizations must have measures to deal with insider threats and protect their clients and their reputation.

1. Careless Workers

These insiders don’t have malicious intent but tend to pose a risk to financial organizations through their actions. They may inexplicably share valuable information with their friends and family, which puts them in an advantageous position to trade in the market. These individuals may break security protocols without knowing or installing applications unapproved by the business. Their actions can put the entire organization at risk of insider trading or cyberattacks.

2. Insider Agent

These individuals work for a third party and can be part-time or full-time employees. Their motivation is to acquire trade secrets or valuable software or technology from the organization and use that for their benefit. You can stop these insider agents by implementing a system to monitor all activity and restrict access to critical files for authorized personnel only.

3. Third-Party Services

When financial organizations work with third-party services, they risk exposing their valuable technology and information. An individual or a third-party service with the proper motivation can steal that information and use it for their gain. The best way to deal with this threat is to implement a proper system where everything is monitored and any suspicious activity is stopped in its tracks.

4. Disgruntled Employees

These insiders are the most dangerous individuals because they think they have nothing to lose. They may feel let down by the organization and want to exact revenge on the company by stealing valuable information or technology and sharing it with their competitors. They are motivated to work against the company’s best interests and may do serious harm to the financial organization.

5. Malicious Insiders

These insiders are in positions of power and want to use sensitive data and valuable information for their gain. They have access to all the company’s documents and financial reports and can use them to make trades for their benefit in the market. These individuals are the hardest to track for financial organizations since they are generally the company’s most senior officials.

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