Insider threats take centre stage: Companies acknowledge inadequate budgets to address root cause of breaches

J2 Software, a DTEX Systems partner, has emphasised the inadequacy of current cyber security budgets in addressing the core cause of data breaches: insider risks. A recent survey revealed that 58% of organisations believe their budgets allocated to manage insider risks are insufficient to effectively mitigate the increasing costs and frequency of security incidents instigated by individuals within the organisation.

DTEX Systems, the global leader for insider risk management, in collaboration with the Ponemon Institute, recently unveiled the 2023 Cost of Insider Risks Global Report. This independent study disclosed a staggering 40% rise over four years in the average annual cost of insider risks, now totalling $16.2 million. Concurrently, the average duration to contain an insider incident has surged to 86 days.

J2 Software CEO John Mc Loughlin says in addition to scrutinising the financial implications of insider security incidents, this year’s study sheds light on how organisations are funding their insider risk…