The Importance of Insider Risk Management

Importance of Insider Risk Management

Understanding Insider Risk: A Guide for IT Managers

You may be hearing the term “insider risk” more and more lately. Understanding this concept is crucial for safeguarding your company’s data and ensuring compliance with regulatory standards. In collaboration with SkyTerra Business Analyst Denise England we delve into the intricacies of insider risk, its significance and the urgency of implementing policies to manage it, especially when utilizing tools like Microsoft 365 Copilot.

What Is Insider Risk?

For data protection and governance, insider risk refers to the potential for undesirable use of data by individuals within an organization – employees, former employees or contractors – who have access to sensitive data. These insiders may inadvertently or deliberately expose or transfer data to unauthorized entities or locations. This risk encompasses a range of actions, from simple oversight to malicious intent, such as forwarding confidential information to personal accounts or external drives.

Why Is Risk Management Important?

The value of managing risk is twofold: Firstly, it involves protecting the intellectual property and sensitive data that drive your business’s success. Preventing this data from leaving with departing employees is vital for maintaining your competitive edge. Secondly, from a regulatory standpoint, organizations are obligated to ensure personal information, such as general PII (personally identifiable information) and SPI (sensitive personal information), remains secure within the organization’s confines. Failure to do so can result in severe legal and financial repercussions.

Engaging With SkyTerra for Insider Risk Considerations

SkyTerra emerges as a guiding force in navigating the complexities of risk. With technology solutions such as Microsoft’s Purview Insider Risk Management, SkyTerra can help implement monitoring systems tailored to your company’s needs (while protecting the privacy of end users). Such monitoring solutions are designed to alert you to unusual activities based on predefined policies and the “normal” behavior of your users, leveraging machine learning to enhance detection capabilities.

As AI solutions like Microsoft 365 Copilot become more integrated into our workflows, the potential for risk escalates. It is imperative for various stakeholders and departments – including data owners, regulatory experts, InfoSec teams, legal professionals and compliance professionals – to collaborate on establishing robust risk management practices.

What to Do Next

IT managers must recognize the importance of proactive insider risk management. By engaging with SkyTerra, you can leverage our expertise to implement effective strategies and technology solutions that protect your company’s data and comply with regulatory obligations. Remember, in the realm of data security, it is better to be vigilant than vulnerable.

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SkyTerra Technologies

The SkyTerra team has experience providing enterprise-level IT solutions to Fortune 500 companies including cyber security, cloud services, it infrastructure, compliance and more.