How to Mitigate Internal Risk in Big Companies

Some studies suggest that insider threat incidents have increased by 44% over the past two years. A disturbing fact to start with, it is only one in a series of dangers that can harm any company's reputation and business operations. Thus, here we will explore how to mitigate internal risk and why no one should ignore it. 

Potentially harmful individuals come from all backgrounds and nationalities. In the same vein, they can seriously hamper a firm's bottom line and inflict long-lasting damage. In other words, any individual could betray their allegiance and obligations for a myriad of reasons: 

• Dissatisfaction with the salary or work environment, 
• Contention with managers, or 
• Any other grievances they might harbor.

An internal risk can arise when trusted employees turn into insider threats. In truth, one of the greatest dangers to your company isn't a cybercriminal or the competition. Instead, it is probably somebody within your organization who has grown disenchanted with their work or has been recruited by malicious actors. 

However, not all insider threats comprise employees. In fact, they could include business partners, auditors, or individuals operating in the same locations as your company. Equally worryingly, companies occasionally grant full access even to temporary staff and contractors. Yes, they sometimes truly require this level of access to get the work done. Nonetheless, it is worth noting that they can still use it to commit insider attacks. 

Along similar lines, individuals often seek employment in organizations with the sole purpose of conducting industrial espionage. To prevent this, we suggest doing a background check on every employee who comes in touch with you, your family, or your employees. 

But when asking how to mitigate internal risk in big companies, we should also address those that ought to protect the company. 

When Protectors Fail to Protect 

Yes, your select EP firm should be the one to safeguard you from others. However, that isn't always necessarily the case. Sometimes, they can be the ones who are the threat actors. 

First, not all executive protection companies are created equal. In fact, some adhere to specific industry standards, while others disregard them altogether. For instance, the duty-of-care principle may be at the forefront in some EP firms. However, others may not even have solid policies and practices in place to enable duty of care for their clients. 

Therefore, we recommend always liaising with fellow members of your industry before hiring security professionals to protect your family, assets, and company. In addition, it may be wise to investigate a security company's online portfolio to see if they have a reputable standing among clients and peers. 

But in what way does this help in deciding how to mitigate internal risks? 

We have mentioned all of this to arrive at the second point: Few people in the security sector have greater access to information than those working in executive protection. And with this comes great responsibility! 

Sometimes, a company CEO or UHNWI may ask their security staff to carry their devices or private documents. Doing so allows their protection staff to gain access to critical information, such as: 

• Professional, 
• Family, and  
• Personal. 

Moreover, EP agents often hear conversations, gain insight into sensitive research and development discussions — and even crucial staffing reviews. 

We have read too many media stories of former security staff sharing information they should never have read or seen. These include cases of private details of Brad Pitt, Brittany Spears, and many others. So, what can reasonably be done in such circumstances? 

How to Mitigate Internal Risk: Best Practices 

Let us start with a rule of thumb when it comes to eliminating insider threats: it's mission impossible. No matter the technology and workforce size and experience, you will never be able to remove all potential future risks. Nevertheless, you can still vastly reduce the likelihood of threats transpiring. 

First, let us ask a few questions that can guide you: 

• How often do you conduct security awareness training? 
• When was the last time your company focused on reducing phishing scam monitoring? 
• Who has access to your systems, venues, and locations? 
• Do you run a background check on all hires? 
• How do you approach access control? 

Now this: Did you have difficulty responding? If so, you are likely exposed to significant threats. Likewise, we suggest immediately gathering all this information. This will help you understand better how to mitigate internal risk. 

In a similar vein, we recommend liaising with your IT department or a select EP company with relevant expertise in protecting your IT systems, networks, privacy, and data. They can initiate behavior analytics solutions that monitor atypical employee actions, such as irregular data spikes and odd work hours. To that effect, employees and contractors should only have access to the files they need. 

Along similar lines, here is how to mitigate internal risk in your daily operations: 

• Avoidance: you implement measures to avoid the risk, like restricting access. 
• Reduction: reduce the likelihood of a risk transpiring by engaging visual deterrents (security guards and CCTV cameras). 
• Transference: you transfer risks to a third party, such as an insurance company.

Ultimately, the goal of any internal risk mitigation strategy should be to strengthen network security and protect data and critical facilities. Without it, any company is bound to undergo significant reputational and financial loss. 

Final Thoughts 

The question of how to mitigate internal risk will persist as long as companies have employees and contractors. As we don't see that ending any time soon, it is advisable to impose security measures, mandate training, and create a safe and secure environment where everybody can get their work done with the least friction. 

Finally, let us not disregard the carelessness some people exhibit, as opposed to constantly worrying about intentional threat actors. Besides, not all seemingly malicious actions are truly malicious. Instead, incidents may result from reckless behavior by contractors or employees. In any case, a knowledgeable security firm will enable a setting where the possibility of such events is radically minimized. 

Bedrock Special Projects provides peace of mind by implementing risk mitigation measures to benefit prominent individuals, their families, and corporations. The Art of Executive Protection – Delivered with Elegance by Design.  

Drop us a line to learn more!