Insider Threats Resonated in Cybervergent Half Year Cyber Threat Report

Insider threat reverberates in Cybervergent half year cyber threat report between January and June 2024 released over the weekend. According the report, “often underestimated and underestimated, insider threats are like the silent assassins in the gym, packing a knockout punch despite always being overlooked.

“In the first half of 2024 there has been a 50% increase in successful Insider threat attacks within Nigeria alone. Unlike external attackers who rely on fancy footwork and social engineering jabs, insider threats have a secret weapon – trusted access.

“They’re already inside the gym, bypassing security ropes with their legitimate credentials. They know the routines, the weaknesses in the defenses, and can land a surprise blow before anyone notices,” the report stated.

Analyzing the report, Mr. Gbolabo Awelewa, the Chief Solutions Officer at Cybervergent, classified the different types of insider threats to include꞉

Disgruntled Employees꞉ Motivated by anger, financial gain, or a feeling of being benched, these individuals can inflict serious damage.

Accidental Insiders꞉ These are the athletes who forget their water bottles and leave the locker room door open – a simple mistake with potentially big consequences. They highlight the importance of solid security training programs.

Negligent Insiders꞉ These are the gym rats who forget their water bottles and leave the locker room door open – an employee working from a public space and leaving his/her laptop unlocked to dash to the restroom or pick a call; a simple mistake with potentially big consequences. They highlight the importance of solid security training programs.

Credential Compromise꞉ Insiders with compromised credentials, either through phishing scams or malware, become unwitting accomplices, letting attackers into the gym through the back door.

Industrial Espionage꞉ Competitors or foreign agents might try to recruit insiders to steal your intellectual property – like spying on your secret training techniques.

The report also revealed how Cybervergent detected 586,130 attacks on organizations that it manages in Nigeria.

Among the 586,130 attacks launched on various organizations, Cybervergent was able to resolve 226,103 of the attacks by automation, while 19,920 endpoints were protected by Cybervergent.

According to the report, events analysed by Cybervergent’s Security Operations Centre (SOC), reached 304,522, while all potentially malicious events analysed by Cybervergent within the same six months period, reached 42,200.

Mr Awelewa said with the increasing threat in the cyberspace, organizations must ensure that regular application and systems updates are carried out on existing applications and systems to prevent the attacks at scale.

Highlighting the threat actors that targeted Nigeria in the first half of the year, Awelwewa listed them to include: Gelsemium, Equation Group, Lyceum, Gamaredon, Circus Spider, Mirage, Common Raven, Bronze Highland, Earth Krahang, as well as Insider Threat Syndrome.

According to him, Gelsemium is a sophisticated cyber espionage group known for its targeted attacks on high‑profile organisations across various sectors.

“They use custom malware and advanced techniques to evade detection, and their target is on public administration, educational services and national security,” he said.

The also spotted common cyber challenges where organizations were struggling such as: Outdated Equipment꞉ Legacy systems were holding many organizations back, making them easy targets for modern cyber threats.

Limited Resources꞉ Smaller organizations and even some larger ones were struggling to afford the right equipment (security tools) and trainers (skilled personnel) for a comprehensive workout.

Lack of Knowledge꞉ Many organizations were uninformed about the latest fitness trends (security standards) like ISO 27001꞉2022, CBN Frameworks, and PCI DSS 4.0, leaving them vulnerable to injury (a data breach).

Human Error꞉ Insufficient training led to avoidable errors, opening the door for cyber attackers.