Selvin Hay, Chief Technical Director of the FID - file photo
.png)
00:00
00:00
00:00
Selvin Hay, Chief Technical Director of the FID, and Inspector Brenton Williams, head of the Constabulary Financial Unit
By Racquel Porter
The Financial Investigations Division is urging local businesses, particularly entities operating in the financial sector, to strengthen their technological investments and intensify the enforcement of policies which target insider threat.
Selvin Hay, Chief Technical Director of the FID, said the Ponemon Institute's '2022 Cost Of Insider Threats Global Report' has revealed that insider threat incidents increased 44 per cent over the period 2020-2022.
According to the global report, the costs per incident increased by more than a third to US$15.38 million.
Mr. Hay said institutions and entities have to be more vigilant as it relates to their employees and people associated with their organisation, and must put more robust systems in place for checks and balances.
"Many organisations are still ill-equipped to mitigate the risks [insiders] pose and the report also revealed that nearly 50% of organisations can't detect insider threats or can only detect them after the damage is done," he pointed out.
Inspector Brenton Williams, head of the Constabulary Financial Unit, disclosed that the FID investigated and/or prosecuted 13 cases of insider threat during the 2019-2022 period.
Mr. Williams said insiders prey on customers with large bank account balances, customers who are not technologically savvy, entities with weaknesses in internal processes and/or supervision among other things.
He suggested that companies must do more to know their employees.
"Why we can't have a system in place where an employee tell you what his assets and liability is. So at the end of the day, if you see him living outside of what you know about him, you can start to ask some questions or you start to look at him. What is wrong with that? Is it that we're being too intrusive?" he questioned.
All feeds
