The massive wave of layoffs in 2024 has introduced a cybersecurity threat that many business owners are overlooking – the offboarding of employees. Even major brands with advanced cybersecurity systems and procedures often fail to adequately protect against insider threats. Last August marked one year since two disgruntled Tesla employees, after being let go, exposed the personal information of over 75,000 people, including employees.The situation is expected to worsen. According to NerdWallet, as of May 24, 2024, 298 US-based tech companies have laid off 84,600 workers, with more to come. This includes significant layoffs at companies like Amazon, Google, and Microsoft, as well as smaller tech startups. In the first quarter of 2024 alone, around 257,254 jobs were eliminated.Regardless of whether you plan to downsize this year, having a proper offboarding process is essential for every business, large or small. Offboarding is more than just a routine administrative task – it’s a critical security precaution. Failing to revoke access for former employees can lead to serious business and legal implications.Some of the issues include:
- Theft of Intellectual Property: Former employees can take your company’s files, client data, and confidential information stored on personal devices, and retain access to cloud-based applications like social media and file-sharing sites that your IT department may overlook. A study by Osterman Research revealed that 69% of businesses experience data loss due to employee turnover, and 87% of employees take data with them when they leave.
- Compliance Violations: Not revoking access privileges can result in noncompliance in heavily regulated industries, leading to large fines, hefty penalties, and legal consequences.
- Data Deletion: Disgruntled employees with access to their accounts can delete emails and critical files, causing significant data loss if not backed up.
- Data Breach: Unhappy employees can expose your organization to a data breach, leading to costly lawsuits and damage to your reputation.
- Implement the Principle of Least Privilege: Ensure new employees only have access to the files and programs necessary for their job, making offboarding easier.
- Leverage Automation: Use automation to streamline revoking access to multiple software applications simultaneously, reducing the likelihood of manual errors.
- Implement Continuous Monitoring: Use software to track network activity, identify suspicious behavior, and ensure former employees no longer have access to private accounts.