Bottom line: Most fraudulent hires are able to obtain credentials before detection, posing significant challenges to organizations.
What's happening: A new report by the Identity Theft Resource Center (ITRC) found that 71% of fraudsters were able to obtain a job before their malicious activities were discovered. The report also identified the top five states for identity theft, with California leading the way with 17.8% of all reported cases. In 2020, the number of identity theft victims increased by 15% compared to the previous year. The ITRC attributes this growth to the rise of remote work and the resulting increase in digital credentials being shared online.
What to do: Security leaders should prioritize the implementation of robust background check processes and regular credential monitoring to identify and mitigate insider threats. They should also consider implementing zero-trust security models to limit the spread of compromised credentials across the organization. Additionally, security teams should review and update their incident response plans to account for the increased risk of identity theft and data breaches.