Timothy Smith takes us through least privilege while allowing bulk insert operations:
While this file path serves as a useful location for us to load flat files, we should consider that the user account that is executing the underlying insert statement must be able to read (and possibly write to) that file location. The writing part of the equation comes in when it involves logging, even if the permissions of the written logging data are tied down strictly in the output, in that the user doesn’t control what gets written, but that errors are written. In the least, we want to ensure that a separate folder with strict permissions exists for any flat file import to restrict the account access – notice that we’re not reading off the root drive, as we’ve seen that we can insert an entire file of data – think about using SQL bulk insert to view files through SQL Server by inserting the file’s data and reviewing it.
It’s more than just “check the box for the server-level role.”