Ransomware, malware, and different forms of social engineering, like phishing attacks, are increasing in prevalence and sophistication. Hackers are now using AI tools to facilitate their attacks. So, the numbers are expected to continue to rise, with no signs of waning.
This means that organizations of all sizes and industries need to be proactive to guard against the loss or misuse of sensitive data through a cyber incident. Companies can expend enormous sums of money, time, and energy to update their hardware and their software systems, but still remain at risk.
That’s because malicious actors have become savvy to the fact that today’s cybersecurity technology does provide an effective barrier against attacks. As a result, they’ve devised crafty backdoor methods of infiltrating organizations—through their workers.
Since social engineering attacks work as a calculated way of luring people into taking some emotionally-based action, such as clicking a link in an urgent email or text message or divulging bank account details to a presumed known company contact. Such actions allow a cyber predator a workaround to infiltrate your network.
An estimated 98 percent of phishing attacks are the result of human error.
The best preventative tool against security threats, therefore, is education. By requiring your staff to complete a security awareness training program, you facilitate the first—and often most effective—method of preventing and minimizing incidents.
Just as human error is a primary cause of cyber incidents, your employees can also be your first line of defense against possible cyber attacks.
Cybersecurity awareness training is a relatively low-cost, effective way to reduce human risk by educating your staff on the ever-changing nature of cybersecurity, how to identify and avoid traps, and the proper steps for self-reporting incidents within your organization.
Related Article: 3 Topics Every Cybersecurity Awareness Training Must Include
Employee cybersecurity awareness training goes beyond simply being able to identify and respond to threats, however. It also involves establishing a cyber-conscious mindset among your staff.
In doing so, your security content educates employees about the importance of remaining vigilant against phishing attempts and other cyber threats. They also begin to appreciate their own vital roles as part of the company’s overall strategy to mitigate security risks.
When organizations foster a cybersecurity awareness culture, it promotes employee buy-in and ownership.
Employees are often easy targets for hackers because they are often uninformed about the latest attacks and how to avoid these cyber landmines. In this way, cybercriminals are able to take advantage human weaknesses.
Small business employees experience 350% more social engineering attacks than those at larger companies, while 43 percent of all phishing incidents involve small and medium-sized businesses.
Your cybersecurity employee training content can include a range of topics, such as: identifying security threats like phishing attacks, password complexity, email procedures (what not to click), best practices for securing company data on mobile devices, and incident response protocols.
The training can be offered either remotely or in-person using practical exercises, such as phishing simulation using real-world phishing emails. These tabletop drills can provide your staff with a concise rundown of the steps to take and who to notify in the event of a suspected incident.
Related Article: How to do simulated phishing exercises ethically
All staff should be required to complete the training, which should ideally be done on an ongoing, monthly basis.
The return on investment (ROI) to companies providing a comprehensive employee cybersecurity awareness training program is immeasurable.
While new hires are the most susceptible to falling prey to potential threats, even senior executives can be duped by some of these hard-to-detect cyber schemes.
The financial impact of a significant cyber incident on small to medium-sized businesses can be staggering, ranging anywhere from $25,000 to as much as $3 million. About 95% of small businesses, however, fall within the $826 to $653,587 range for such costs.
That is a significant financial blow that can sink some small businesses.
Beyond dollars and cents, significant cyber incidents can cause untold damage including: operational shutdown, legal expenses, damaged reputation, customer churn, missed business opportunities, and diminished profits.
When looking at the potentially devastating cost of responding to a security breach, it becomes clear why offering employee cybersecurity awareness training is a no-brainer.
Such training averages around $25 per employee. Most small to medium-sized organizations, however, pay around $5 monthly per user for fully managed, remote employee cybersecurity awareness training.
Factors that can affect the costs of such training include: the size of the organization, number of participating employees, training materials and format, whether the training is outsourced or done in-house, and the frequency of training.
Regardless, your ROI for investing in a relatively low-cost employee security awareness program vs the potentially tens of thousands or even hundreds of thousands of dollars in direct and indirect costs is obvious.
Employee cybersecurity awareness training is mandated in compliance requirements detailed in CMMC, NIST, and HIPAA, among other regulations. These training requirements are intended to help protect highly sensitive information.
Not only do federal and state governmental agencies require security awareness training, but business insurance policies are also ramping up their security requirements as incidents rise.
Some companies may think they are all set in meeting the various requirements because they purchased an employee security training program. Yet, they never implement the training or ensure that all of its employees satisfactorily complete it.
This means that the program they purchased is as effective at protecting their IT environment as not having one at all.
After reading this article, you now know that the cost of an employee security awareness training program pales in comparison to the potential damages caused by a cyber breach.
When it comes to cybersecurity, taking proactive measures is the best way to stave off cyber incidents.
You also recognize that since the overwhelming majority of cyber incidents occur because of human error, creating an entire employee culture around remaining alert and vigilant against possible threats will provide an effective barrier against possible intrusion.
Now that you understand the extreme value that employee security awareness training provides, you may be wondering how you can implement an employee security training program and contemplating hiring an external IT services provider.
As a managed IT services provider, Kelser has successfully helped companies implement effective employee security awareness training programs to help keep their sensitive data secure.
Related Article: Cybersecurity Awareness Training: Why It's Important & How To Take Action Today
If you still have any questions about establishing an employee cybersecurity training program or other questions related to your IT environment, reach out by clicking on the button. One of our IT experts will reach out to understand your pain points and see if we're a good fit to work together.