Cybersecurity attacks are still threatening businesses of all sizes and they continue to grow in complexity and frequency. This makes it harder for businesses to prevent an attack with traditional processes. IBM and Ponemon Institute conducted a study this year which found that the average cost of a data breach rose 13% in the last two years. Those surveyed reported that the average cost to them was $4.35 million. But financial costs is not the only expense of a security breach. With each incident comes the cost of reputational damage as well. Your clients, employees and brand are all automatically put at risk – and they won’t be happy about it.
Even though 95% of cyberattacks and breaches are caused by human error, not all businesses are convinced they need to spend time and resources on a cybersecurity awareness training program. Leaders often think their teams know “enough”, and that staff are smarter than the criminals who are trying to attack.
The truth is – Hackers and cybercriminals know your users are the easiest point of access into your systems. Even though security tools have become more sophisticated, the human element of an attack still exists.
With almost all cybersecurity incidents steaming from this one common issue of human error, it’s important business leaders strongly consider adopting a cybersecurity training program that is relevant to their needs. Here are just some of the reasons why you need to implement a cybersecurity training program for your business:
- Keep your customers and employees safe – 90% of data breaches along are caused because of a phishing attack. Training can help employees recognize a variety of different phishing attempt methods and teaches them best practices for reporting possible threats, instead of clicking on the link and downloading a malicious file or inputting sensitive information.
- Create a culture of cybersecurity awareness – Building a culture of cybersecurity starts with a training and education plan. Without this first step employees won’t have the confidence to recognizing threats, leaving your business vulnerable to an attack.
- Save time and money – The initial cost of investing in a training program may seem like a lot but compared to the average cost of an attack mentioned above, it is worth the investment. If an attack occurs, your team will have to spend a significant amount of time attempting to repair and mitigate the damage – some that may not be recoverable. Better protection means more time spent on other important tasks.
- Cyber insurance requirements – More and more businesses are looking to cyber insurance to protect themselves from the financial and legal damages of an attack, and more governing bodies are implementing insurance requirements for compliance. However, what businesses often overlook is that they need to prove they offer cybersecurity training to employees. If this requirement isn’t met the company may not qualify for a cyber liability policy.
Whether you want to believe it or not, without a total cybersecurity training program in place your people, your employees become the weakest link in your cybersecurity program. Hackers know this and will take advantage of it.
As a business leader you need to care about cybersecurity for the costs associated with it and the reputation repercussions. To keep your business safe, it is up to you to take action to ensure your teams have the most up-to-date training to recognize threats and protect themselves, and ultimately your business from a cybersecurity incident. You can start by researching cybersecurity training programs, like the tailored program offered by Convergence Networks, and evaluate the best fit for your business.
Want more information? Download our Cybersecurity Training brochure below.