Introduction
Can your employees spot the difference between an official mail from the organization and a fake message? Can you imagine what the consequences would be if your organization’s personal data relating to each employee were leaked? Sounds frightening, right? According to recent reports, the cyber security industry discovered that cyber-attacks cost businesses an average of $4.35 million in 2022. Cybercriminals are getting smarter with their attacks nowadays, and businesses with no cybersecurity awareness programs are at risk. This has led to an increase in cybersecurity training for companies.
If employees lack cyber awareness and expertise, no amount of security measures, no matter how excellent, could compensate for the losses. Therefore, companies’ employees must take the initiative to fortify their cyber defenses. In this blog, we’ll outline the significance of cybersecurity training for companies.
Reasons Why Your Organization Needs Cyber Security Awareness Training
1. Cost Savings in the Long Run.
According to a 2023 survey, cyber crimes will cost $10.5 trillion annually by 2025. It is agreed that while cybersecurity training programs can cost a fortune, investing in them can help you save money in the long run. When most of your employees are trained on security risks, they will be better positioned to defend your systems against attacks. Therefore, making an initial investment in this means avoiding spending more money.
2. Reduced Risk of Data Breaches.
The average overall cost of a data breach increased to $4.24 million in 2021 from $3.86 million, the largest amount in the report’s 17-year history. You can lower the danger of a data breach and associated legal ramifications by providing staff with training on data protection best practices. One of the most crucial abilities you may have in the workforce is the ability to defend against a successful cyber-attack, and the best method to acquire these abilities is through cybersecurity awareness training programs for employees.
3. To Shield Your Company from Financial Harm.
A malware attack costs a company over $2.5 million. Thus, investing in corporate cyber security training for your employees has become critical to shield your company from monetary damages. Employees with good security awareness training are more likely to trace potential threats and report upcoming incidents. IT security teams can stop organizational operational interruptions before they become more serious and result in significant financial harm.
4. Enhanced Customer Trust and Retainment.
Customers who interact with any business expect their data to be handled safely and protected against cyber threats. By exhibiting your dedication to establishing a secure workplace and training your staff on security risks, you will gain the trust and confidence of your clients. This is another benefit of organizational cybersecurity training.
5. Adaptation to Emerging Threats.
Your company may stay ahead of developing risks and modify security measures appropriately by investing in a cyber security awareness training program that keeps staff informed about new and growing cybersecurity threats. In addition to saving you money by lowering the possibility of a sensitive data breach, investing in cybersecurity awareness for your company will provide it an advantage over competitors in the digital transformation space. This adaptation to the upcoming trends is of major significance to cybersecurity training for companies.
Examples of Successful Cyber Attacks due to Employee Negligence
Numerous well-known cyberattacks have succeeded because of staff incompetence. For instance, a 2013 data breach at the massive retail chain Target, compromised over 40 million consumers’ financial and personal data. The breach was caused by a phishing email sent to a third-party vendor employee with access to Target’s network.
A ransomware assault in 2017 caused several days of operational disruption for the international law firm DLA Piper. An employee’s click on a phishing email launched the attack and let the ransomware into the network.
These illustrations highlight the role of training in enhancing organizational cyber security. Businesses can lower the likelihood of successful cyberattacks and shield themselves from catastrophic financial and reputational losses by training staff members on the most recent risks and best practices for protecting sensitive information.
Conclusion
By 2025, Gartner predicts that cyber attackers will have weaponized operational technology environments to harm or kill humans successfully. Did you know that out of every two American internet users, a cyber attack is targeted at one of the users? With this rate of cyber attacks, it becomes imperative for you to understand the value of cybersecurity awareness training. As a result, employee cybersecurity training is now required rather than optional for employees to interact, communicate, and perform effectively inside companies without experiencing trust concerns.
