Why Invest in Cybersecurity Training?
You've probably heard about data breaches and cyberattacks happening all too often. Unfortunately, here's the deal: cybersecurity has become a real hot topic for businesses, no matter their size or what they do. It’s been reported that small and medium businesses (SMBs) have spent on average anywhere from $826-$653,587 on a cybersecurity incident. We're committed to doing everything in our power to eliminate that number. Our approach is a two-part plan – part one is all about getting the right cybersecurity tech in place, and part two? Well, that's where the human side of things comes into play, and it's something we sometimes forget to focus on- cybersecurity training.
Your employees are on the frontlines, and they're constantly bombarded with emails that try to lure them into clicking on links. These emails might promise access to their “locked” accounts or ask them to update a "client's" billing address, all under the guise of a bank switch. Going through your employees is the easiest way for bad actors to gain access. So, they've got a vital role to play in defending your organization's digital assets.
This blog takes a closer look at why giving your team proper cybersecurity training is a game-changer and how it can bring in some serious return on investment (ROI) for your business.
The Cost of Cybersecurity Incidents
Let's take a closer look at the potential costs associated with a cyber incident. The repercussions of a data breach or cyberattack go far beyond mere financial losses. They can lead to reputational damage, legal liabilities, regulatory fines, and a loss of customer trust. A single cyber incident has the potential to deliver a devastating blow to a company's financial health and long-term sustainability.
The Role of Employee Training
Numerous cyber incidents stem from human error, like clicking on a malicious link, falling prey to phishing emails, or employing weak passwords. Although technology can offer robust defenses, it can't entirely eradicate these risks. Small businesses are 350% more susceptible to social engineering attacks compared to their larger counterparts. This is precisely where employee cybersecurity training steps in. Here are some keyways in which investing in employee security education can pay off:
- Reduced Risk of Data Breaches: Properly trained employees are more likely to recognize phishing attempts and other social engineering tactics. By empowering them to identify and report suspicious activities, organizations can reduce the risk of data breaches.
- Protection of Customer Data: Cybersecurity training helps employees understand the importance of protecting customer data. When employees are aware of the consequences of a data breach, they are more likely to follow security protocols diligently.
- Compliance and Legal Mitigation: Many industries have strict regulations governing the protection of sensitive data. By ensuring that employees are well-versed in these regulations through training, companies can avoid costly legal penalties.
- Improved Incident Response: In the event of a cyber incident, a well-trained workforce can respond more effectively. They can help contain the breach, report it promptly, and follow established incident response procedures.
- Enhanced Reputation: Customers and partners trust businesses that prioritize cybersecurity. A strong security culture, created through employee training, can enhance an organization's reputation as a reliable and secure partner.
Measuring the ROI of Cybersecurity Training
To measure the ROI of cybersecurity training, you should consider both tangible and intangible factors:
Reduction in Incidents: Calculate the reduction in the number of security incidents after implementing training. Fewer incidents translate to lower costs associated with breach recovery and damage control.
Financial Savings: Estimate the financial savings from avoiding data breach-related expenses, such as fines, legal fees, and customer compensation.
Productivity Gains: Training can lead to increased productivity as employees spend less time dealing with security issues and more time on their core tasks.
Reputation Enhancement: While it's challenging to put an exact number on reputation enhancement, a positive brand image can lead to increased customer loyalty and revenue.
Regulatory Compliance: Avoiding non-compliance fines can result in direct cost savings.
Ready to Invest in Cybersecurity Training?
It’s time to invest in your most valuable asset—your employees. Cybersecurity training is not just an expense; it's an investment that can yield a substantial ROI by reducing the risk of data breaches, protecting customer data, ensuring compliance, improving incident response, and enhancing your company's reputation.
If you are ready to take this step and see how Prime Secured can augment your cyber security training, contact us today. Or if you are still doing your research, we’d like to recommend a few helpful resources for you:
- How to Prioritize Cybersecurity Training
- Cyber Security Training for Remote Employees
- Cybersecurity Culture Checklist
- How to Recognize a Business Email Compromise (BEC) Attack
- Best Practices for Ongoing Cybersecurity Training
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