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.
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.
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:
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.
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: