Let's face it: technology has been growing rapidly over the past decade, meaning cybersecurity threats are rising, and businesses of all sizes are vulnerable. The 2024 Verizon Data Breach Investigations Report states that 68% of cyber breaches involved a human element. With the average cost of a data breach to a business rising to $4.88 Million USD, Security Awareness Training is something that your business simply cannot ignore. This article explores the benefits of security awareness training and why it's essential for companies globally.
Our digital and technology advisors at Crowe MacKay will discuss the impact of security awareness training on risk and compliance, culture, communication, financial stability, and personal and professional growth. We will also highlight our Managed Cyber Security Awareness Training and Testing service, designed to keep your organization secure, with a 10% discount included for new newsletter subscribers.
What is Security Awareness Training?
Security Awareness Training educates employees about cybersecurity risks and best practices. It is an ongoing process that requires annual training, periodic testing, and remedial training for employees who need reinforcement of their skill set. It aims to equip them with the knowledge and skills to protect the business from phishing scams, social engineering attacks, and malware.
Cyber security defence is no longer just a function of the IT department, it requires a unified strategy incorporating all aspects of your business. This training has many benefits for companies of all sizes, most importantly, reducing the chance that employees will fall victim to a cyber attack, and, in turn, possibly compromise the entire operations or your business. Employees are the first line of defense in protecting and detecting cyber attacks!
Key Benefits of Security Awareness Training
Risk and Compliance Benefits
Reduced Risk of Data Breaches
Employees trained in security awareness are less likely to fall victim to phishing attempts or social engineering attacks, significantly lowering the chances of data breaches. As mentioned, 68% of breaches involved a human element. If this accidental risk could be removed or reduced, the business' resistance to data breaches would be heightened substantially. This proactive approach ensures sensitive information remains secure, protecting the organization from potentially devastating consequences.
Improved Compliance
Security awareness training helps employees understand and adhere to relevant regulations and standards, reducing non-compliance risk. This is crucial for businesses operating in regulated industries, as failure to comply can result in hefty fines and legal repercussions.
Enhanced Incident Response
A well-trained workforce can respond more effectively and quickly to a security incident, mitigating potential damages. When employees know how to identify, address, and report threats, the organization can proactively begin to remediate a cyber security issue, minimize downtime, and reduce the impact of security breaches.
Cultural and Communication Benefits
Stronger Security Culture
Regular training fosters a culture of security within the organization, encouraging employees to prioritize safety in everyday tasks. When security becomes ingrained in the company culture, employees are more likely to adopt best practices and remain vigilant against threats.
Better Communication
Security awareness training encourages open dialogue about security issues, promoting a collaborative approach to safeguarding the organization. By fostering communication, employees can share insights, report concerns, and work together to address vulnerabilities.
Empowered Incident Reporting
Employees trained in security awareness are more likely to report suspicious activities or potential threats promptly, helping to prevent incidents before they escalate. This proactive reporting can significantly improve the organization's ability to respond to security challenges.
Financial and Operational Benefits
Lowered Financial Losses
By minimizing security incidents, companies can reduce the financial impact associated with breaches, including remediation costs and lost productivity. Not only are there potentially hard costs associated with a security incident, but there are also many soft costs that are not always realized right away. Reputational damage to a business can be just as devastating, and result in significant financial losses, as a regulatory fine or monetary ransom paid to an attacker. Preventing security breaches saves money and preserves resources that can be redirected toward growth and innovation.
Alignment with Business Objectives
Security awareness training aligns with overall business goals by protecting assets and ensuring operational continuity, ultimately supporting the organization's mission and vision. When security measures are integrated into the business strategy, companies can confidently pursue their objectives, knowing that their assets and data are secure.
Stronger Organizational Reputation
Organizations prioritizing security awareness demonstrate their commitment to protecting sensitive information, bolstering their reputation with clients and stakeholders. A strong reputation for security can enhance customer trust, attract new clients, and differentiate the business in a competitive market.
Tailored Security Strategies
Training allows organizations to be more aware of the vulnerabilities that they are being exposed to and in turn help to develop targeted strategies to counteract risks. Businesses can implement customized solutions that address their needs by understanding their threats.
Extremely High ROI
Cyber security awareness training can have one of the highest rates of return on investment that a business can realize. The cost to provide this training to employees is so insignificant that it is almost immeasurable when compared with the benefits of the training, and the potential costs to a business that suffers a successful data breach or cyber attack.
Personal and Professional Development Benefits
Adaptation to Remote Work Challenges
With the rise of remote work, security awareness training equips employees with strategies for understanding the challenges of home networks and personal devices.
Promotion of Personal Security Practices
Training encourages employees to apply security principles in the workplace and their personal lives, improving overall cybersecurity habits. By adopting secure practices at home and work, people can protect their personal information and contribute to the organization's security.
Continuous Learning
An effective training program includes updates on the latest security threats and best practices, enabling employees to stay informed. Continuous learning ensures the workforce remains prepared to face evolving challenges and adapt to new technologies.
Where Can You Get Security Awareness Training?
Crowe MacKay has partnered with KnowBe4 to offer a comprehensive Managed Cyber Security Awareness Training and Testing service to equip your team with essential cybersecurity skills. We will provide the KnowBe4 software licenses, and will design, configure, and operate your customized KnowBe4 Cyber Security Awareness training program for you.
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Conclusion
Incorporating Security Awareness Training into your organization's cyber security strategy is crucial for protecting against cyber threats and ensuring compliance with regulations. Companies can safeguard their assets and enhance their reputation by fostering a security culture, improving communication, and aligning security measures with business objectives. By investing in security awareness, your organization can build a resilient defence against cyber threats and achieve long-term success.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.