Cybercrime comes in many forms some more sophisticated and organised than others. But all of it damaging to your company - which is why cyber security training is your best approach.
Targeting by cyber criminals is indiscriminate. Daily, there's millions of threats business have to deal with. In of all shapes and sizes. Only those that prepare their organisations stand a chance.
Common Daily Cyber Threats
Phishing is where criminals harvest confidential data by tricking email recipients into clicking a link or downloading an attachment.
Business Email Compromise (BEC) where criminals impersonate a senior employee in a business; tricking colleagues connected to partners into handing over money or data. The Australian Cyber Security Centre (ACSC) says over $142 million in losses to BEC scams in FY21/22 alone.
Ransomware remains the No.1 threat to Australian businesses, affecting nearly 65% of all small-to-medium-sized companies, where criminals remotely infect a device and demand a fee to release locked-up data or systems.
Companies Need An Informed Approach to Cyber Security
Cyber security requires a multi-layered approach, which we call "defence in depth," requiring people, process, and technology responses. Arguably the most important of these is preparing and training your people who interact with devices, data, and systems daily.
Upskilling your team with the skills to identify threats and halt security incidents ensures that your company can minimise risks when addressed early on. Australia's Office of the Information Commissioner reported that 90%+ of data leakage occurs through human error. So training is essential to develop the proper habits, skills, and routines that promote safer working.
Cyber Security Training Reduces Your Vulnerability by 95%
Cyber Security Training is the lowest-cost, most effective way of improving your overall company security. And why is this important? Well, ultimately, good cyber security leads to better customer trust.
A weak security culture leads to mistakes, accidents and data breaches, which results in a loss of customer trust. Who'd want to work with a company that had a reputation for being known for losing its customers' data? Companies that suffer data breaches and especially ransomware incidents, find themselves rapidly end up being put into 'quarantine' by supply chain partners. And customers too, until they can prove they've recovered.
Even then, it can take months to revive relationships; for some, that essential business trust may never return.
Cost Effective Solutions vs Insurmountable Financial Losses
Proper security training is a fundamental enabler, equipping workers to deal with sensitive information responsibly and safely. And whilst talking about operational disruption, annual losses due to cybercrime estimates costs to Australian businesses at $29 billion in damages. Each experiencing at least 25 business hours on average of downtime. Could your business be non-operational for three business days? Imagine the effect on cash flow, as well as on reputation and customers. Don't forget it is a tax deductible expense, read more here.
Good security training minimises fear and enables a skilled, confident, and knowledgeable workforce. Productivity rates increase as human error decreases. Fewer incidents to manage means a less-stressed IT team, helping them focus on how to support your business operations instead of fighting fires.
And finally, as work-from-home is here to stay, so are the cybercriminals who target those with vulnerable home-based security. Ensuring your workers are adequately armed with skills to identify and handle online risks when working from home can make them and your entire business safer.
Why train your employees?
In summary, excellent cyber security training is low cost, improves staff productivity and skill levels improve customer trust, and leads to you doing better, safer business.