Businesses have turned their attention to SAT for their employees. The need for a strong security culture is more in demand than ever.
As an MSP you are asked to protect, monitor and update various aspects of an organisations IT system. Making sure everyone is up to date with the latest scams and the security best practices can be difficult. This is why implementing a good security awareness program will fill any knowledge gaps of your employees as well as educating them on how to spot and prevent the never ending list of cyber attacks.
Here are the 7 reasons why security awareness training is a valuable investment.
1.End users are the weakest link
Every single customer needs a security education program. After all, cyber criminals are constantly changing their tactics to steal targets data and money. The simplest approach an attacker takes is to go after the weakest link. The easiest way to do this is to take advantage of the inherent demand by end users for convenience.
All it takes is one employee to click a link or download a malicious attachment and the companies data will be compromised in a matter of seconds. It’s no surprise that the companies who fall victim to data breaches are the ones who have very little security awareness training in place, most companies think once a year classroom session will cut it.
Every year millions of people fall victim to cyber attacks. Cyber criminals use a wide variety of tactics such as:
These scams have plagued society for decades only to continue to grow in sophistication and size.
2.Security awareness training is required in government regulations
To help combat the growing list of cyber attacks and protect customer and employee data most businesses are now required to have some level of security awareness training in place.
The Gramm- Leach-Bliley Act requires the implementation of an information security system, employee training and management, threat and risk detection.
The FISMA (federal information security management act applies to all federal agencies as well as contractors. The act emphasises the need for security awareness training to ensure that all employees and contractors (anyone with access to sensitive data) are made aware of the best practices and security policies and procedures.
The IS0 27002 (internal organisation for standardisation) specifies standards that apply to information security management systems. The compliance requirements are as follows:
“All employees of the organization and, where relevant, contractors and third-party users should receive appropriate awareness training and regular updates in organizational policies and procedures, as relevant for their job function.”
3. Cyber security threats continue to grow
No industry is immune to cyber attacks. The digital connectivity of businesses, suppliers and consumers means that any organisation is vulnerable to cyber attacks. In the past few decades technology has transformed the way organisations interact with their consumers. In order for a business to run its day to day activities, they rely heavily on technology.
Did you know...
“The total cost of cyber crime is expected to hit £4.5 trillion by 2021."
Recent data breaches at major companies such as Facebook, Marriott's hotel, T-mobile, Quora and Google highlight the increased sophistication and perseverance of cyber attacks.
In order to combat the sophisticated cyber attacks companies to educate their employees on how these attacks can affect the company, how to spot them and how to prevent them. This can be done through the means of a strong security awareness training platform. As well as implementing soft security reminders through the use of posters, guides and case studies.
"59% of employees steal proprietary data when they quit or when they are fired."
4. Research shows value
Enterprises spend nearly $100 billion a year on cyber security, despite the sophisticated IT security defence methods companies purchase, there still remains one weak link- employees.
There are only so many cyber attacks that a firewalls and endpoint security products can stop, after all, machines aren’t always the target. More often than not, it's the employees who are targeted.
Cyber criminals use many methods of social engineering to emotionally manipulate employees into giving away company data.
In the past 12 months, 46% of businesses have experienced a cyber attack. The need for employees to be fully trained on security awareness is not only demandable but necessary. It’s estimated that 90% of data breaches are due to human error, this number is set to increase as companies are disregarding security awareness and not seeing it as a priority.
It’s estimated that by the end of 2019 a business will fall victim to a ransomware attack every 14 seconds.
5. No target is too small for a cyber criminal
Small companies are just as prone to a data breach as a large organisation is. Not only do they handle the data and money that cyber criminals want, but they are also less likely to have the resources to get strong security programs that larger businesses can afford.
A successful data breach can seriously destroy a business they are expensive for any business, the financial cost arises from the attack itself, fixing it and addressing the reputational impact by gaining back customers trust.
Hacking and cyber attacks have been around for quite a while, but they’ve become more sophisticated and widespread over time. In this digital era, all it takes is a few clicks of a mouse and a companies data can be compromised.
“91% of data breaches start with a phishing email”
6. Data is a matter of trust for consumers
An organisation never plans to fail, yet some do fail. More than likely it will not be the companies fault, but preparing your business for a data breach is essential. No one knows if and when they will be hit by a data breach this is why its key for employees to be prepared.
The majority of employees in a business will have access to some form of data. For a consumer, their data is very important to them, once they give a company access to their data, there trusting the company to keep the data safe and use it responsibly. If a company abuses the data a consumer will no longer trust this company, therefore affecting the companies reputation.
A good reputation is a companies prize procession, however, one compromising data breach can tarnish even the best of reputations. Cyber criminals are interested in getting access to as much business proprietary data as possible, such as:
- -Customer lists
- -Payroll information
Unfortunately, companies around the world experience cyber attacks every year with differing magnitudes and overall impact.
7. Security awareness training is a growing market
The need for security awareness training its higher than ever. Organisations are starting to realise that cyber attacks are growing in variety and sophistication. Insider threats are becoming more common in companies and there just as significant as outsider threats.
"Security awareness training for employees is the most under spent sector of the cyber security industry”
-Steven Morgan (Founder & editor at Cyber security Ventures)
The high demand for security awareness training means the security awareness market will reach $10 billion annually by 2027. As businesses are starting to take a closer look at their security capabilities and attempt to mitigate the threats, they're are much more likely to locate any weaknesses and tackle the vulnerabilities. This is where your MSP business can add value and gain great revenue.