Why Businesses Need Cyber Security Awareness Training

For almost any business to remain competitive in their industry, modern technology is a must. This may even involve storing confidential business data and processes on cloud computing systems. Although digital transformation presents benefits for businesses, it also introduces new risks that require effective management. The possibility of a ransomware attack is one risk that needs to be controlled with Cybersecurity awareness.

A type of malicious software known as ransomware, threatens to publish or prevents access to data or a computer system, usually by encrypting it, unless the victim pays the attacker a ransom fee. The average cost of a ransom attack in 2023 was $1.54 million, almost double the previous year’s average. And research we gathered for The CISO Report show that 83% of organisations hit by a ransomware attack paid their attackers.

Impact of Ransomware on Businesses

Attacks using ransomware carry a number of risks, such as the possible loss of access to important files and delays in vital business functions. Many businesses lose critical files for extended periods of time, resulting in lost productivity that can cost thousands or even millions of dollars.

Loss of client loyalty and trust: Customers’ financial and personal information may be compromised during a ransomware attack on your company, making them susceptible to fraud and identity theft. Customers and staff will come to distrust your company even if you manage to recover from the ransomware attack. Customers might be reluctant to do business with you even if you’ve taken precautions to strengthen your cyber security if your company has been hit by ransomware.

Detrimental effect on worker morale and output: Employee morale and productivity can also be severely impacted by a ransomware attack. Workers may experience tension and anxiety due to concerns about the safety of their personal data and the company’s future. In addition, if the business takes a long time to bounce back from the attack, they might become discouraged and angry. 

Higher vulnerability to attacks in the future: Once your company has fallen victim to a ransomware attack, threat actors may view it as an easy target in the future, making it more susceptible to attacks. Moreover, you might be even more vulnerable to similar incidents in the future if your company does not strengthen its cyber security protocols in the wake of the attack. As a result, there may be a vicious cycle of attacks and weaknesses that is challenging to break.

Consequences for law and regulation: The consequences of a ransomware attack may also be regulated and legal. Your company might have to notify affected customers and/or regulatory agencies about the incident, depending on the nature of the attack and the data that was compromised. Legal action could also be taken against your company if clients or staff sustain financial losses.

Unlock your employee’s complete potential with Edureka’s corporate training program!

Solution: Building a Strong Cybersecurity Culture

The general way that people think, act, and behave when it comes to cybersecurity inside an organisation is referred to as its cybersecurity culture. It involves creating an atmosphere in which everyone recognises the value of cybersecurity, from upper management to workers at all levels. Additionally, where each person actively contributes to defending the company’s data and digital assets against cyberattacks.

There is more to a strong cybersecurity culture than just having established guidelines or policies. It entails instilling in the entire organisation a sense of shared accountability and awareness. 

The following are some essential components of a robust cybersecurity culture: 

Employee education and awareness: It’s critical that all staff members receive regular cybersecurity education. It assists them in appreciating the significance of cybersecurity, identifying typical threats (like phishing scams), and knowing how to react suitably to occurrences.

Promoting the reporting of security incidents: It’s critical to establish a culture that empowers staff members to report possible security incidents or suspicious activity without worrying about facing repercussions. The early warning system aids in reducing possible dangers.

Response plan for incidents: A comprehensively recorded response plan facilitates a prompt and organised handling of cybersecurity events. Workers ought to understand the strategy and their responsibilities in such situations.

Clearly defined security policies and procedures: In accordance with industry best practices, organisations should set up thorough security policies and procedures. Topics like password management, data handling, and appropriate technology use should all be covered by these policies.

Data protection and privacy: Preserving sensitive information and adhering to data protection and privacy laws are also essential components of a strong cybersecurity culture.

Therefore, a robust cybersecurity culture aids in safeguarding the most valuable resource of a company: its data. In contrast to tangible assets like machinery, structures, and even persons, data is hard to replace. The majority of organisations invest years gathering data, which can be detrimental if lost.

How To Develop a Cybersecurity Training for the Employees

• Determine the Needs for Training 
• Create a Training Schedule
• Set Specific Goals 
• Seek out leadership assistance
• Personalise Your Instruction Select the Right Instructional Strategies 
• Add Exercises for Practice 

Last but not the least is measuring the effectiveness of your program. It becomes dire essential to understand and recognise the loopholes (if there are any) in the training plan or the steps taken. Regular checks should be done to ensure that the devised plan is working and yielding the results and fulfilling the goals that it was supposed to.

Conclusion

It’s critical now more than ever to develop a workforce that can recognise potential cyber threats and stay vigilant in order to ensure your organisation is protected, as the frequency and intensity of cyberattacks are only increasing and there is a worrisome lack of prevention strategies within organisations. 

When it comes to training needs, Edureka is your one-stop solution. It provides thorough cybersecurity training via a range of flexible learning options, expert-led courses, and real-world application. It offers industry-relevant skill development with a broad catalogue that covers subjects like network security and ethical hacking etc. Their industry-recognised certifications and customised corporate training programmes enable employees to effectively address real-world cybersecurity challenges while promoting lifelong learning and keeping up with emerging trends in the field.