Save Money and Stop Cyberattacks While Strengthening Security for Good
In tumultuous times, companies aren’t willing to pony up the cash for tools or programs that are only marginally effective or only solve one problem, especially when it comes to technology. But at the same time, IT professionals know that companies are facing higher cybercrime risks than ever before, and that number is only going to keep rising. That leaves them looking for ways to improve security and save money at the same time, preferably without a large upfront investment. When companies are looking to improve security affordably, security and compliance awareness training answers the call. Here are 8 reasons why security and compliance awareness training is a smart small investment that packs big rewards.
Excerpted in part from our eBook Security Awareness Training: Your Best Investment. DOWNLOAD NOW>>
Stop cyberattacks & save money: See why security awareness training is your best investment. DOWNLOAD NOW>>
1. It Helps Avoid Expensive Non-Compliance Disasters
Organizations in many industries and/or geographic locations are required to comply with the complex requirements of data privacy statutes that require certain protections for the handling and storage of personal, financial or health-related data – and the penalties for non-compliance can be steep. For a violation of HIPPA, a company could be looking at paying $100 to $50,000 per violation (or per record). A GDPR penalty could set a company back up to 4% of its annual global revenue or 20 million euros ($22.8 million). A company in breach of PIPEDA requirements can be fined up to $100,000 for each violation. The average cost of a violation for organizations experiencing non-compliance problems is $9.4 million. But the average cost of compliance maintenance for an organization including safeguards like employee security awareness training is only $3.5 million – about one-third of the penalty for noncompliance.
2. Training Dramatically Reduces the Chance of Getting Hit by Phishing
Employees that know what to look for are much more likely to spot and stop phishing attacks. Researchers in a UK phishing simulation study discovered that the improvement is stark. At the beginning of the study, 40 – 60% of the employees surveyed were likely to open malicious links or attachments. But after about 6 months of security awareness training, the percentage of employees who took the bait in every industry dropped 20% to 25% – and after 3 to 6 months of more security awareness training, the percentage of employees who opened phishing messages plummeted to only 10% to 18%.
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3. Security-Savvy Employees Improve Security Culture to Reduce Risk
Security awareness training is the foundation of a strong security culture throughout an organization that encourages everyone to do their part to maintain security. Worryingly, 45% of respondents in a HIPAA Journal survey said that they don’t need to worry about cybersecurity safeguards because they don’t work in the IT department. That’s a disaster waiting to happen. When employees gain security savvy, they realize that maintaining security to fight back against cybercrime is everyone’s job.
4. Security and Compliance Training Has a High ROI
Security awareness training packs a lot of bang for the buck. It’s a small investment in that offers an excellent ROI. Small and mid-sized businesses (SMBs) get an ROI of 69% and larger organizations see an ROI of 562%. Plus, it provides ROI by enhancing a company’s cyber resilience, making them less likely to be crippled by a cyberattack. 84% of leading organizations in the IBM Cyber Resilient Organization Study 2021 cite security awareness training as a key building block of cyber resilience.
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5. Be Ready for Compliance with Updated National, Local, Regional and Industry-Specific Regulations
Data privacy and cybersecurity regulations are common and growing more complex every year. In the wake of major cyberattacks, data privacy and security is being legislated in every state in the U.S. as well as federally. Changes to GDPR and PIPEDA and new privacy statutes have complicated compliance outside the U.S. Security awareness training is also required under many data privacy and data handling statutes. Training employees in cybersecurity awareness and safe data handling procedures is essential for compliance with many rules, regulations and statutes. Organizations lose an average of $4 million in revenue due to a single non-compliance event
6. Save 50% on Phishing Costs
Even the best-trained employees will sometimes make mistakes. But those trained employees are much more likely to recognize errors instead of compounding them, giving IT teams the chance to respond before a problem evolves into a disaster. If the worst does happen, a successful phishing attack brings expensive damage in its wake. Companies hit by a phishing attack will have to pay costs like mitigation, repair and loss of employee productivity. The cost of phishing attacks has almost quadrupled over the past six years, with large US companies losing an average of $14.8 million annually (or $1,500 per employee) to phishing. Security awareness training reduces the cost of phishing by more than 50%.
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7. Regular Training Provides Consistently Beneficial Results
Trained employees are more invested in security, but unless that training is refreshed regularly, they deprioritize it. The cadence of security awareness training matters. In a report from consulting giant Accenture detailing the characteristics of a cyber-resilient organization, researchers placed the ideal number of training courses for employees each year at 11, or just a little under one per month. That’s because the benefits that employees gain from security awareness training diminish over time. Researchers tested subjects four, six, eight, ten and 12 months after they completed a security awareness training course. Once the subjects passed the four-month mark, their retention dropped – and their performance at ten months was the same as it was when they started the study.
8. Realizing These Benefits is Easy and Affordable
It’s quick and painless to launch security and compliance training initiatives that really get the job done with BullPhish ID. The ideal solution to use for ongoing security awareness and phishing resistance training, BullPhish ID is packed with features and resources that make training trouble-free for everyone. Efficient, effective compliance education and training around today’s biggest cyber risks is at your fingertips, and for less money than competing solutions.
- Engaging video lessons accompanied by short quizzes that cover threats employees may face, compliance requirements and cybersecurity best practices.
- Training in data handling, ransomware, threats phishing resistance, credential compromise, nation-state cybercrime risks and more with at least 4 new videos added per month.
- Choosing from a library of fully customizable phishing simulation kits, including messages, landing pages and attachments, or plug-and-play phishing kits that’s updated monthly!
- Automated training delivery and testing through individual, personalized user portals.
- Frequently updated compliance training for PCI-DSS, HIPAA, GDPR, PIPEDA, CMMC and more.
- Automated simple, clear reports that demonstrate the value of training and show who needs more help at a glance.
- Content in eight languages including English, Dutch, French, German, Italian, Portuguese, Spanish (Iberian/European) and Spanish (Latin).
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