Why Cybersecurity Training for Employees is Essential for Your Business

Cyberattacks are expected to cost the world $9.5 trillion USD in 2024 and rise to 10.5 trillion in 2025. It’s a sobering statistic that makes cybersecurity a critical concern for businesses of all sizes—not just big corporations. In 2022, 73% of small business owners in the US reported cyberattacks targeting employee and customer data. And with employees on the front lines, cybersecurity training is essential. Read on for helpful hints to enhance your organization’s cyber resilience through employee training and education.

Cybersecurity Threats Are on the Rise

With cyber threats becoming more sophisticated, businesses are more vulnerable than ever. Cybercriminals continually develop new ways to hack into security systems, steal sensitive data and disrupt operations. Effective cybersecurity training helps employees recognize and respond to these threats, reducing the risk of costly attacks. According to a recent report,  With this reality, businesses can no longer afford to opt their employees and leadership out of cybersecurity training.

Human Error is a Leading Cause of Data Breaches

Verizon’s 2024 Data Breach Investigation Report found that human error was involved in 68% of data breaches. Cybercriminals are very skilled, and with the help of artificial intelligence (AI), scams are becoming harder to detect. Scammers are leveraging social engineering tactics and AI to create fake branded corporate pages and to write relevant digital communications to dupe employees into revealing their passwords and to click on malicious links. These access points are the first lines of defense that employees can defend to prevent further damage through ransomware and DDos attacks, in addition to invoice manipulation fraud, business email compromise (BEC)  and data breaches . Providing thorough cybersecurity training can help your team recognize and avoid these common threats right at the outset.

Protecting Sensitive Information from Ransomware Attacks

Every business handles sensitive information, like customer data, financial records or proprietary information, making them prime targets for exfiltration (breaches) or data attacks, which are generally combined with ransomware attacks.

Ransomware is a type of malware that encrypts files on a system or network, rendering them unreadable and locks management or employees out of the business. Cybercriminals then demand a ransom to restore access to your data. With a 311% increase in ransomware attacks targeting small businesses in 2023 and phishing emails being the root cause of 30% of these attacks, training employees to recognize these threats should be a top priority for any organization.

Key Components of Cybersecurity Training for Employees

To ensure your team is well-prepared to recognize and respond to potential security risks, regardless of industry or business size, here are some key components that should be included in any comprehensive cybersecurity training program:

Understanding Cybersecurity Basics

It’s fundamental for employees to have a basic understanding of cybersecurity concepts. This includes recognizing different types of cyber threats, such as malware, phishing, and ransomware and knowing how these threats can impact the business.

Password Management

Weak and repetitive passwords are a common vulnerability in many organizations. Train your employees on the importance of creating strong, unique passwords, and using password management tools to keep their credentials secur e. Employees should not re-use personal passwords on work accounts as well.

Recognizing Phishing Attacks  

Phishing attacks, including executive/CEO whaling, invoice fraud, and business email compromise (BEC) scams, are among the most common methods cybercriminals use to steal sensitive information. All employees, from leadership to contract workers, should be trained to recognize these scams. Using real-world examples can be very effective. For instance, tech giants Google and Facebook fell victim to a BEC scam, losing $120 million USD. If this can happen to employees in tech, it should serve as a powerful reminder for everyone to stay vigilant and to report any suspicious activity.

Safe Internet Practices

Ensure your employees understand the importance of safe internet practices. This includes avoiding suspicious websites, not downloading unverified files, and being cautious when using public Wi-Fi networks.

Incident Response and Reporting

Employees should know what to do if they encounter a potential cybersecurity threat. Establish clear, simple and accessible protocols for reporting incidents to minimize barriers. Recognize that employees may feel embarrassed or ashamed to report issues, and some might fear disciplinary actions or dismissal. Design your incident response and reporting process to make employees feel comfortable. Prompt reporting can help mitigate the impact of a cyberattack.

Implementing Effective Cybersecurity Training

Regular Training Sessions

Ideally, cybersecurity training should be online and ongoing. A 2020 USENIX study showed that employees were able to consistently spot phishing emails up to four months after receiving cybersecurity training focused on phishing. Our Head of Hackbusters^TM, Jack Brooks recommends that phishing training and simulations take place on a monthly basis to keep it top of mind amongst employees.

Other items to include in the training are topics like password hygiene   digital best practices and information on the latest threats and cybercriminal tactics that are targeting employees.  Digital training can be accessed remotely and customized to roles and skillsets. It can also be updated and improved continuously as new threats arise.

Interactive and Engaging Training Programs

Employees may have varying levels of cybersecurity knowledge but keeping it top of mind through regular training is key . Always start with the basics, then tailor training programs to meet the specific needs of different departments and roles within your organization. Make training sessions interactive and engaging to keep employees interested and to drive high completion rates. Use real-life examples, quizzes and simulations to highlight the importance of cybersecurity.

Assessing Training Effectiveness

Regularly assess the effectiveness of your cybersecurity training programs. Conduct surveys, tests, and simulations to evaluate employee knowledge and identify areas for improvement.

The Benefits of Cybersecurity Training

By understanding the importance of cybersecurity, recognizing common threats, and implementing best practices, employees are empowered through cybersecurity training to play a crucial role in safeguarding your organization’s digital assets.

Reduced Risk of Data Breaches 

In a study conducted by Keepnet Labs, consistent security awareness training was proven to reduce employee phishing susceptibility from 60% to 10% within the first 12 months. By giving employees the tools to identify and handle cyber threats, you significantly lower the risk of data breaches. This not only shields your business from financial losses and reputational damage but also helps avoid potential legal consequences.

Enhanced Employee Confidence

Well-trained employees feel more confident in handling cybersecurity threats. This increased confidence often leads to faster identification and response to potential issues, reducing the impact of attacks. Additionally, cybersecurity training is a valuable employee benefit that enhances overall well-being by protecting individuals from cybersecurity threats in their personal lives as well.

Compliance with Regulations

Many industries are subject to regulations that require businesses to implement specific privacy and/or cybersecurity measures. This is especially important in industries like healthcare, finance, and retail, which follow strict rules like PIPEDA in Canada, HIPAA in the US, and GDPR globally. Providing regular cybersecurity training helps ensure your employees and organization remain compliant with these regulations and are extra vigilant about the data they protect.

Improved Business Continuity

A successful cyberattack can disrupt your business operations and cause significant downtime. Cybersecurity training helps prevent attacks, ensuring your business can continue to operate smoothly and efficiently.

Additional Tips to Enhance Cybersecurity in Your Organization

Regularly Update Software and Systems

Ensure that all your software and systems are up to date with the latest security patches and updates. This minimizes vulnerabilities that cybercriminals can exploit.

Implement Multi-Factor Authentication (MFA)

MFA adds an extra layer of security by requiring more than one form of authentication amongst your employees to access accounts. This significantly reduces the chances of unauthorized access.

Limit Access to Sensitive Information

Only allow access to sensitive information to those who need it for their job. This reduces the risk of data breaches from within your organization.

Conduct Regular Security Audits

Perform regular security audits to identify and address potential vulnerabilities in your systems and processes. This proactive approach helps to maintain a robust security posture.

Encourage a Culture of Cybersecurity Awareness

Foster a culture where cybersecurity is everyone’s responsibility. Encourage employees to stay vigilant and report any suspicious activity immediately.

Cybersecurity training for employees is not just a good practice—it’s a necessity.   By investing in regular, interactive, and tailored training programs, you can significantly reduce the risk of cyber threats and ensure the safety and continuity of your business operations. A well-informed and vigilant workforce is your best defense against cyber threats. Stay proactive and prioritize cybersecurity training to protect your business and its valuable assets.

BOXX recognizes the importance of cybersecurity training for employees. That’s why we provide access to the BOXX Academy, an accredited, online training program to all our Cyberboxx Home and Business clients.