Data breaches, hacks, and email fraud are hitting businesses of all sizes. It’s not just the big corporations like Equifax and Marriott International—all companies need to prioritize cybersecurity. According to one report, two-thirds of SMBs suffered a cyberattack in the past twelve months.[1]

With cyberattacks on the rise, it’s clear that you need to take time now to evaluate the vulnerabilities in your company. Many businesses think they are protected once they set up an IT security system, but the truth is that an increasing number of attacks target your employees. Creating a strong cybersecurity culture with employees is your greatest opportunity to strengthen your company’s data defenses.

Why your employees are targeted.
There are numerous resources available to businesses to protect IT systems and data, from managed IT services to cybersecurity software solutions. That’s why hackers and fraudsters are increasingly using tactics like spear-phishing and social attacks to get the information they need to infiltrate your systems from an unsuspecting party. In fact, nearly half of data breaches are the result of human error and system glitches. [2]

Organizations must take responsibility to ensure employees have the necessary training and knowledge to avoid attacks rather than placing blame on that individual. It’s up to your business to create a strong cybersecurity culture and provide consistent training to your staff so everyone knows how to spot and avoid cyber threats.

Why you need to focus on employee cybersecurity training.
Currently, the most underspent sector in cybersecurity is employee training despite the critical role it plays in the protection against threats.[3] That also means an investment in employee training represents your best opportunity for cost-effective, meaningful improvement.

In order for cybersecurity software and solutions to do their job, they must be constantly updated. The same is true for employee education. Since new viruses and attacks are developed on a daily basis, your employees require consistent and regular training and updates from a trusted source. Consider these statistics from Chubb’s Third Annual Cyber Report[4]:

• 70 percent of respondents say their company has excellent or good cybersecurity practices but only 31 percent receive annual company-wide training or updates.
• More than two-thirds of employees learn about cybersecurity protection from mainstream media or family and friends. Only 19 percent of employees learn about cybersecurity protection through their employer.

Here’s your opportunity to strengthen data defense.
Establish strong security policies and create a culture of shared attitudes and actions to drive success. Remember, cybersecurity is a team effort. Put your employees in a position to succeed by providing regular cybersecurity training and updates that protect them and your organization. Supplement that with periodic simulated phishing campaigns to give employees the opportunity to test their knowledge learned while not putting the company at risk. Remedial training for those that fail the campaign will give them an opportunity to learn more about what to look for from cybercriminals.

Preparedness is a great thing to help prevent cyberattacks, however, it doesn’t always prevent them. Cyber insurance provides resources to respond to…

1. Breach of personal information (if your customers’ private information is compromised)
2. A computer attack
3. Cyber extortion (a hacker holds your companies data hostage for ransom)
4. Defense and settlement costs
5. Identity recovery
6. Liability for third parties (those that sue you due to the attack/breach)

Have Cyber Coverage and the peace of mind just in case something like this were to happen. Watch this video and contact your independent insurance agent to learn more.

[1] Keeper Security and Ponemon Institute, 2018 State of Cybersecurity Report

[2] Ponemon Institute and IBM Security, 2019 Cost of a Data Breach Report

[3] Herjavec Group, 2019 Official Annual Cybercrime Report

[4] Chubb, Third Annual Cyber Report, July 2019

Blog content courtesy of CyberScout. ©2020 CyberScout, LLC

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