Our reliance on technology grows greater every day. With the threat of cyberattacks looming large, we have to educate ourselves to be aware of the ways cybercriminals look to exploit our human nature.
Phishing attacks continue to be one of the most potent and pervasive dangers facing companies of all sizes.
Phishing attacks target the weakest link in your cybersecurity chain - your employees, including you.
But just how much damage can a single phishing attack really cause? More importantly, how can businesses and organizations safeguard themselves?
That’s where we come in. With powerful phishing training and simulation, a proactive approach, and unrivaled support, we can help save your company money and reputation.
The Costly Reality of Phishing Attacks
Phishing attacks are designed to be a stealthy way to exploit human vulnerabilities. Cybercriminals craft deceptive emails with faux authenticity, luring employees into their trap where the ploy to extract sensitive information or gain access to systems is sprung.
The consequences of falling victim to a phishing attack can be catastrophic.
Immediate financial loss compounded by potential reputational damage, legal liabilities, and operational disruptions add up quickly.
Every year, businesses around the world suffer significant setbacks due to phishing attacks. According to the "2022 Cybercrime Report" put out by Cybersecurity Ventures, the global cost of cybercrime is projected to exceed $10 trillion by 2025. Gartner research recently indicated 45% of organizations will experience a supply chain disruption due to a cyberattack in the next few years.
Phishing attacks account for a substantial portion of these numbers and the prevalence of attacks is increasing while growing more advanced and effective.
The Case for Phishing Training and Simulation
Financial risks associated with phishing attacks alone could be reason enough to safeguard against a phishing attack. Businesses must adopt a proactive stance to protect themselves with a phishing training and awareness program tailored to meet the needs of their organization. This is where phishing simulation and phishing testing come into play. Investing in comprehensive cybersecurity training programs equips employees with knowledge and develops skills needed to identify and thwart phishing attempts.
Training alone is not enough. Phishing simulation elevates any cybersecurity strategy a step further. According to a study conducted by the Aberdeen Group, organizations conducting regular phishing simulations experience a 70% decrease in successful phishing attacks. This statistic underscores the impact and effectiveness of hands-on experience. With a workforce ready to recognize phishing red flags and respond appropriately, you’ll become a much harder target to victimize.
The ROI of Phishing Training and Phishing Simulation
It's clear the financial implications of a successful phishing attack can have devastating potential. But does the risk outweigh the upfront cost of cybersecurity awareness training and in-depth phishing simulation?
Let's break it down:
Reduced Financial Losses: By training employees to identify and report phishing attempts, you can significantly reduce the likelihood of a successful phishing attack. The "2023 Cost of a Data Breach Report" released by IBM Security and the Ponemon Institute found organizations with an incident response team and extensive training saved an average of $4.45 million in breach costs compared to those without such programs. That figure is up from roughly $2 million back in 2021.
Operational Continuity: Phishing attacks impact organizations in different ways with different goals. Disrupting business operations, forcing delays and production downtime, can impact a manufacturer or e-commerce platform with greater financial fury than directly accessing accounts or stealing funds. With a dedicated, vigilant staff trained to spot phishing attempts, you ensure a smoother workflow and maintain productivity levels. The annual Verizon Data Breach Investigations Report regularly lists phishing and social engineering as main culprits for company cyberattacks.
Reputation Protection: Data breaches may seem commonplace with successful attacks taking place daily, but that doesn’t lessen the impact they have on reputation. The lasting impact lingers in the minds of vendors, partners, internal stakeholders, and even customers and consumers for years. Implementing effective phishing training and phishing simulation demonstrates a commitment to cybersecurity, enhancing trust and loyalty among all the groups with a vested interest in your success. The "Global Data Risk Report" by Varonis revealed a staggering 64% of consumers would stop using a company's services following a data breach, highlighting the long-term impact on reputation.
Regulatory Compliance: Depending on your industry, data protection regulations and mandatory compliance may apply. Falling victim to a phishing attack can result in tangible fines and penalties. Preventing such attacks cannot be guaranteed by simply checking a box but comprehensive cybersecurity training and phishing simulation can help you avoid costly fines. Thomson Reuters’ "2021 Cost of Compliance Report" estimated non-compliance costs organizations an average of $5.47 million annually. Know what you need to do in order to stay above the mark and be compliant!
Long-term Savings: While the upfront investment in phishing training and simulation might seem substantial, it pales compared to the potential costs of a successful cyberattack. The return on investment becomes a no-brainer as you mitigate risks and maintain business continuity. In many instances, the cost of cybersecurity training compared to a successful phishing attack can be a 30, 40, or even 50-1 return within a single year.
The Bottom Line
It’s a digital world. The financial toll phishing attacks can take on businesses cannot be ignored. The threat is real and the stakes are high, but companies have the power to fight back with phishing training and simulation.
It’s a cost-benefit analysis. A risk analysis. What’s the cost of not creating a culture focused on cybersecurity and awareness? Are you okay with losing millions of dollars because you failed to train your workforce on a new sales process? Why would you risk it when it comes to security posture?
Phishing training and phishing simulation are strategic investments in your company's future. By empowering staff to recognize and respond to phishing attempts, you’ll be ready to spot the real thing when it inevitably lands in your inbox. A formidable line of defense to recognize when a wolf in sheep’s wool makes its way past the technical defenses and slips through the cracks.
Remember, the cost of prevention is always lower than the cost of recovery! Connect with our cybersecurity experts today and customize a plan designed to turn your organization into a cybersecurity fortress.
