Managing Human Risk in Today’s Digital Landscape
Cybersecurity is more than firewalls, encryption, and software patches. It’s about people. Specifically, as it relates to human risk management for your organization, it’s about your employees. Human risk management evolves security awareness training beyond the basics. Let’s take a look at the importance of training your employees, the beneficial results of that training, and how training impacts your organization’s financial bottom line.
The Social Engineering Problem
Social engineering exploits your employees’ human vulnerabilities through tactics like phishing emails, pretexting, and baiting. Employees unwittingly click on malicious links, share sensitive information, and fall victim to scams. The consequences can be devastating. From data breaches and financial losses to brand reputation damage and beyond, human risk management is the most crucial component to a holistic cybersecurity training solution.
Can You Afford to Do Nothing?
Ignoring the human element in cybersecurity would be a costly mistake.
Financial Impact: The average annual cost of cyberattacks for organizations has been reported to be around $4.7 million. This includes expenses related to incident response, legal fees, and lost productivity or downtime.
Reputation Damage: A breach tarnishes your brand’s reputation and erodes customer trust. Recovering from a damaged reputation is an uphill battle.
Regulatory and Compliance Needs: Regulatory bodies increasingly require organizations to provide security awareness training for employees. Non-compliance can result in hefty fines, loss of license, or temporary business stoppages.
Cybersecurity Insurance: Many insurers now mandate cybersecurity training as a prerequisite for coverage. Without it, your organization may face higher premiums or even outright denial of coverage.
The ROI of Human Risk Management
Investing in security awareness training pays off.
Reduced Incidents: Well-trained employees are less likely to fall for phishing scams or inadvertently leak sensitive data. This directly reduces the number of security incidents caused by your organization’s human element.
Cost Savings: By preventing breaches, you save on incident response costs, legal fees, and potential fines. Osterman Research found the ROI of security awareness training to be between 69% for small organizations and an impressive 562% for large organizations. Talk about return on your investment!
Time Efficiency: Educated users make fewer mistakes, leading to less time spent on incident identification, reporting, and resolution. Time saved translates to additional cost savings.
Risk Mitigation: Training employees mitigates the risk of breaches. It’s like an insurance policy against cyber threats and in many instances, keeps you compliant with your cyber insurance policy to begin with. Why waste money on a policy premium if you don’t intend to stay within the policy’s guidelines?
Our Role
As a leading human risk management organization focused on providing phishing simulation and security awareness training, we empower organizations to transform their employees into vigilant defenders. With content and tips covering topics like phishing, social engineering, and safe online behavior, we make sure your investment in us is an investment in more than just checking a compliance box. We’re here to build a resilient human firewall.
The Bottom Line
Remember, your employees are your organization’s most valuable asset. Investing in their cybersecurity education pays dividends. So, prioritize human risk management, embrace security awareness training, and watch your ROI soar while protecting your organization from cyber threats.
