2/20/2022 3:30 P.M.
One of the key components of the FTC Safeguards Rule is cybersecurity awareness training.
As stated in the Section 314.4 of the rule: “Train your staff. A financial institution’s information security program is only as effective as its least vigilant staff member. That said, employees trained to spot risks can multiply the program’s impact. Provide your people with security awareness training and schedule regular refreshers. Insist on specialized training for employees, affiliates, or service providers with hands-on responsibility for carrying out your information security program and verify that they’re keeping their ear to the ground for the latest word on emerging threats and countermeasures.”
A study conducted by the Ponemon Institute found that organizations that provided security awareness training to their employees experienced 75% fewer security incidents than those that did not. Additionally, companies that provided regular training and education to their employees had a much lower cost per data breach incident.
Another study by the University of Maryland found that a cyber-attack occurs every 39 seconds and that the average cost of a data breach for a business is $3.86 million. It is estimated that between 75-95% of all security threats start with an email. Just in 2020 alone, there was a 64% increase in email threats. Even more troubling is that 6 of every 10 companies have experienced a ransomware attack.
These figures highlight the importance of cybersecurity awareness training and the potential cost savings that can be achieved by investing in it. Providing cybersecurity awareness training to employees can help to reduce the risk of falling victim to these attacks. It is essential that employees understand the potential risks and are aware of the steps they can take to protect themselves and their data. This includes being able to identify phishing emails, using strong passwords, and being vigilant when it comes to sharing personal or sensitive information online. Proactive user security awareness training helps employees learn how to recognize and avoid cyberattacks.
TPx’s Security Awareness Training uses a continuous approach to education with regular, interactive training courses. Plus, businesses can put their employees to the test with phishing simulation emails delivered randomly to users.
In conclusion, cybersecurity awareness training is a critical component of any organization’s cybersecurity strategy. The increasing frequency and complexity of cyber threats mean that it is no longer enough to rely on technology alone to protect against attacks. Educating individuals on the importance of cybersecurity and providing them with the knowledge and skills they need to protect themselves is essential in mitigating the risk of cyber threats. With the potential cost savings and reduced risk of security incidents, investing in cybersecurity awareness training is a wise decision for any organization.
