Cyberattacks are among the most severe financial, reputational, and operational risks companies face, which is why they’re investing in cybersecurity like never before. While this is an encouraging development, company leaders must ensure that these investments are being put to the best possible use. There are many ways companies can build up their cyber defenses, which is why CISOs and other cybersecurity leaders are responsible for identifying the most cost-effective tools.
Social engineering is a major cybercriminal tactic, as it enables hackers to manipulate victims into sending sensitive information or money, downloading malware, and providing access to secure networks. Cybersecurity awareness training educates employees on the latest social engineering attacks, which gives them the knowledge and practice they need to identify and thwart these attacks in the real world. This is why these programs are one of the most cost-effective cybersecurity tools available – they allow companies to build robust defenses at every level of the organization and quickly adapt to shifts in the cyber threat landscape. TrendingThe Buffalo Boom: Organizations Turning Western New York into a Tech Haven
Growing cybersecurity budgets are a step in the right direction, but the task companies now face is determining how to get the most bang for their buck. When CISOs make the case for cybersecurity training to their leadership, they can point to a long record of success at preparing workforces for the most pressing cyber threats they face – and doing so in a cost-effective way.
Addressing the Most Urgent Cyberthreats
The costs of cyberattacks have surged in recent years. According to IBM, the average cost of a data breach hit an all-time high of $4.45 million in 2023. Beyond this direct financial impact, targeted companies may also suffer reputational harm, disrupted operations, damaged employee morale, and legal scrutiny. It’s no wonder that companies are investing in cybersecurity because the cost of failing to do so is now much higher.
But how should these investments be made? One critical factor for company leaders and security teams to consider is the prevalence of specific types of cyberattacks. For example, the IBM report found that phishing is the most common initial attack vector in the data breaches it evaluated. This isn’t surprising, as nearly three-quarters of breaches involve a human element – a reminder that social engineering is a powerful weapon in the cybercriminal arsenal. Phishing is to blame for several major cyberattacks in recent years – on MGM Resorts, Uber, and Rockstar Games, for instance.
Phishing isn’t just one of the most common cyberattacks – it’s also among the most destructive. The average cost of a phishing breach is $4.76 million, which makes it the second-most financially crippling initial attack vector IBM assessed. Note the word “initial” – phishing is often how cybercriminals gain a foothold within an organization, which means the ability to spot hackers’ lures is one of the most effective ways to limit the damage they can cause. Programs like cybersecurity awareness training can pay for themselves many times over by preventing just one major cyberattack.
Adapt to an Ever-Shifting Cyberthreat Landscape
The cyber threat landscape is never static – cybercriminals are always figuring out new ways to infiltrate organizations, steal data, and manipulate their victims. This is why cybersecurity training has to keep employees informed about the latest cyberattacks and how they can be resisted. Because these training programs are capable of constantly evolving to meet new cybersecurity challenges as they arise, it’s an investment that will keep paying off for years to come.
For example, the rapid emergence of AI means social engineering attacks are about to become even more dangerous. Microsoft expects AI to usher in a “new era of phishing schemes,” as the technology allows cybercriminals to produce clean and convincing phishing content at scale, use stolen data to make spear-phishing attacks more personalized, deceive victims with deepfakes, and evade spam filters. A well-trained workforce will help companies guard against the next generation of AI-powered social engineering attacks (by looking beyond typical red flags like errors, for instance) and respond to new cybercriminal tactics as they emerge.
The ultimate goal of any effective cybersecurity awareness training program is sustainable behavioral and cultural change. CISOs and other security leaders must help employees develop a comprehensive sense of cybersecurity awareness – from closely examining all communications for evidence of social engineering to proactive incident reporting. No matter how cyberattacks evolve in the coming years, cybersecurity awareness will continue to be a shield against some of the most pervasive – and ever-changing – cybercriminal tactics.
By consistently building up cybersecurity awareness and reinforcing it with information and assessments on the latest cyber threats, companies will establish a culture of cybersecurity at every level of the organization. This investment will pay dividends over time.
Awareness Training Offers Transparency and Accountability
According to PwC, the majority of company leaders say their cybersecurity budgets are increasing. Gartner predicts that security and risk management spending will jump by over 14 percent this year due to the emergence of AI, the persistence of hybrid work, and an “evolving regulatory environment.” These are all reasons why boards and other company leaders need to investigate which cybersecurity initiatives offer the highest ROI.
IBM reports that employee training is one of the top mitigating factors for the cost of data breaches – ahead of encryption, insurance, and data protection software. Meanwhile, a “security skills shortage” ranks among the main culprits for increasing the cost of breaches. Awareness training programs are also capable of demonstrating their effectiveness in a concrete way. For example, simulated phishing tests and other assessments can demonstrate what employees are actually learning. Because training can be personalized on the basis of employees’ unique skills, psychological profiles, and learning styles, evaluations can be hyper-targeted to reveal exactly what’s working and what isn’t.
Cybersecurity awareness training can pay dividends in some surprising ways. At a time when 82 percent of company leaders think employees will need new skills for the AI era – and 60 percent of employees say they don’t have the right skills to do their jobs – awareness training provides a unique professional development opportunity. Cybersecurity awareness is an essential skill in today’s digitized economy, and helping employees cultivate this skill can improve satisfaction and retention.
However, the most important payoff from cybersecurity awareness is the empowerment of employees with the knowledge and skills they need to defend the organization from cyberattacks. As these attacks become more sophisticated and harder to detect, the value of cybersecurity training will only continue to rise.