The Impacts and Risks of Neglecting Cyber Awareness Training

In this blog we’re going to throw down the gauntlet, launch a few thought grenades and hopefully challenge conventional thinking. That doesn’t mean we don’t understand the challenging circumstances that almost all cyber awareness programs find themselves in. On the contrary, we want to shake things up and call out problems to foster new ways of thinking in this critical yet unloved business area. 

It’s time that everyone at the company, from the Board of Directors on down, believes like we do, that Cybersecurity awareness is not just an optional add-on for businesses. It’s a crucial element of protecting your organization from various cyber threats. Neglecting cyber awareness training can lead to severe consequences, from data loss and ransomware attacks to privacy violations and data breaches. According to the latest Verizon Data Breach Investigations Report, the financial impact of these common cyber events can be staggering.

 Worst-Case Scenarios of Ignoring Cyber Awareness

1. Data Loss: Without proper cyber awareness, employees may unknowingly fall prey to phishing attacks, leading to significant data loss. According to Verizon's DBIR report, a single data breach costs companies an average of $4.24 million. The loss of sensitive data not only affects business operations but can also result in loss of customer trust and regulatory fines.
2. Ransomware: Ransomware attacks have skyrocketed, with cybercriminals demanding hefty ransoms to restore access to critical data. The average cost of a ransomware attack is now estimated to be $4.62 million, including ransom payments and recovery expenses. Companies that fail to educate their employees about ransomware risks are more vulnerable to these costly attacks.
3. Data Breach: Data breaches are not only financially devastating but also severely damaging to a company’s reputation. Verizon's report highlights that breaches caused by employee errors or negligence can result in significant financial loss and long-term damage to a company's brand.
4. Privacy Violations: Failure to adhere to privacy regulations due to a lack of awareness can lead to severe penalties. For example, GDPR violations can cost up to 4% of a company's annual global turnover. Educating employees on privacy best practices is essential to avoid these costly fines.

 Risks of Poor Cyber Awareness Programs

1. Perceived Lack of Care: Employees may think the company doesn’t care about cybersecurity if the training is not embedded in the culture. This perception can lead to disengagement and non-compliance, increasing vulnerability to attacks.
2. Boring or Ugly Content: If the training content is unengaging or poorly designed, employees are less likely to take it seriously. This can result in superficial compliance without genuine understanding, leaving the company exposed to cyber threats.
3. Set-It-and-Forget-It Mentality: Infrequent or one-off training sessions can lead to a false sense of security. Continuous learning is necessary to keep up with evolving threats. Companies that rely on outdated or sporadic training risk employees becoming complacent and vulnerable to attacks.
4. Over-Reliance on Tools: Thinking that a SaaS platform alone can handle cybersecurity awareness is misguided. Like flying an airplane, you need a comprehensive plan, ground support, and ongoing training to ensure success. Relying solely on tools without integrating people and processes can lead to gaps in security.
5. ‘Good Enough’ Approach: Settling for mediocre training programs can be dangerous. In the current risk landscape, complacency can cost companies hundreds of millions of dollars. A lack of focus on high-quality, engaging training can leave employees ill-prepared to handle real threats.
   
   

Innovate and Disrupt, Don’t Settle

The cyber threat landscape is constantly evolving, and so should your approach to cybersecurity awareness. Despite the efforts of big players in this space (the three who shall not be named), the needle on reducing human cyber risk hasn’t actually moved significantly in over a decade. Despite what the glossy marketing says, breaches are more common, more expensive, more disruptive. We have more people in the workplace with less value on privacy and compliance than ever before. 

It's time to innovate and disrupt the status quo. Investing in comprehensive, engaging, and up-to-date training programs is essential for truly protecting your organization and supporting your employees.

By addressing these risks and proactively enhancing your cyber awareness training, you can significantly reduce the likelihood of costly cyber incidents and foster a culture of security within your organization. Get in touch with us to learn how we can help you build a robust cyber awareness program that keeps your employees and your company safe.