The Time Banks 29

Making your team at large aware of the many threats that exist – from data breaches to ransom ware – will keep them from making simple mistakes that could threaten the safety of your organization.

If your teams are uninformed about the capabilities of hackers, a moment could cost you. A lot can stem from an employee checking their email on a smartphone while using a public Wi-Fi network, for instance. If everyone in your business is taking the same security measures, a breach is much less likely to happen.

Cyber security training for your team is also a wise investment. It is estimated that data breaches and similar attacks cost companies about $400 billion each year. In the United States, a single attack could cost a company $15.4 million. Therefore, the cost of excellent cyber security training is well worth it if it prevents even a single attack.

And naturally, the same goes for time spent. If an attack were to occur, your team would spend a significant amount of their energy attempting to plug the holes and repair the damage. That time could be much better spent conducting other functions of business.

You don’t want your employees second-guessing

their actions. If they know what a phishing email looks like, they’re less likely to ponder opening the suspicious message. They’ll instead send it right to the trash bin. This confidence is key. With employees empowered to act with confidence and awareness of the risks, they’ll be less likely to make the kind of human error that could cause a devastating breach. They will also be less likely to waste time debating their actions or waiting to inquire with IT about a simple, basic problem. Armed with the proper knowledge, they can tackle daily threats and occurrences themselves.

A survey of 2,000 respondents showed that about 86.6% of those asked were hesitant to patron a business that experienced a data breach in which credit or debit card information was compromised. That’s over 1,700 people who would lose faith in an organization as a result of what could be a simple, quick mistake.

Obviously, an attack could seriously damage a company’s credibility. And not only could this result in a loss of customers, but also risk partnerships with other businesses. Such relationships will appear to be more of a risk after an incident.

The benefits far outweigh the losses when it comes to cyber security training. So, ensure that your workforce is well equipped with the knowledge that will keep your organization safe.

Ms. Ragini Mishra

Dynamic professional with almost 5.6 years of experience in Program Management and currently working as Senior Analyst and managing Software Security Lifecycle Management in Northern Trust.