If you’ve made it here, you already know how important cybersecurity is for businesses. According to a CyberEdge Group report, 91.8% of Spanish companies suffered at least one cyberattack in 2022.
But why is employee training such a key piece in preventing these threats and the costs that come with them? Because roughly 90% of incidents are made possible by human error or carelessness, which makes people the weakest link in any organization.
What is cybersecurity?
Cybersecurity is the practice of protecting computer systems, devices, networks and confidential information from digital attacks. Attacks such as phishing, ransomware and other threats we need to keep a close eye on in 2023.
Today, both as individuals and as companies, we enter a great deal of sensitive data online: personal ID numbers, credit cards, passwords or codes to access certain content, medical records, tax data, strategic business data, third-party data, and more. Just as we would keep all of this under lock and key in person rather than leave it exposed, online the very least we should do is make sure it is properly stored and protected.
Especially when you consider figures like these, shared by INCIBE (Spain’s National Cybersecurity Institute) for 2021:
- More than 109,000 cyberattack incidents, of which more than 90,000 affected individuals and companies, and more than 19,000 affected research and academia.
- More than 44,000 cases of people with infected computers.
- More than 60,000 incidents in the public sector.
- 619 infected networks at the Ministry of Defense.
And while 100% security does not exist, it is essential to build prevention and detection measures that focus especially on the human factor.
“Any organization, whether small, medium or large, and whether its dependence on technology is high or low, must be prepared to deal with a security incident.”
Spain’s National Cybersecurity Institute (INCIBE)
Why is cybersecurity important for businesses?
When we think about cyberattacks on companies, there is a common misconception that they only affect large multinationals. It is true that when a big company is hit, we see it all over the news, as with the cyberattacks on Yahoo, Meta, Telefónica or SEPE (Spain’s public employment service). If you need some tips on cyberattacks, learn how to protect your company from cybersecurity attacks.
Some of the attacks that most often affect small and medium-sized businesses are:
- Ransomware
- Denial of service (DoS)
- Phishing
- Spyware
- Trojans
- Keyloggers
- Password attacks
- Worms
- Man-in-the-middle attacks
- SQL injection
But what kind of information do we need to protect at the company level? There are two types:
- Business information: employment and tax data, strategic plans, actions and the people involved, etc.
- Third-party information: sensitive data on customers, suppliers, shareholders, partners and more.
If this data is not properly protected, we can face legal liability and reputational damage.
Cybersecurity training: why is it essential?
We have already seen that human error is a key factor in the success of cyberattacks, which is why training employees is essential to prevent them. Need more reasons? Let’s take a look.
1. Protect confidential information
Information is now one of a company’s most valuable assets. That is why we need to avoid putting its security, confidentiality and integrity at risk. How do we do that? By training employees in good cybersecurity practices.
This matters even more when we are talking about third-party data: customer names and addresses, financial information, bank account and credit card numbers, and so on. These are examples of information a company may store about its customers, and their theft in a cyberattack can end in irreversible financial and reputational damage for the organization.
2. Prevent a phishing attack
Phishing is a type of attack that consists of stealing information through fake, fraudulent emails. Attackers pose as companies or official bodies so that users themselves end up sharing confidential data by mistake.
This is one of the main threats to businesses, and training employees can help them spot these fraudulent emails more easily and know how to act if they receive one.
3. Reduce the risk of insider attacks
We talk about insider threats when referring to actions carried out by users inside a company or organization that compromise the security of systems, devices or data. These actions can be malicious or negligent; in other words, intentional or unintentional.
Training helps not only to reduce potential human error, but also to build greater awareness of the devastating effects a cyberattack can have on a company.
4. Protect the company’s reputation
One of the worst consequences of a cyberattack is that it puts the company’s reputation, and the trust of customers and partners, at risk. In fact, according to the latest Hiscox Cyber Readiness Report 2022, 28% of the companies surveyed lost customers after a cyberattack.
Employee training, besides preventing risks, builds a cybersecurity culture and awareness of how important it is to protect information.
5. Avoid fines and penalties for regulatory non-compliance
Spain, and countries around the world, now have specific data protection regulations, such as the GDPR in the European Union or Spain’s Organic Law on the Protection of Personal Data.
Training helps ensure compliance with these regulations. Failing to comply could mean fines or financial penalties that would seriously affect the finances and reputation of any company.
6. Save time and money
According to El Economista, the average cost of cyberattacks for Spanish companies in 2021 was 105,655 euros. And the financial cost is not the only one a company faces after an attack: it also has to invest time, resources and specialized staff to recover. Find out how much a cyberattack could cost your company.
Training belongs to the phase before an attack, prevention, and so it saves resources that would otherwise be spent investigating, mitigating or recovering from the security breach.
7. Strengthen the company’s cybersecurity posture
The first step in tackling cybercrime is having a strong cybersecurity culture. And that culture can only be built if employees see a genuine interest from the company in training and applying good practices to everyday processes.
Master’s in Cybersecurity and Digital Prevention, with the World Compliance Association
At Founderz, we are well aware of how important it is to understand the risks, protect against them and learn how to prevent cyberattacks. That is exactly why we created this master’s program, together with the World Compliance Association.
A program divided into eight modules and designed to give professionals the knowledge they need to prevent cyberthreats in an increasingly digital world.
- 100% online, so your employees can join wherever they are.
- Based on microlearning: the program content is divided into video lessons of 5 to 15 minutes, from the most basic level to advanced.
- We learn from leading experts and professionals in the field.
- We believe in the power of collective intelligence: we don’t believe in the traditional model of a teacher talking while students listen. We are changing the way people learn with a co-creation method in which our whole community shares knowledge, ideas and projects through Discord or on our virtual campus in the Metaverse.
If you think cybersecurity training for your employees could be a valuable asset for your company, take a look at our syllabus or ask us for more information:
Cybersecurity FAQs
What is cybersecurity?
Cybersecurity refers to all the measures and good practices designed to protect computer systems, networks and confidential data from malicious attacks and information theft.
What are the 4 types of IT security?
- Network security: focuses on protecting computer networks from external threats such as viruses and malware.
- System security: protecting operating systems and servers from malicious attacks.
- Application security: aims to prevent and protect software applications from external threats such as malicious code injection or hacking.
- Data security: focuses on protecting confidential and sensitive data, usually belonging to companies, through preventive measures such as access controls, backups or software updates.
What are the current challenges in cybersecurity and how are they being addressed?
The current challenges in cybersecurity are:
- Evolving threats, driven by the emergence of new technologies.
- The rise in cybercrime, especially against companies.
- A lack of training across society.
They are addressed mainly through training and awareness, the use of innovative security technologies, continuous monitoring, and collaboration between organizations and government institutions.
What are the cybersecurity risks associated with cryptocurrencies and how can they be mitigated?
The most common cybersecurity risks associated with cryptocurrencies are theft, fraud and hacking. All of them can be mitigated by implementing:
- Cold wallets.
- Strong passwords.
- Two-factor authentication.
- Security measures on the part of exchanges.
