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16.09.24

Cyber-security Awareness Programmes

Cyber-security Awareness Programmes: Benefits and Implementation – Cyber risks and liabilities

Businesses of all sizes are susceptible to cyber-attacks such as phishing scams, malware attacks and ransomware schemes, which can create significant financial loss and lead to major reputational damage. Therefore, organisations need to take measures to mitigate cyber-risk. Implementing comprehensive cyber-security awareness programmes is one of the most important strategies for recognising and preventing cyber-attacks. Establishing such a programme can create a stronger cyber-security culture and provide employees with essential training to prevent breaches. This article provides more information on cyber-security awareness programmes and offers tips on implementing them successfully and the gains after their introduction.

Key Benefits of Cyber-security Awareness Programmes

Cyber-security awareness programmes provide informative training sessions on cyber-threats and cyber-security best practices. These programmes aim to educate employees and organisations about the importance of maintaining a secure online environment and the potential risks associated with cyber-attacks. These programmes can offer several benefits to organisations, such as:

  • Improved employee understanding of cyber- security risks and best practices—Extensive training provides employees with vital information about data breaches and how to prevent them. This can lead to a reduced likelihood of successful phishing attacks, social engineering tactics and other cyber-security incidents.
  • Prevention of financial, legal and reputational consequences related to cyber-incidents—Cyber- security awareness programmes can help reduce the likelihood of successful cyber-incidents that can lead to costly regulatory fines, penalties, remediation expenses and legal action, as well as reputational damage among industry peers, employees and clients.
  • Faster incident response and mitigation due to employee preparedness— Once employees are equipped with the knowledge on how to respond to cyber- attacks, they can act more swiftly if one occurs. This may reduce an incident’s spread and impact, which, in turn, can lessen needed response times and lower associated costs.
  • Enhanced customer trust— Compliance with industry regulations and standards may instil trust with clients. Having a cyber-security awareness programme in place demonstrates an organisation’s commitment to data protection.
  • Potential insurance cost savings—Insurance providers may offer more favourable premiums to organisations with cyber-security awareness programmes in place because such training may reduce the likelihood of breaches, resulting in a lower chance of needing to file an insurance claim related to the losses.

Implementation Strategies for Cyber-security Awareness Programmes

Organisations should implement the following strategies when establishing cyber-security awareness programmes to ensure their efficacy:

  • Obtain support from leadership. Securing buy-in from executives is a key aspect of a successful programme. If the leadership team supports that initiative, they can set the tone for companywide commitment and assist the programme in receiving the needed resources. This is a crucial step in creating a strong cyber- security culture within an organisation.
  • Promote the programme. Generating interest and providing communications through various channels (e.g. email, posters) can improve the programme’s reach and help reiterate that cyber-security is an ongoing organisational priority.
  • Tailor training content to the specific needs and risks of the organisation. An organisation should be aware of its cyber-vulnerabilities so that it can tailor its training to address them. The organisation’s industry and how it communicates, stores data and processes transactions can all impact its cyber-risk. Conducting audits and enlisting assistance from IT professionals can identify and prioritise areas to cover.
  • Use various training methods. Utilising interactive modules, simulations, real-world examples and gamification can improve employee engagement in cyber- security training. Providing incentives or awards for participating in and completing exercises can also increase participation.
  • Regularly update and reinforce training. Organisations should provide regular training sessions to inform employees about the latest security threats. This helps ensure that employees are equipped to handle evolving security risks. They can be delivered during onboarding, after incidents and at regular intervals. Additionally, key concepts can be presented through ongoing communications, and offering opportunities for employees to apply skills in real-world scenarios can solidify their cyber-security knowledge. •   Measure and continuously improve. The cyber-security landscape is always changing, so awareness programmes must evolve with it. Organisations should conduct baseline and ongoing assessments to measure progress, as well as analyse metrics (e.g. training completion rates and phishing susceptibility) to determine their programme’s strengths and weaknesses. It is also beneficial to gather employee feedback and to make improvements when needed.

Conclusion

Robust cyber-security awareness programmes offer numerous benefits to organisations and implementing them can improve their overall cyber-security culture. Organisations can reduce their cyber-risks and safeguard their finances and reputations by taking the time and initiative to ensure their programmes’ effectiveness. Contact us today for more risk management guidance and insurance solutions.

Information provided by Zywave with contribution by Lisa Langley, Cert CII, Team Leader, Professional Risks, Cox Mahon Ltd.

This Cyber-risks & Liabilities document is not intended to be exhaustive, nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel or an insurance professional for appropriate advice. © 2024 Zywave, Inc. All rights reserved.