A cybersecurity breach can cost a business millions of dollars depending on the severity of the attack. Despite the use anti-malware programs and multi-factor authentication, cybersecurity attacks can still take place through social engineering methods. With people as the weakest link in cybersecurity, it is worthwhile for a business to consider implementing a cybersecurity training program. Training programs can also be costly, therefore it is important for businesses to ensure the costs do not outweigh the benefits.

Security awareness training is expected to grow $10 billion annually by the year 2027. This can be costly for individual businesses as ongoing funded will be needed for training. The costs related to developing a cybersecurity program include training resources, consulting services and testing, and software/hardware. Each business must also consider their individual size, number of employees, types of materials, and types of training. With new breaches developing regularly, businesses must also invest in staying up to date.

A security training program will include cybersecurity fundamentals such as creating safe passwords and identifying phishing emails, but some training will need to be tailored to each individual position. For example, directors and managers may need to know how to safely use their devices for work when traveling and staying in hotels. The effectiveness of the training methods should also be evaluated. Did employees learn better with interactive webinars, in-person meetings, or reward systems?

Finally, the benefits of implementing a security program should also be considered. Avoiding the high costs of a breach are certainly one benefit – although the costs are somewhat unpredictable depending on the severity of the breach. By having a strong cybersecurity program that customers can trust, the reputation of the business can remain positive and impact revenue.

References

Nasir, S. (2023, December 12). Rethinking Cybersecurity Training to Build a Resilient Workforce. ISACA. Rethinking Cybersecurity Training to Build a Resilient Workforce (isaca.org)

Zuopang, Z., Wu, H., Li, W. , & Abdous, M. (2021) Cybersecurity Awareness Training Programs: a Cost–Benefit Analysis Framework. Industrial Management and Data Systems 121(3), 613-636. IMDS-08-2020-0462_proof 613..636 (odu.edu)

Solomon, H. (2024, March 8). Staff training far more cost-effective than going through a cyber compromise- Canadian Centre for Cyber Security. IT World Canada. Staff training far more cost-effective than going through a cyber compromise – Canadian Centre for Cyber Security | IT World Canada News