DEFENSESTORM BLOG
Friday, August 25th, 2023
In the final installment of our Redefining Cybersecurity series, we explore what it means to be Cyber Risk Aware. While the deployment of new technology is critical to ensuring cyber risk readiness, a lack of training and awareness is a significant liability to any institution.
In our previous blogs for Redefining Cybersecurity, we explored a variety of important aspects of improving and strengthening cybersecurity solutions. The series delved into shifting from cybersecurity to proactive cyber risk management, reinforcing cyber risk readiness, bridging communication gaps, and harnessing the power of a buyer’s guide to build a robust cyber security risk management solution. While these are integral to designing an efficient cyber risk management program, the final and crucial piece of the puzzle is being cyber risk aware. If your employees lack awareness of the constantly evolving threats to your financial institution (FI), they become a significant liability to your security, despite your adherence to the latest recommendations and employment of state-of-the-art technology.
Security Today reports: “A joint study by Stanford University Professor Jeff Hancock and security firm Tessian has found that a whopping 88 percent of data breach incidents are caused by employee mistakes. Similar research by IBM Security puts the number at 95 percent.” FIs are always a prime target for cybercriminals due to the sensitive data and valuable assets they protect, so employees at all levels must be trained and educated to prevent costly mistakes. The consequences of a breach aren’t just monetary; cyberattacks erode trust, damage reputations, and disrupt business operations.
FIs must provide ongoing security training for employees. Training should not be a one-time event but rather an ongoing initiative. By implementing training from the start – during onboarding – and diligently maintaining continuous education, your FI sets the tone as to the importance of security awareness. The benefits of regularly educating and training employees:
FIs are encouraged to seek assistance from an external organization to support ongoing education. DefenseStorm partners with KnowBe4 to provide internal training for our own employees and add-ons to our services to keep your FI threat ready and informed. KnowBe4 conducts mock phishing campaigns or simulated cyber attacks that can help gauge employee readiness and identify areas for improvement. DefenseStorm and KnowBe4 also offer educational webinars for professional development in security awareness.
Information Sharing
Sharing information about threats, breaches, and best practices is essential to staying informed and threat ready. When one organization encounters a new threat and shares information about it, others can prepare and defend themselves more effectively. By sharing experiences, FIs can establish best practices and set industry benchmarks, enhancing their overall cyber security posture. Quick dissemination of information about emerging threats can aid in timely response and mitigation, limiting potential damage. Ways to stay informed:
Sign up to receive these daily email FREE Security Intel Opt-In
As the demand for digital innovation continues to increase and cyber threats evolve in complexity, there’s a pressing need for FIs and individuals alike to prioritize cyber risk awareness. Your employees’ level of cyber risk awareness is equally important to the tools, technology, and services in your cyber security risk management solution. By emphasizing continuous training, promoting information sharing, and integrating other essential strategies, we can collectively pave the way to a stronger cyber defense.
Redefining Cybersecurity Part 4: The Power of a Buyer’s Guide
Redefining Cybersecurity Risk Management Part 3: Bridging the Communication Gap