Cybersecurity Awareness Training: A Cost-Effective Protection Against Cyber Threats
Posted in: Commercial Insurance
In the first two posts of this interview series with Chad Quarles, Senior CISO Advisor from Hartman Executive Advisors, we have discussed the importance of implementing Multi-Factor Authentication and data backup to help your business qualify for Cyber insurance. Today, we will explore cybersecurity awareness training.
While insurance carriers have not yet been asking for cybersecurity awareness training as a prerequisite for writing a cyber policy, having a training in place does put your organization in a more favorable light when trying to secure an affordable and comprehensive cyber coverage. It is also one of the most cost-effective ways for small to mid-size businesses with limited resources to lower their risk profile while protecting their operations. I must also add that I can already see indications that the market will likely start requiring this protection measure as well in the near future.
Cyber Insurance Landscape
Before we dive into our interview with Chad, I would like to provide you with a deeper insight on the insurance market forces at play that impact your ability to obtain adequate Cyber coverage, which in turn determines your ability to conduct business.
The Cyber insurance market has increasingly been facing a supply-demand issue. You may have noticed that your clients are now asking you to have Cyber coverage to conduct business, which has increased demand for Cyber insurance. However, at the same time, insurance carriers have become more conservative and risk-averse when writing new and renewing existing policies – therefore, decreasing the supply of sufficient and affordable Cyber policies.
This means your business must be competitive to receive coverage, but fewer Cyber policies are being offered. By conducting cybersecurity awareness training, it is not only perhaps one of the most affordable cyber security measures you can do to protect your business, but it can make you a more attractive applicant during the underwriting process to obtain sufficient and affordable coverage.
PSA: What is cybersecurity awareness training, and why is it important for small to mid-size businesses?
Hartman: Cyber security awareness training is the process of formally educating your workforce about the different types of cyber threats, how to recognize them, and what steps they can take to keep themselves and your company safe and secure. The most resilient organizations have established a culture of cybersecurity awareness. In these organizations, employees are no longer viewed as the “weakest link”. Instead, they are considered the last line of defense against cyber-attacks and an effective layer of defense.
Even the most advanced cybersecurity technologies cannot prevent all cyber-attacks. Inevitably, your employees will be confronted with a malicious email, website, text message, or even phone call. A cyber-aware employee can be a very effective layer of defense by identifying and reporting the suspicious activity so that the IT team can respond and make sure similar attacks are detected and blocked in the future.
With so many employees working remotely, small businesses are becoming more vulnerable to cyber-attacks than ever before. A cybersecurity awareness program can be a cost-effective way to improve your organization’s resiliency to cyber incidents.