Everyone’s trying to control their spending these days as businesses start to climb back from the tumult caused by the global pandemic. As you start that climb you may be reviewing your budget to make sure that you’re not wasting money somewhere. But when you’re reviewing your expenditures, don’t put security awareness training on the chopping block – it could be the difference between life and death for your business.
Many business owners think cybersecurity and cyberattacks are only problems for big companies and won’t impact them. An IBM report noted that 60% of SMB owners feel that their business will not face any kind of cyberattack including threats like ransomware in the next year, a dangerously incorrect assumption. An estimated 55% of ransomware attacks now involve companies with fewer than 100 employees.
But with a limited budget, you’re certainly looking at the ROI on your business spending. So how good of an investment is security awareness training? It’s a very good investment with an impressive ROI. On average, smaller organizations (under 1,000 employees) can enjoy an ROI of 69% from a training program. The ROI is even bigger for larger organizations (1,000+ employees) at 562%.
The most important factor is this one: Businesses that conduct regular security awareness training are up to 70% less likely to have a cybersecurity incident. Beginning or revamping your training program is easy with an affordable, effective solution like BullPhish ID. By giving your employees training in the phishing threats that they actually face every day using customized content and other threats like ransomware and credential compromise, you can ensure that the smart money is on your business staying safe from cybercrime.
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