If, like many small and medium-sized business (SMB) owners, you recognize the value of cyber insurance, it’s likely high on your list of IT spending considerations. Balancing coverage costs against a tight budget, though, can be difficult. Taking proactive steps to improve your cybersecurity set up is one way to mitigate this cost, and today, we’re focusing on an often-overlooked facet of this: the potential impact of employee behavior.
Employees can unintentionally be a significant risk factor for your business, increasing the likelihood of costly breaches, and driving up premium prices as a result. However, with targeted employee training, you can make your SMB less attractive to cybercriminals and more favorable to insurers.
How Employees Impact Cyber Insurance Costs (And how Training Can Lower Cyber Insurance Premiums)
In short, they’re a liability. Their actions, whether intentional or not, can open the door to cyber threats— according to a Verizon report, the human element is involved in 82% of data breaches. Phishing emails, weak passwords, and mishandling of sensitive data are just a few ways employees can inadvertently compromise your business. They’re also your biggest surface area for potential attacks—consider how many platforms, logins, and endpoint devices they each use and how much sensitive data they handle daily. That’s a lot of potential ins for a cybercriminal.
Insurance companies assess risk based on how likely your business is to suffer a cyber incident. If your employees are well-trained and your business demonstrates a strong commitment to cybersecurity, insurers view you as a lower risk, which can translate into lower cyber insurance premiums. Conversely, if your employees are untrained and your cybersecurity practices are lax, you’re seen as a higher risk, leading to higher premiums.
Hopefully, you can now see why comprehensive cybersecurity training for employees is so important for small businesses in Virginia.
What Makes Cybersecurity Training Comprehensive?
Comprehensive cybersecurity training for employees in Virginia should cover a wide range of topics and skills, ensuring that employees are well-equipped to handle various cyber threats. At minimum, a thorough training program should cover:
- Phishing Awareness: Teaching employees how to recognize and report phishing emails.
- Password Security: Training on creating strong passwords and using password managers.
- Data Protection: Educating on the importance of protecting sensitive data and complying with data protection regulations.
- Device Security: Instructions on securing personal and company devices, including the use of encryption and regular software updates.
- Incident Response: Ensuring employees know the steps to take in the event of a cyber incident.
- Regular Updates: Continuous education on the latest cyber threats and security practices.
But checking all those boxes is no guarantee. In order to make sure your team retains their new knowledge, you also need to take into account the way training sessions are delivered.
What Makes Cybersecurity Training for Employees Effective?
Effective cybersecurity training goes beyond just providing information; it actively engages employees and ensures they can apply what they’ve learned. What works best will depend on your team and your sector. Let’s consider how training programs can be tailored for different industries:
- For Healthcare Providers: Healthcare businesses are prime targets for cyberattacks due to the sensitive patient data they handle. In fact, since 2023, they’ve accounted for most of the attacks on critical infrastructure (14.2%). A comprehensive training program for healthcare workers would focus on HIPAA compliance, recognizing phishing attempts, securing electronic health records, and proper use of medical devices connected to networks.
- For Government Contractors: Regardless of concerns over cyber insurance costs, these businesses must comply with stringent security standards like NIST SP 800-171. Aside from impacting cyber insurance costs, training programs would emphasize compliance, handling classified information, secure communication methods, and incident response protocols tailored to government security requirements.
- For All SMBs: More generally, training should cover the basics of cybersecurity, such as password management, recognizing and avoiding social engineering attacks, safe internet practices, and securing mobile devices used for work. Regular simulated attacks and refreshers can ensure ongoing vigilance, especially if they’re modelled after real attacks within a relevant industry.
Keep It Simple with IT Support in Virginia
Navigating cybersecurity tools and finding training programs that best suit your business can get complicated, and this is where an experienced provider can make all the difference. IT support in Virginia can help walk you through the technical language in clear English, ensuring you fully understand the implications of your cybersecurity measures and insurance policies. They can also assist in tailoring and implementing effective training programs, providing ongoing support to keep your business and employees up-to-date with the latest security practices.
Final Thoughts
Employee training is an investment that pays for itself through lower cyber insurance premiums and reduced chances of costly cybersecurity incidents. By undertaking thorough cybersecurity training for employees in Virginia, you not only mitigate the risk of breaches but also position your business as a lower risk to insurers. This, in turn, can lead to significant savings on your cyber insurance costs. Partnering with an experienced IT support provider in Virginia can ensure any training you conduct is relevant and continuously updated, safeguarding your business against ever-evolving cyber threats.
Infinity Technologies: Virginia’s Premier Managed IT, Cybersecurity, and IT Support Partners in Charlottesville, Fredericksburg, and Richmond
At Infinity Technologies, we specialize in providing IT and cybersecurity solutions that cover all bases—from initial assessment to ongoing threat management, response, and recovery—to SMBs in Charlottesville, VA, and beyond. Our services are designed to keep your business safe, secure, and operational, no matter the cyber threats you face.
Curious to see the difference that we can make for your SMB? Contact us today to learn how our IT support and cybersecurity solutions can provide the robust protection your business deserves.
