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6 December 2023

Cyber Security Awareness for Your Business in 2024

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As we embark on the journey through 2024, the imperative for a robust cyber security strategy is more pronounced than ever. Cyber threats continue to evolve, demanding a proactive and adaptive approach to safeguard your business. Cyber security awareness is not merely an isolated investment; rather, it’s an ongoing commitment to understanding the dynamic nature of cyber attacks, identifying vulnerabilities, and ensuring that every member of your organisation is equipped to defend against emerging threats.

What Big Changes Have Happened in 2023?

In 2023, the cyber threat landscape witnessed substantial shifts. Notably, the human element remained a critical factor, contributing to 82% of breaches, according to Verizon’s 2022 Data Breach Investigations Report. Ransomware breaches surged by 13%, representing a greater threat than in the last five years combined. These cybercrime statistics underscore the urgency for businesses to prioritise cyber security and cultivate a culture of vigilance.

What Are the Biggest Cyber Threats in 2024?

Phishing Emails:

Phishing attacks have become increasingly sophisticated, with cybercriminals deploying deceptive emails to trick individuals. In 2023, phishing remained a prevalent threat, constituting a significant portion of successful breaches.

Simple/Repetitive Passwords and No 2-Factor Authentication:

Weak password practices continue to pose a risk to businesses, giving cyber criminals an easy way in to personal and professional data. According to industry reports, a large percentage of successful cyber attacks leverage compromised passwords.

AI-Powered Cyber Threats:

The integration of artificial intelligence in cyber attacks adds a new layer of complexity. AI-driven threats can adapt and evolve, making them more challenging to detect. As AI technology advances, businesses must stay vigilant to counter these evolving threats.

Lack of Trained Cyber Security Staff:

The shortage of skilled cyber security professionals is a vulnerability within organisations. According to industry surveys, the demand for cyber security professionals far exceeds the current supply.

IoT Cyber Attacks:

The proliferation of Internet of Things (IoT) devices introduces new attack vectors. In 2024, securing IoT devices and educating employees about the associated risks is crucial to mitigating potential threats.

Cyber Regulation:

Evolving cyber regulations impact businesses globally. Non-compliance can result in severe consequences. Staying informed and ensuring compliance is an integral part of a comprehensive cyber security strategy.

Who Is Most Vulnerable?

In the intricate dance of cyber threats, every individual within an organisation can be a potential target. However, the level of access and responsibility held by executives and management roles places them at a heightened risk. These individuals, often the custodians of sensitive company information, financial data, and strategic plans, can inadvertently become prime targets for cybercriminals seeking maximum impact.

Your employees: a prime target

Access to Critical Information:

Executives and high-level managers typically have privileged access to critical and sensitive information. This includes financial records, intellectual property, and strategic plans. Cybercriminals, recognizing the value of such data, strategically target these individuals to gain unauthorised access.

Potential for Financial Gain:

Executives’ roles involve decision-making power, and cybercriminals exploit this by attempting to compromise their accounts. Fraudulent activities, such as CEO fraud or business email compromise, often target higher-level employees with things like fake invoices and faux-emergency emails.

Social Engineering Tactics:

Cyber attackers employ sophisticated social engineering tactics tailored to employees. Spear phishing, for instance, involves crafting deceptive messages specifically designed for an individual. Executives may be targeted with messages that appear to come from trusted sources, increasing the likelihood of success.

What Is a Cyber Awareness Culture?

Ensuring Every Facet of Your Business Is Aware of Cyber Threats:

Beyond IT, every department should be conscious of potential threats, as attacks can originate from various points within the organisation.

Investing in the Right Security Is Only Part of the Solution:

While robust security solutions are crucial, an organisation’s overall culture must prioritise cyber security as a shared responsibility.

Highlighting the Need for Proper Training:

Acknowledge that a significant number of cyber attacks stem from human error. Training is an investment for the future, equivalent to life insurance for your business.

How Does the Training Work?

Sending Fake Phishing Emails:

Simulating phishing attacks allows employees to experience real-life scenarios. According to a study by the Aberdeen Group, organisations that conduct simulated phishing training have seen a 70% reduction in successful phishing attacks.

Password Awareness:

Educating employees on the importance of strong passwords and regular updates is fundamental. The “Password Security Report” indicates that 80% of data breaches are a result of weak or compromised passwords.

Response Plans for Attacks:

Having well-defined response plans ensures that, in the event of a cyber attack, your team knows how to react swiftly and effectively. According to IBM’s Cost of a Data Breach Report, organisations with an incident response team reduced the cost of a data breach by an average of 10%.

Constant Vigilance:

Cyber security is an ongoing effort. Regular training sessions, penetration tests and updates are crucial. The Ponemon Institute’s “State of Cyber security 2023” report emphasises that continuous training can reduce the likelihood of a data breach by 45%.

Who Should Be Trained?

Everyone in the Company Should Be Involved in Training!

Cyber security is not exclusive to specific roles. According to a study by Cybint Solutions, 95% of successful cyber attacks are the result of human error. Comprehensive training is essential at all levels of the organisation.

Consistent training prevents skills decay. A report by Infosec Institute states that regular training reduces the risk of a security breach by 70%. Timetabled sessions ensure your business stays updated with the latest scamming trends and campaigns.

Booking in Your Cyber Training for 2024

Proactive investment in cyber security awareness training and GDPR training is crucial. At Cyber Security Awareness, we offer a range of packages that train, test and reinforce the importance of cyber security to all of your staff: making sure it is an investment that stands the test of time. Think of it like life insurance, nobody wants to think about the worst case scenario, but if it does happen, you’d rather be prepared.

Cyber security is not just about protecting your business; it’s about safeguarding the trust and confidence of those who rely on you. According to a survey by Accenture, 87% of consumers feel organisations should be doing more to protect their data. So contact us today to build a resilient defence against the evolving cyber threats of 2024.

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