The importance of security culture to mitigate business risks

Truth be told, we live in an increasingly digitized world in which cybersecurity has become far more than an optional investment. Instead, it is seen as a necessity and a competitive differentiator. With the exponential increase in cyberthreats, organizations of all segments and sizes are susceptible to an array of digital threats, exposing themselves to risks that may culminate in financial losses, damage to brand reputation, and regulatory sanctions applied by the competent bodies responsible for current legislation. 

Over the past few years, we have witnessed rapid and unexpected digital transformation, with a significant increase in interconnectivity and technological dependence. Remote working, popularly known as home office, has become the norm, with employees working from anywhere and on any device. New technological infrastructures have also been adopted to leverage outdated business models.

Naturally, this also creates more room for attacks. According to a report published by the FBI in 2020, global financial losses caused by cybercrime have surpassed the USD 4 billion mark. Another survey by IBM found that the average time to identify and contain a security breach was 280 days, at an average total cost of USD 3.86 million for each affected organization.

Seeding cybersecurity in your organization

While technology solutions play a key role in protecting against cyberthreats, the human factor remains a top security focus for organizations. According to the Verizon Data Breach Investigations Report, 85% of security breaches were caused by human error, including phishing, the use of weak passwords, and a general disregard for information security policies.

As such, it’s quite clear that increased awareness regarding the human factor among staff should be considered a strategic decision by senior management. Investing in cybersecurity awareness programs and regular training for employees is vital to mitigate the risks faced by your organization. But, as we’ve said before, one-off training programs are not enough to create a lasting security culture, which calls for continuous and long-term work.

Tips for creating a security culture

First of all, let's put aside the old view that cybersecurity is the responsibility of the IT department. Leaders must understand the risks, implications, and financial impacts of a security breach. Cybersecurity should be embedded in the business strategy, aligned with organizational objectives, and factored into all decision-making.

It is also crucial to develop comprehensive and communicative cybersecurity policies that define employees' expectations and responsibilities regarding data and systems protection. These policies should be easily understood and accessible to everyone — after all, not all employees can understand technical terms and guidelines in corporate language.

The security culture must also be designed to spread horizontally, encouraging employees to report incidents or suspicious activity, share best practices among their coworkers, and actively engage in ongoing training. That way, your awareness program will attain the desired rate of engagement.