Focus on Skill Building For Successful Cyber Security.

It is believed that small and medium-sized businesses are predominantly more vulnerable to fraud than more established larger-scale organizations. Regardless, the risk and damages due to fraud are equally damaging to both business types.

With fraud prevention being multi-faceted and transformative, it is important to put in place data-backed strategies to thwart attempts to defraud an organization.

Hackers are mad for passwords. Information breaches and password leaks leave many accounts vulnerable to cyber criminals. Weak passwords have high -security risks. Therefore, strong passwords are required to curtail the chances of hackers to access online accounts.

Multi-Faceted?Fraud?Prevention?–?The?Need?Of?The?Hour

In the volatile risk environment, organizations must be able to navigate and adapt to the changes and identify potential cracks in their security armor before the gaps start widening.

According to PwC’s 2022 Global Economic Crime and Fraud Survey,?46%?of the organizations surveyed experienced fraud or economic crimes in the last two years.

And, 70% of the organizations experiencing fraud reported that most of the worst attacks came from external sources or internal-external collusion.

31%?of the attacks resulted from hackers, with platforms becoming the latest fraud frontiers.

Lack?Of?Skills?Make?Organizations?Susceptible?To?Fraud

After the pandemic, global business transformation efforts have accelerated, and with reinvention rapidly altering the business landscape, the need for enhanced cybersecurity practices has also increased significantly.

In Gartner’s 2021?Top Security and Risk Management?trends, it was noted that the first challenge in meeting the global challenges of security and risk needs is the skill gap. According to their survey, nearly 80% of organizations find it challenging to hire experienced and skilled security professionals who can deploy enhanced cyber security measures effectively.

In cyber security, skill gaps could also include human error – unintentional action (or the lack) by the employees that might cause the attack, allow or spread the security breach.

Human beings make mistakes- it is one of the core methods a person evolves and learns. However, when such mistakes cause security breaches, they must be addressed almost immediately. Human errors are the main cause – about?95% of the time?– of cyber security breaches. If human error is eliminated by filling the skill gap, security breaches can be eliminated 90% of the time.

Addressing?Skill?Gap?–?The?Right?Approach?To?Enhanced?Security

Employee training holds the key to enhanced cyber protection. Lack of awareness should never be the employee’s mistake but should be thoroughly addressed by the organization. Cyber security breaches could happen for two major reasons – skill-based errors and decision-based errors. Both these can be rectified with enhanced training, where the employees can identify the first signs of fraud and potential breach.

Train all your employees on core security issues and established protocols, and also provide a walk-through about the potential issue that might crop up in the future.

Boost?Internal?Controls

Establishing and maintaining internal controls can help prevent fraud. It is not enough to train employees on various tools and techniques. But they should have a well-defined protocol system in place. Providing access controls, multi-person sign-offs, and establishing internal audit controls are critical for the business’s success.

Build?Security?Skills?Into?Business?Culture

Consider transforming your business culture into a security-focused establishment where every decision is taken after considering security implications.The human skill gap need not be the weakest link to a strong and secure cyber environment. Finally, there is expert help at hand that can be leveraged to empower your business for the long run.

The human skill gap need not be the weakest link to a strong and secure cyber environment. Finally, there is expert help at hand that can be leveraged to empower your business for the long run.