The cyber insurance and security company Coalition has announced the launch of Coalition Security Awareness Training to help provide small businesses with cybersecurity training and process automation, making it easier for IT teams to start security training, monitor performance, and track compliance.
This comes as a response to one of the biggest contributors to cyber risk: human error. Cybercriminals use phishing, social engineering, and other human exploit techniques to initiate business email compromise (BEC) attacks, fund transfer fraud, and more. BEC alone cost US businesses $2.9 billion in 2023.
According to Verizon's 2024 Data Breach Investigations Report, 68% of breaches had human elements involved, while Coalition's 2024 Cyber Claims Report showed over half of all cyber insurance claims start in the inbox.
Security awareness training helps employees identify phishing attempts and avoid business email compromise and financial fraud, as well as aiding IT departments in strengthening a business's security posture. Training can help reduce cyber risks by 60% in the first year. It's become part of the norm, so much so that security awareness training is cited in nine out of 11 leading cybersecurity frameworks.
Coalition will recommend lessons tailored to the claims and incident response data from its policyholders. In addition, participants will be taught how to spot phishing emails, fraudulent messages, invoice change requests, and gift card requests, among others.
The training will also have pre-designed courses, automated campaigns, and timely reminders to alert employees about completing the training. Businesses can also use the training to support a range of compliance initiatives, including Service Organization Control Type 2 (SOC 2), Payment Card Industry Data Security Standard (PCI DSS), and Health Insurance Portability and Accountability Act (HIPAA).
Coalition's Security Awareness Training is available on the company's cyber risk management platform, Coalition Control, available globally today.
