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National Cybersecurity Awareness Month 2019: What Employers Need to Know

National Cybersecurity Awareness Month 2019: What Employers Need to Know

by | Oct 2, 2019 | Blog

National Cybersecurity Awareness Month 2019: what employers need to know. If nothing else, these basic cyber risk safeguards should be in place at your organization.

October is National Cybersecurity Awareness Month. According to the Chubb Cyber Claims Index, there has been a 1,215 percent increase in the number of commercial cyber insurance claims over the past decade.

It’s time for the 60 percent of employers who admit they haven’t implemented the most basic cyber safeguards (according to a recent survey by Chubb) to step up and protect their businesses.

What Employers Need to Know for National Cybersecurity Awareness Month 2019

If nothing else, these are the three most basic cybersecurity practices employers should adopt to protect their company from cyber risks:

  1. Hold annual employee cybersecurity trainings (only 33 percent of employers currently do this)
  2. Deploy filters for online content (only 40 percent of employers currently do this)
  3. Leverage social media blocks (only 33 percent of employers currently do this)

While putting these strategies into practice affords some cybersecurity (and some is better than none) it’s important to keep in mind that this is the equivalent of doing the bare minimum. When it comes to minimizing cyber risks and protecting your business, the bare minimum doesn’t cut it.

Defining Major Types of Cyber Risks for National Cybersecurity Awareness Month 2019

When it came to defining cybersecurity terms most Americans were stumped:

  • Ransomware – a form of malware that restricts access to files unless a ransom is paid. (only 54 percent of employees knew the definition)
  • Credential stuffing – an attack by cybercriminals to programmatically target a single online user using an email address and multiple password attempts. (only 41 percent of employees knew the definition)
  • Emotet – a type of malware which is designed to steal financial information and online banking credentials. (only 28 percent of employees knew the definition)
  • Ryuk – a new strain of ransomware that infects the victim’s main computer systems and hides itself as a legitimate VPN user. (only 26 percent of employees knew the definition)

If an employee can’t define what cyber threats are, how can they spot the red flags for one on the job? This is where an annual employee training can come in handy. According to the report by Chubb, 

“As cybercriminals become increasingly sophisticated in their efforts to breach company systems, a general understanding of these common attacks — and how they are enacted — can be extremely valuable. By requiring employees to undergo annual trainings, much of which can be conducted online and limited to an hour, employees may be able to identify breach warning signs before they become full-blown attacks — allowing companies time to potentially intervene before significant losses occur.” 

How Much Does a Data Breach Cost?

According to research by IBM, globally, the average total cost of a data breach is $3.92 million. The U.S. has the most expensive data breaches, averaging $8.19 million. Healthcare is the most expensive industry for data breaches, averaging $6.45 million. The average size of a data breach is 25,575 records.

A data breach is only one kind of cyber attack, and all of them come with high costs to protect, identify, respond and remediate. Make the most of National Cybersecurity Awareness Month 2019 and take steps to further safeguard your business from cyber risks.

More On Employee Training and Management Practices

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Why You Need to Train Employees for Future Tech

Top 10 Employee Benefits for 2020

2 Simple Strategies to Improve Office Culture

Is Rehiring a Former Employee a Good Idea?

How to Improve Gender Diversity in the Workplace

How to Make Traditional Work Better for Freelancers

Office Dress Code Policies in Today’s Workplace

Top 10 Workplace Etiquette Rules for Communication

Building Office Culture with Diversity and Inclusion

Why You Need to Train Employees for Future Tech

Why You Need to Train Employees for Future Tech

by | Nov 6, 2018 | Blog

Why you need to train employees for future tech. Upskilling helps them meet the rapidly developing technology that your company will inevitably implement.

Why You Need to Train Employees for Future Tech

Ninety percent of executives say they pay attention to employee needs when introducing new tech, but half of their employees disagree, according to new research by PwC. It matters because more than half of employees are going to need significant skills training by 2022, according to The World Economic Forum.

The good news is that employees are willing to spend up to two days per month on training to update their digital skills if their employer offered it. Effective, efficient training programs are going to be critical for companies that want to keep up with developing technology while retaining good people.

What drives employee’s interest in advancing digital skills? Almost 40 percent of employees are likely to adopt new tech if it helps them advance their careers or gain status, through promotion or other recognition. For more than 30 percent, it’s curiosity and the promise of better efficiency and teamwork that drives their interest in advancing digital skills.

Conversely, almost a third of employees prefer individual achievement within a predictable environment. They like to stick to established routines, which means they’re least likely to see the importance of digital skills for their work. Additional communication and training might make this segment of employees more amenable to new tech.

What Employers Should Consider Before Adopting New Tech

Before adopting new tech employers should first consider what work is like for employees. Direct feedback from employees can pinpoint exactly where technology can improve the process. A range of employees from all levels and departments should play roles in the planning, selection and design of technology tools. Employee involvement makes them feel valued and can get them invested in the new tech so they’ll be less resistant when it’s rolled out.

“Enterprises aren’t so much falling behind as struggling to keep up with what’s next,” the report reads. “With companies’ near-continuous deployment of new applications, Intelligent Robots Process Automation, and more, employees must quickly master sophisticated new skills, too. And the pressure on companies and individuals to keep up will only intensify: the rise of artificial intelligence will soon make even the most tech-savvy in the workforce look for ways to stay relevant.”

More On Employee Training, Upskilling and Management Practices

Hiring Trends to Watch in 2020

Why You Need to Train Employees for Future Tech

Top 10 Employee Benefits for 2020

2 Simple Strategies to Improve Office Culture

Is Rehiring a Former Employee a Good Idea?

How to Improve Gender Diversity in the Workplace

How to Make Traditional Work Better for Freelancers

Office Dress Code Policies in Today’s Workplace

Top 10 Workplace Etiquette Rules for Communication

Building Office Culture with Diversity and Inclusion

Is Employee Training Worth The Investment?

Is Employee Training Worth The Investment?

by | Mar 1, 2017 | Blog

In this week’s Best Money Moves roundup, we take a look at news stories and new research studies that may impact employee benefits and HR issues. We hope you find this news roundup helpful, and we’d love your feedback.

When your company invests in employee training, you expect your employees to not only remember what they learn, but incorporate it into their every day routines. Unfortunately, that often isn’t the case.

A recent study found that 70 percent of employees admitted to forgetting what they’d learned within 24 hours of doing the training. That’s an issue for the company (which wants a return on the investment made in employee training) and the employees, who will face additional workplace stress if asked to complete tasks they don’t remember how to handle.

Here’s what you can do to help them remember their employee training and be more productive with those lessons learned.

GOP lawmakers have proposed a new type of retirement account that could come with the repeal and replacement of the Affordable Care Act: Meet the Roth HSA. If it passes, you might start seeing it pop up in your 401k plan options for 2018.

Your male and female employees have very different career expectations. Men are twice as likely to think they’ll eventually make $100,000 or own a company, while women are more than twice as likely to think they’ll never advance beyond an entry-level positions. Learn the other ways in which their career expectations differ.

A lot has changed since 1996, and the world of employee benefits is no exception. From a rise in telecommuting to the fall of employee stock purchase plans, here’s how employee benefits trends have shifted in the last 20 years.

Your Millennial employees may prioritize vacations above retirement savings. A new LendingTree survey found that while Gen-Xers put retirement savings as their second most important savings category (behind an emergency fund), it comes in fifth place for Millennials. Read the other ways these generations’ priorities differ.

Speaking of retirement, Americans are “drastically under saved” for their golden years, according to the U.S. Census Bureau. In fact, only one-third of working adults are putting money into employee-sponsored or tax-deferred savings. How can we fix this and encourage retirement savings?  Here’s our suggestion.

“Mental toughness” is a phrase often used by sports coaches, but it should apply to your office team, too, as mentally tough employees can be better leaders. Here are six ways to cultivate mental toughness on your team.

How tough are your company’s interview questions? Glassdoor’s chief economist found that the tougher the interview questions, the more satisfied the employee is in the job later on. Check out 27 of the toughest interview questions on Glassdoor.

When a manager leaves, morale among your remaining employees (or the manager’s direct reports) can take a hit, regardless of whether one of them isn’t chosen to move up in the ranks. A recent study found that 59 percent of employees say their productivity is “somewhat” to “significantly” impeded by the absence of a boss. Why you should fill management vacancies ASAP.

Your employees are looking for new opportunities. An Indeed study found that 71 percent of employees are actively seeking or open to new job opportunities. Follow these three tips to build a winning employee retention strategy.

Have something to add? Email info@bestmoneymoves.com.

It’s hard to stay on top of everything in the news. That’s why each week our Best Money Moves newsroom will bring you the most important news in financial wellness, employee benefits and financial stress. We hope you like the information and, if you do, please spread the word. For midweek developments, follow us on Twitter and on Facebook.

Should Employers Require Unconscious Bias Training for Employees?

Should Employers Require Unconscious Bias Training for Employees?

by | Jan 11, 2017 | Blog

In this week’s Best Money Moves roundup, we take a look at news stories and new research studies that may impact employee benefits and HR issues. We hope you find this news roundup helpful, and we’d love your feedback.

As many HR professionals work toward building more inclusive and diverse workplaces, accounting and consulting firm Pricewaterhouse Coopers has announced it will mandate unconscious bias training for all of its employees. The move, initiated by Chairman Tim Ryan, came as a response to news coverage of the deaths of black men shot by police and the ensuing discussions about race.

The program will be developed by a leading researcher on unconscious bias from Harvard University to help employees understand how split-second decisions can impact their coworkers and how members of other racial or gender groups may perceive situations differently. Here’s how the company hopes the program will change its workforce.

What matters more to employees: promotions or raises? According to an October 2016 study, about two-thirds of employees (63 percent) say they would rather get a promotion with no salary increase than stay in the same position but get a raise. Here’s why.

Are managers in your company keeping secrets? A study conducted late last year found that 64 percent of employees think their leadership isn’t being completely transparent with them and many feel increased transparency would help boost their productivity. Learn how keeping secrets can slow your workforce down.

While real estate prices may stabilize slightly in 2017, housing costs are still one of the biggest sources of financial stress employees face. Employers can take small steps to help employees reduce this stress.

Say goodbye to the nine-to-five and the commute. As employers search for new perks to offer new hires, “flexible” jobs – jobs that offer flexible hours or the option to work from home – are becoming more common. But sometimes flexibility needs a more formal policy behind it.

January is a great time to think about wellness, but companies should keep this focus year-round. From tax time to back-to-school season, there are a myriad of things in and outside the workplace that can drag your team down. Watch out for and address these year-round stressors.

Company restructuring can be rough on employee retention. The stress and uncertainty of the transition can easily drive your top talent away in search of a more stable work environment. These nine strategies will encourage employees to stick around through the changes.

More companies are taking a holistic approach to employee wellness. These programs now add financial components to existing physical and emotional wellness initiatives, add technology for easier access and focus on better HR communications to increase awareness and participation.

The healthcare industry faces a lot of uncertainty in 2017 – particularly regarding the future of the Affordable Care Act – and that uncertainty is strongly felt by women. Here’s what the next year could mean for women’s healthcare in the workplace.

Heightened media attention regarding mental health issues is leading some employers to reexamine how they handle mental health issues in the workplace. Keep these three things in mind when evaluating your company’s mental health policies.

 

Have something to add? Email info@bestmoneymoves.com.

It’s hard to stay on top of everything in the news. That’s why each week our Best Money Moves newsroom will bring you the most important news in financial wellness, employee benefits and financial stress. We hope you like the information and, if you do, please spread the word. For midweek developments, follow us on Twitter and on Facebook.