Page 45 - Cyber Defense eMagazine March 2024

workforces to recognize internal threats, such as employee negligence and use of unauthorized devices
or software.

The key to all of this education is proactivity. Don’t wait until you’ve experienced some sort of breach. In
this article, I’ll explore strategies and approaches that align with both existing and proposed SEC
regulations.

Transforming Cybersecurity Challenges into Educational Opportunities

Proofpoint’s 2023 State of the Phish Report revealed that 84% of organizations experienced at least one
successful phishing attack in 2022, highlighting the critical need for improved cybersecurity measures. In
response to this growing threat and under proposed regulation from the SEC regarding reporting, RIAs
may be required to disclose any breaches in security. To avoid potential reputation damage from a breach
disclosure and ensure compliance, organizations must develop comprehensive training programs and
adopt a robust approach to cybersecurity training and phishing testing, which will better prepare them to
protect against increasingly sophisticated cyber threats.

What does this look like in practice? It requires a significant shift in perspective on how cybersecurity
challenges, such as encountering a phishing simulation, are perceived. Instead of viewing an employee's
inability to recognize a phishing simulation as a failure, it should be embraced as a valuable, interactive
learning opportunity that can be shared with the entire organization so the entire team can learn how to
spot similar attempts in the future.

By transforming every cybersecurity challenge into a teachable moment, RIAs create an environment
where continuous learning is not just encouraged but is integral to each employee's professional
development. This approach demonstrates a commitment to ongoing improvement and actively engages
employees in risk management practices, emphasizing the importance of vigilance and continuous
education in cybersecurity protocols.

In the dynamic world of cybersecurity, especially for RIAs and professionals in the field, cultivating a
knowledgeable and adaptable workforce is just the beginning. As cyber threats evolve, so must our
strategies to combat them. This means going beyond basic training to implement more proactive
measures, such as regular integrated training sessions and tests. These steps are essential to ensure
that teams are not only well-equipped to tackle future challenges but also remain compliant with the latest
regulatory requirements. This proactive approach is crucial in addressing advanced cyber threats, such
as identity impersonation and spear phishing, which leverage personal relationships and trust.

As we delve deeper into the complexities of cybersecurity, it becomes clear that a multifaceted strategy
is necessary to build a resilient defense against these sophisticated threats.

Addressing Advanced Cyber Threats

Identity impersonation and spear phishing represent advanced tactics in the cybercriminal arsenal,
leveraging the personal relationships and trust that form the bedrock of all businesses. In a business

Cyber Defense eMagazine – March 2024 Edition 45
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