4 ways to equip everyone in financial services for their role in cyber security

Posted on Oct 02, 2018

Elearning

Games & gamification

Interactive video

Motion graphics

"The loss of personal information, particularly where there is the potential for financial fraud, is not only upsetting to customers, it undermines consumer trust in digital commerce.”

This is the warning from Elizabeth Denham, the UK’s Information Commissioner, following the most recent cyber security breach to hit the headlines. Equifax, the credit reference agency has been fined the maximum amount of half a million pounds for failing to protect the personal information of up to 15 million UK citizens during a cyber attack in 2017.  It’s a reminder – if any were needed – of the impact and consequences of a serious cyber breach.

Thankfully, there’s no shortage of awareness in the industry; enhancing cyber and data security is the top business priority for the financial services sector in 2018. According to EY’s Global Banking Outlook survey, it’s moved up six places in the priority list since 2017. 

In response to internal and external threats, banks are investing heavily in technologies such as artificial intelligence (AI) and advanced analytics. Technology is unquestionably a crucial weapon in tackling the cyber security threat, but it can’t be the only defence.

Leveraging people in addition to your investment in technology is a key success factor in helping to combat threats. Indeed, in the Equifax breach both “human error and technology failures” were cited. 

The truth is, managing the evolving risks around cyber and data security requires investment in tech and people. Every single financial services employee has a role to play, and businesses can support their knowledge and skills in cyber security with appropriate training.

Equipping everyone  

Detailed analysis of cyber security breaches reveals that people are the biggest vulnerability for organisations. Why? Because hackers are exploiting their lack of security knowledge. How do your people use their work computers or devices? Do they have secure passwords? Can they spot a phishing email? Do they know the consequences of clicking onto a link? Do they know what constitutes protected data? Have they been advised how to escalate an issue if they do spot a risk?

Cyber criminals and hackers are looking for one weak link, the single error that allows them to breach the system and wreak havoc.  For this reason, one of the biggest challenges facing financial services businesses is not training the specialists, it’s raising the level of basic cyber security skills among the general workforce, equipping everyone from contact centre colleagues to branch assistants.       

Mass appeal and impact

Of course, these workers don’t need the same level of training as your specialist cyber security teams. But they do need to know enough to be aware of possible threats and how to instigate preventative action. Your workforce are your eyes and ears and they need to recognise the warning signs of a cyber hack. Tailoring the training to meet their needs is a balancing act between overwhelming them with too much detail and giving them enough practical knowledge to play their role in cyber security.

Here are four tips to think about when planning cyber and data security training for your workforce:

1. Focus on what’s most important

Most people in your organisation won’t need to know your cyber and data security policy off by heart. Instead, they need the key knowledge that will help them protect your business on a daily basis. By focusing on the most important areas rather than the unnecessary detail, your learning programme will be far more effective. By breaking down the topic into manageable chunks, your people will find it quicker to learn and easier to remember, especially if they work in busy, customer-facing roles. Microlearning is particularly effective in this instance with learning activities taking just a few minutes each day to complete.

2. Allow room for failure

Knowing what to do is one thing but applying that knowledge to safeguard the business is another. The best cyber security training allows people the opportunities to try it out for themselves; if they get it wrong, that’s fine, and better in a learning context than on the job. Learning games are the ultimate sandbox, enabling people to play repeatedly until they master the game (and the learning.) As an example, read about our GDPR game that teaches people the key principles of the new data protection rules while testing their skills at spotting sensitive data and avoid a data breach.   

3. Make it interesting (even dramatic)

Cyber security is business critical for any bank or financial institution and given the seriousness of the subject the temptation is to make learning about cyber security, well, serious. However, if that tips over into dull then people are less likely to engage with the training and that will cost your business. Today, people expect rich, multi-media digital experiences in their personal life and the same standards need to be applied to their learning in the workplace. Using creativity to bring the topic to life and connect with your people, really will help the message get home. Think of the excellent DigiSafe adverts by Barclays, although they are aimed at customers not employees, they show just how powerful emotion and drama can be.

4. Engage with stories and scenarios

Cyber risk may be keeping the C-suite awake at night but for it to matter to colleagues across the company it needs to be relatable to their world and experience. Finding the human stories behind the statistics on cyber crime is important to enable all your colleagues to connect with issues around cyber and data protection. Building your learning around these stories is an effective way to structure the learning and allowing people to explore the narratives in scenarios, where they can make decisions and influence what happens next, will further engage your audience. We used this approach in our award-winning blended learning programme for AXA, the global insurance brand by using real customer stories throughout the experience.

In conclusion, supporting all your colleagues to act as part of your corporate firewall has always made sense, but never more so than now, given the escalating cyber threat to financial institutions around the world. Equipping them with the knowledge, skills and confidence they need to do the right thing at the right time starts with the best training.   

Ask an expert

Christina Gutsell, Director of Programmes, Sponge

Christina partners with organisations to drive business performance through the strategic use of creative and engaging digital learning.

She has expertise in financial services, working with multi-national clients in the sector to implement bespoke training solutions.

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