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KnowBe4 Award Write Up

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KnowBe4 Receives Frost & Sullivan's 2018 Global Cybersecurity Awareness and Training Program Company of the Year Award

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KnowBe4 Award Write Up

  1. 1. 2018 Global Cybersecurity Awareness and Training Program Company of the Year Award 2018 GLOBAL CYBERSECURITY AWARENESS ANDTRAINING PROGRAM COMPANY OFTHEYEAR AWARD 2018
  2. 2. BEST PRACTICES RESEARCH © Frost & Sullivan 2019 2 "We Accelerate Growth" Contents Background and Company Performance ...................................................................................... 3 Industry Challenges........................................................................................................... 3 Visionary Innovation & Performance and Customer Impact..................................................... 3 Conclusion........................................................................................................................ 6 Significance of Company of the Year........................................................................................... 7 Understanding Company of the Year........................................................................................... 7 Key Benchmarking Criteria ................................................................................................. 8 Best Practices Recognition: 10 Steps to Researching, Identifying, and Recognizing Best Practices ...... 9 The Intersection between 360-Degree Research and Best Practices Awards....................................10 Research Methodology ......................................................................................................10 About Frost & Sullivan .............................................................................................................10
  3. 3. BEST PRACTICES RESEARCH © Frost & Sullivan 2019 3 "We Accelerate Growth" Background and Company Performance Industry Challenges As the Internet of Things grows, so does Internet crime. Hackers constantly evolve their methods to access confidential information for monetary gain and other malign purposes. Organizations deploy cybersecurity solutions to defend against network breaches; however, cybercriminals attempt to trick employees through emails to steal private information—e.g., proprietary data, consumers’ credit card numbers, and social security numbers—also known as “social engineering” or “spear phishing.” Hackers use ransomware—e.g., WannaCry and Petya—which can cause an extended period of operational downtime for an organization. Cybercriminals usually deploy these types of attacks through phishing or spear phishing emails that pose as a person or entity that is familiar to the email recipient—e.g., a colleague, personal financial institution, or a social media platform. The leading causes of security incidents include malware, phishing, spear phishing, hacking, and human error—totaling 55% of all major incidents. Frost & Sullivan’s research shows that up to 30% of phishing email recipients open the nefarious emails—depending on the organization—and inadvertently allow a hacker to gain access to their company’s network; consequently, introducing ransomware or other sinister agents to the organization’s ecosystem. Receiving a phishing email itself does not grant access to malicious ransomware, as the email recipient must take a compromising action such as providing personal information, clicking a link, or opening an attachment. With phishing and spear phishing attempts on the rise, organizations must ensure that they train employees adequately to reduce these malicious efforts as cybersecurity and email protection solutions have limits. However, many phishing training products do not contain the necessary information to assist employees in combatting spear phishing attempts, and many do not present the material in a way that individuals will retain—usually through boring videos or word documents. Security vendors must create innovative methods to draw people’s attention to learning how to protect themselves and their company’s ecosystem against network breaches. A security vendor that can surmount these challenges and offer customers a high return on investment (ROI) will succeed in the cybersecurity awareness and training platform industry. Visionary Innovation & Performance and Customer Impact Founded in 2010, Florida-based KnowBe4 leverages Chief Hacking Officer Kevin Mitnick’s nearly 30 year expertise and reputation as “the most famous hacker in the world,” to teach companies how to think like a hacker and train their employees to thwart them. KnowBe4 is the leading phishing training and simulation platform provider in the cybersecurity industry, serving over 22,000 customers globally and growing. The company serves clients in all industries around the world such as critical infrastructure, financial
  4. 4. BEST PRACTICES RESEARCH © Frost & Sullivan 2019 4 "We Accelerate Growth" services, government, healthcare, insurance, education, retail, and non-profit. Frost & Sullivan’s research team recognized KnowBe4 as the 2017 North America Customer Value Leader in the cybersecurity awareness and training platform industry and continues to be impressed by the latest innovations based on client needs and market trends. Revolutionary Cybersecurity Training and Simulated Phishing Solutions KnowBe4 enables clients to train employees to “Think Before You Click,” and KnowBe4’s solution’s numbers are a testament to the company’s thorough training methods. On average, clients’ Phish-prone™ score—i.e. how susceptible an employee is to falling for an email phish—starts at 27%, but after 3 months of training, drops to 13.3% and after 12 months of training dwindles to an astonishing 2.17%. KnowBe4 provides clients with a myriad of free tools and for-purchase phishing training and simulation solutions to empower their employees to recognize and report scams to fight the ever-evolving hacker methodology. ASAP: Customer-centric Training Program Information technology (IT) professionals can begin with KnowBe4’s Automated Security Awareness Program (ASAP), a free online tool that allows IT personnel to manage and customize a training program pertinent to their organization. IT professionals answer a simple questionnaire and ASAP will suggest relevant courses, creating a company-tailored training program and course schedule. The customized solution enables the IT team to implement KnowBe4’s solutions easily, training their organization’s employees on phishing attempts quickly, safeguarding their networks from potential breaches, and realizing the solution’s ROI immediately. IT professionals can view a training program for their organization’s employees in as little as 10 minutes, allowing them to focus on more cognition-intensive tasks. Phishing Security Test: Stacking Against Hacker’s Scoreboard KnowBe4’s free Phishing Security Test tool enables customers to discover their organization’s Phish-prone™ score through the percentage of employees that are prone to falling victim to phishing attempts. Within 24 hours of the first phishing test, IT professionals will receive an email with a PDF file displaying their company’s Phish-prone™ percent and a comparison of their organization against other similar businesses, either by industry or by company size. Domain Doppelgänger Tool: ‘You Have Been Caught’ The company offers a free Domain Doppelgänger tool that allows customers to monitor the Internet for potential fake domains posing as their organization and eliminate such threats to their employees and clients. Furthermore, businesses can test their employees with such sites to ensure they can tell the difference between the spoofed site and their organization's real website—to prevent potential fraud at the onset.
  5. 5. BEST PRACTICES RESEARCH © Frost & Sullivan 2019 5 "We Accelerate Growth" Breached Password Test (BPT) KnowBe4’s Breached Password Test (BPT) ensures that employees are not using the same passwords repeatedly. With 25% of employees using the same password across the applications they log into on a daily basis, hackers can easily attack an organization’s network with a single breach. IT professionals need to ensure that employees are using different and complex passwords to combat vulnerabilities in their organization's ecosystem. Other free tools KnowBe4 offers include Email Exposure Check Pro, Domain Spoof Test, Phish Alert Button, Mailserver Security Assessment, Ransomware Simulator, Second Chance, USB Security Test, and Weak Password Test. Phishing Templates: Company-tailored Content The company offers customers the unlimited use of over 2,500 phishing templates that an organization can email to their employees to simulate an actual phishing attempt. Templates include faux emails from sources such as LinkedIn, IT support, Domino’s coupons, or a password reset for a social media platform. These templates empower organizations to evaluate their employees on how they respond to phishing attempts. Customers can customize templates and randomize their delivery; thus, requiring employees to pay attention to email content and preventing them from alerting colleagues. AIDA™: Realistic Chatbot Posing as a Hacker KnowBe4’s AIDA™ is a machine learning artificial intelligence chatbot. AIDA™ mimics the way humans interact with one another via email in an attempt to get an individual to respond and “take the bait.” Whether the employee reacts positively or negatively, the platform will reply like a person trying to get feedback from an individual, to gather personal information or other private data. AIDA™ continues to test employee responses until rendering a graded conclusion from the interaction. The platform is in Beta testing and available through KnowBe4’s diamond level service. Content is King: Extensive Variety of Training Content The company understands that security training solutions generally contain boring material and believes that “content is king;” therefore, it develops engaging solutions that empower individuals to retain information. KnowBe4 offers the world’s most extensive, robust library of security awareness training content, including 171 interactive modules, 160 videos, 225 posters, 133 newsletters and documents, and 20 games. Furthermore, the company’s customer-tailored training material helps reach more of a client’s employee-base. KnowBe4’s training content ranges from corporate-friendly material to edgy, humorous types. The company views its training content similar to a media library, in that clients will respond and engage more with content that they enjoy over something pre-selected for them. KnowBe4’s extensive content range makes it simple for customers
  6. 6. BEST PRACTICES RESEARCH © Frost & Sullivan 2019 6 "We Accelerate Growth" to choose the training courses and simulations that they feel will truly teach its employees the tools and strategies necessary to identify phish attempts. Best-in-class Customer-centric Solutions Promote Astounding Company Growth KnowBe4 consistently grows and adds content to its portfolio through customer and business acquisitions. In late 2017, the company had 14,000 customers, compared to its 2018 client count of over 22,000. Frost & Sullivan believes the company positions itself to remain the leader in the cybersecurity awareness and training platform industry through its innovative solutions and “out of the box thinking.” KnowBe4 leverages inbound marketing techniques—such as its free tools—to gain potential customers’ trust and loyalty, ultimately earning it rapid revenue growth as businesses recognize the value the company’s solutions can bring to their organization. KnowBe4 generates leads from whitepapers, webinars, and by building relationships with businesses through networking, in addition to its inbound sales team. With the company’s rapid growth trajectory, it is carving a new market segment in the cybersecurity awareness and training platform industry through forward-thinking innovations that deliver quality training content to clients. Conclusion With the exponential increase in phishing emails, organizations must ensure their employees understand how to combat such challenges, to prevent compromises in the business’ network. KnowBe4’s cybersecurity awareness and training platform offers clients the world’s most extensive training content library for fighting phishing scams. With the company’s over 2,500 phishing templates and over 700 training content courses, clients can realize a compelling 24% average drop in successful spear phishing attacks, from 27% to a mere 2.17%. Furthermore, KnowBe4 provides a myriad of free tools to assist organizations with training their employees and fighting the ever-evolving threat vector. With its customer-centric approach, forward-thinking innovations, and strong overall performance, KnowBe4 is recognized with Frost & Sullivan’s 2018 Global Company of the Year Award in the cybersecurity awareness and training platform industry.
  7. 7. BEST PRACTICES RESEARCH © Frost & Sullivan 2019 7 "We Accelerate Growth" Significance of Company of the Year To receive the Company of the Year Award (i.e., to be recognized as a leader not only in your industry, but among your non-industry peers as well) requires a company to demonstrate excellence in growth, innovation, and leadership. This kind of excellence typically translates into superior performance in three key areas: demand generation, brand development, and competitive positioning. These areas serve as the foundation of a company’s future success and prepare it to deliver on the two criteria that define the Company of the Year Award (Visionary Innovation & Performance and Customer Impact). Understanding Company of the Year As discussed above, driving demand, brand strength, and competitive differentiation all play a critical role in delivering unique value to customers. This three-fold focus, however, must ideally be complemented by an equally rigorous focus on Visionary Innovation & Performance to enhance Customer Impact.
  8. 8. BEST PRACTICES RESEARCH © Frost & Sullivan 2019 8 "We Accelerate Growth" Key Benchmarking Criteria For the Company of the Year Award, Frost & Sullivan analysts independently evaluated two key factors—Visionary Innovation & Performance and Customer Impact—according to the criteria identified below. Visionary Innovation & Performance Criterion 1: Addressing Unmet Needs Requirement: Implementing a robust process to continuously unearth customers’ unmet or under-served needs, and creating the products or solutions to address them effectively Criterion 2: Visionary Scenarios through Mega Trends Requirement: Incorporating long-range, macro-level scenarios into the innovation strategy, thereby enabling “first-to-market” growth opportunity solutions Criterion 3: Implementation of Best Practices Requirement: Best-in-class strategy implementation characterized by processes, tools, or activities that generate a consistent and repeatable level of success. Criterion 4: Blue Ocean Strategy Requirement: Strategic focus on creating a leadership position in a potentially “uncontested” market space, manifested by stiff barriers to entry for competitors Criterion 5: Financial Performance Requirement: Strong overall business performance in terms of revenues, revenue growth, operating margin, and other key financial metrics Customer Impact Criterion 1: Price/Performance Value Requirement: Products or services offer the best value for the price, compared to similar offerings in the market. Criterion 2: Customer Purchase Experience Requirement: Customers feel they are buying the most optimal solution that addresses both their unique needs and their unique constraints. Criterion 3: Customer Ownership Experience Requirement: Customers are proud to own the company’s product or service and have a positive experience throughout the life of the product or service. Criterion 4: Customer Service Experience Requirement: Customer service is accessible, fast, stress-free, and of high quality. Criterion 5: Brand Equity Requirement: Customers have a positive view of the brand and exhibit high brand loyalty.
  9. 9. BEST PRACTICES RESEARCH © Frost & Sullivan 2019 9 "We Accelerate Growth" Best Practices Recognition: 10 Steps to Researching, Identifying, and Recognizing Best Practices Frost & Sullivan analysts follow a 10-step process to evaluate Award candidates and assess their fit with select best practice criteria. The reputation and integrity of the Awards are based on close adherence to this process. STEP OBJECTIVE KEY ACTIVITIES OUTPUT 1 Monitor, target, and screen Identify Award recipient candidates from around the globe  Conduct in-depth industry research  Identify emerging sectors  Scan multiple geographies Pipeline of candidates who potentially meet all best- practice criteria 2 Perform 360-degree research Perform comprehensive, 360-degree research on all candidates in the pipeline  Interview thought leaders and industry practitioners  Assess candidates’ fit with best-practice criteria  Rank all candidates Matrix positioning of all candidates’ performance relative to one another 3 Invite thought leadership in best practices Perform in-depth examination of all candidates  Confirm best-practice criteria  Examine eligibility of all candidates  Identify any information gaps Detailed profiles of all ranked candidates 4 Initiate research director review Conduct an unbiased evaluation of all candidate profiles  Brainstorm ranking options  Invite multiple perspectives on candidates’ performance  Update candidate profiles Final prioritization of all eligible candidates and companion best-practice positioning paper 5 Assemble panel of industry experts Present findings to an expert panel of industry thought leaders  Share findings  Strengthen cases for candidate eligibility  Prioritize candidates Refined list of prioritized Award candidates 6 Conduct global industry review Build consensus on Award candidates’ eligibility  Hold global team meeting to review all candidates  Pressure-test fit with criteria  Confirm inclusion of all eligible candidates Final list of eligible Award candidates, representing success stories worldwide 7 Perform quality check Develop official Award consideration materials  Perform final performance benchmarking activities  Write nominations  Perform quality review High-quality, accurate, and creative presentation of nominees’ successes 8 Reconnect with panel of industry experts Finalize the selection of the best-practice Award recipient  Review analysis with panel  Build consensus  Select winner Decision on which company performs best against all best-practice criteria 9 Communicate recognition Inform Award recipient of Award recognition  Present Award to the CEO  Inspire the organization for continued success  Celebrate the recipient’s performance Announcement of Award and plan for how recipient can use the Award to enhance the brand 10 Take strategic action Upon licensing, company able to share Award news with stakeholders and customers  Coordinate media outreach  Design a marketing plan  Assess Award’s role in future strategic planning Widespread awareness of recipient’s Award status among investors, media personnel, and employees
  10. 10. BEST PRACTICES RESEARCH © Frost & Sullivan 2019 10 "We Accelerate Growth" The Intersection between 360-Degree Research and Best Practices Awards Research Methodology Frost & Sullivan’s 360-degree research methodology represents the analytical rigor of our research process. It offers a 360-degree view of industry challenges, trends, and issues by integrating all 7 of Frost & Sullivan's research methodologies. Too often companies make important growth decisions based on a narrow understanding of their environment, leading to errors of both omission and commission. Successful growth strategies are founded on a thorough understanding of market, technical, economic, financial, customer, best practices, and demographic analyses. The integration of these research disciplines into the 360-degree research methodology provides an evaluation platform for benchmarking industry participants and for identifying those performing at best-in-class levels. About Frost & Sullivan Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best-in-class positions in growth, innovation, and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best practice models to drive the generation, evaluation, and implementation of powerful growth strategies. Frost & Sullivan leverages more than 50 years of experience in partnering with Global 1000 companies, emerging businesses, and the investment community from 45 offices on six continents. To join our Growth Partnership, please visit http://www.frost.com. 360-DEGREE RESEARCH: SEEING ORDER IN THE CHAOS

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