When it comes to cybercrime, not all costs are tangible. Along with losing sales and customers, your business’s reputation can be severely affected by an attack or data theft. While recovery costs are a direct expense and productivity costs are an indirect expense, reputation damage can be considered the true cost of a cyber attack. Loss of current and future opportunity can bring a thriving multi-million dollar business (or smaller) to its knees.
Data is the new global currency. Stolen or compromised data represents a huge potential loss for any organisation. As a consequence of a security incident, business reputation damage can lead to many lost opportunities. While every business needs to safeguard their reputation carefully, research shows that technology and finance organisations are the ones which are highly impacted by cybercrime. Imagine your largest clients and key investors lose their trust in your business’s capabilities to protect one of their most precious assets, their data privacy. They will most likely choose to remove their funds and support. How can your business survive?
Regardless of your company industry and size, every single company is at risk of damaging their reputation through a cyber attack. Every company is at high risk of losing everything from stolen or compromised data. If you store any customer information, which the majority of companies do, then you are at risk and need to implement strategies immediately.