Have you thought about some of the less obvious consequences that cyber security breaches can have on your business?
Have you considered the immediate impact of someone gaining access to your data? Maybe the financial loss or business downtime comes to mind. However, have you considered the long term consequences data breaches can cause for you and your business? Suffering from a cyber attack can cause years of issues for businesses. For example, brand reputation suffers, people start to question their customer loyalty and breaches might even continue. It is important to recognise that whatever the size of your business protecting your information is increasingly important.
Whilst it can be difficult to measure the reputation of your brand, the impact a data breach can have on how people perceive your brand is important to consider. Evidence shows that 65% of people lose their trust in a brand when they have been a victim of a data breach. 30% of people turn to social media to voice their views. 80% tell their friends and family. Bad news spreads fast. The damage to your brand can be felt for years to come.
2: Customer Loyalty
If you were a customer of a company that comprised data, would you take your custom elsewhere? Considering this, 81% of consumers have said that they would stop engaging with a brand following a breach. Consumers find it hard to forgive brands that put their data at risk. With years of customer relationship building at stake, and the value that loyal customers provide to your business, keeping hold of your customer base is crucial.
3: Continued Attacks
Many companies that suffer a data breach find that they are victims of continued attempts by cyber criminals. With credential stuffing attacks more common, it’s increasingly likely that hackers will use information they have gained previously in future attacks, with stolen data helping them gain access to accounts and IT infrastructure, often without detection.
4: Increased Costs
If you suffer a data breach there is a risk that your insurance premium costs will rise. The result of this can be a rise as high as 200% for the same insurance plan and coverage. This demonstrates how the costs go beyond business downtime and brand reputation.
We can help you take a proactive approach to cyber security. Helping you to protect your business now, and in the future should the unthinkable happen. We work with you to understand your needs and your business, to create a bespoke cyber security plan. Get in touch today.