The forgotten consequences of cyber security breaches.
Most of us have considered that a data breach could cause some serious immediate impact, maybe a financial loss or business downtime. However, not many people think about the long-term consequences of breaches. Businesses face challenges caused by cyber security breaches for years after the initial attack. Brand reputation suffers, people question their customer loyalty, and breaches sometimes continue. Sophisticated cyber criminals target any business of any size. There’s no better way than to protect you, your employees and your business than to have the best cyber security platform in place. Simply considering the quantifiable costs of a breach isn’t enough, there is so much more at risk that’s hard to measure and hard to rectify.
1: Reputation
It’s important to not overlook the reputational damage of a data breach. Measuring brand reputation isn’t an easy task. It can be hard to pinpoint for how long the effects of a data breach can impact your reputation in the eyes of the public. Bad news spreads fast. The magnitude of any data breach is far-reaching, and the negative reputation can damage a brand more than they realise. With 85% of people telling others about their experience and 33% taking to social media to complain about the company, the reputational damage can be long-lasting and hinder your brand for years to come.
2: Customer Loyalty
If you were a customer of a company that comprised your data, would you take your custom elsewhere? Well, two-thirds of consumers are unlikely to engage with a brand that experiences a breach where their financial or sensitive information is stolen. 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 the information they have gained previously in future attacks. The criminals use stolen data that they have gathered previously to help them gain access to accounts and IT infrastructure, often without detection.
It’s important to take a proactive approach to cyber security. So that you can protect your business not just in the short term, but further into the future, thinking about what protection you have in place today is crucial. Our team of experts can work with you to create a bespoke cyber security plan. Whatever level of support and guidance you require, we can work together to make sure your information stays safe. Get in touch with our team today and protect your customer data and your business.
