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Security: Businesses Biggest Fear From Data Breaches is Reputation Loss
Lost customer personal data. That’s bad, but what businesses fear most about data breaches is the black mark on the reputation of the business. Which explains why businesses frequently don’t report or attempt to delay any reports of loss of data.
Dr. Larry Ponemon, chairman and founder of the Ponemon Institute, said that “the biggest fear for most organizations isn’t security breaches, but long-term damage to brand and reputation. While security breaches are costly to detect and remediate, the expenses are finite. On the other hand, expenses around compliance, customer attrition and negative public relations incurred due to the resulting loss of brand and reputation are ongoing, sometimes dragged out for months or even years, and are much more difficult, if not almost impossible to predict or gauge.”
Joe Fantuzzi, president and CEO of RiskVision, said that “it was a surprise. Despite all the noise and issues around cybersecurity, organizations really fear brand damage. That can come from cybersecurity breaches, but it can also come from lost intellectual property, accidents like losing laptops, and bad market news.”
As a result of poor risk management, businesses top concerns and worries include:
- Reputational damage (63 percent)
- Security breaches (51 percent)
- Business disruption (51 percent)
