The IT Pro Podcast: The myth of reputational damage
Is reputational damage from a data breach really worth worrying about?
When it comes to data breaches, one of the most common warnings is that in addition to the potential fines, business disruption and data loss that can occur as the result of a successful hack, the damage to a victim’s reputation can be as bad, if not worse. The commonly-accepted wisdom is that, should you leave yourself open to a cyber attack, customers and partners alike will lose trust in your ability to safeguard their data, and will abandon you in droves.
However, there are numerous examples over the last few years of companies who have suffered extremely serious data breaches - often through lax cyber security practices - and appear to have suffered little to no long-term consequences. Whether it’s Ashley Madison, Equifax, Marriott or British Airways, there are plenty of organisations for whom this oft-mentioned reputational damage doesn’t seem to have been very damaging after all.
So what effect does a data breach have on a company’s reputation? How does it compare to the operational impacts of a breach? And should companies be concerned about reputational damage in the first place? In this episode, we’re joined by Dr. Rois Ni Thuama, head of cyber governance at Red Sift, to discuss the topic.
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- Verizon completes acquisition of Yahoo as Mayer quits
- Verizon 'will pay $5 billion for Yahoo'
- Yahoo offers $117.5m settlement for 2013 monster hack
- ICO: Only 20% of UK citizens trust companies with their data
- Uber hack: A lesson in how not to handle a data breach
- Ex-Yahoo and Equifax CEOs to testify before Senate over data breaches
- US indicts four Chinese military officials over Equifax hack
- Equifax: An object lesson in how not to handle a data breach
- Equifax data breach: Ex-CIO to serve four months in prison for insider trading
- The Equifax Effect: Explaining the biggest security disaster of the 21st century
- What is the California Consumer Privacy Act (CCPA)?
- Seven steps to GDPR compliance
- What is GDPR? Everything you need to know, from requirements to fines
- ICO launches two GDPR compliance schemes
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