Company reputation a key fear in cyberattacks
Cyberattacks aren’t just an opportunity for companies to lose data and valuable client information, they also represent a significant challenge to the reputation of a business. In the Asia-Pacific region, this threat is already being felt, at least according to a recent study from KPMG in India. The study tracked the perceptions of company executives…
Cyberattacks aren’t just an opportunity for companies to lose data and valuable client information, they also represent a significant challenge to the reputation of a business.
In the Asia-Pacific region, this threat is already being felt, at least according to a recent study from KPMG in India. The study tracked the perceptions of company executives towards cyberattacks, and the sort of damage they saw as the result of data breaches.
The most commonly cited concern among the companies surveyed was the damage to their reputation as a result of a data breach. Almost half (49 per cent) of respondents pointed to the threat to reputation as an issue, with the same number also highlighting the chance of a cyberattack disrupting business practices.
When asked about the most valuable targets for cybercriminals, 72 per cent identified access to company data as the main target for these attacks. As companies collect and store even greater amounts of data, these systems will need to feature highly in reputational risk management strategies.
Cyber attacks have also been increasing in recent years. Data from PricewaterhouseCoopers found that there are roughly 118,000 global cyber incidents every day, with a serious attack costing businesses an average of $2.7 million.
For Australian PR professionals, the risks associated with cyberattacks are likely to be equally concerning, as local companies join international targets of cybercrime. The country has already seen a number of high-profile data breaches, with the ongoing success of a company often depending on their crisis management strategies after these events.
Many companies are now building strategies that can handle the fallout from a cyberattack. On top of the technical strategies that companies are using, PR professionals have an important role to play in communicating these attacks to affected parties and handling any public reaction.
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