Securing your brand is a C-suite challenge
How can your customers trust you if you don’t take precautions to protect their personal information?
Brand value is a key component of a company’s success and it takes several years to establish by implementing a brand strategy that supports the business. However, in today’s digital environment, brand value can be compromised in a matter of minutes and negatively affect the brand and company. As such, brand security is an issue that needs constant attention to minimise possible reputational damage to the brand and the associated risk of losing customers.
As data hacks occur more regularly, it highlights the need for companies to take privacy issues more seriously as the repercussions of not doing so carry serious reputational damage for brands. According to the IBM 2018 Cost of Data Breach study (https://newsroom.ibm.com/2018-07-10-IBM-Study-Hidden-Costs-of-Data-Breaches-Increase-Expenses-for-Businesses), if a data breach causes an organisation to lose just 1% of its customers it will cost the business on average $2.8m, and if it loses more than 4% of the customer base the co...