Why Cyber Security Needs To Be A Key Part Of Your Reputation Management Strategy

Why Cyber Security Needs To Be A Key Part Of Your Reputation Management Strategy | Star ratings
| 1st Secure IT data loss prevention cyber and IT security services risk management protection firm

Every business wants to have a good reputation.

From awards by the Better Business Bureau to accolades from peer and industry groups, high-quality testimonials to a focus on high quality service, businessees spend millions of dollars each year letting you know they have a great reputation.

But one thing that’s consistently forgotten when it comes to a solid reputation is mitigating cyber security risks.

And it’s understandable. After all, when you think “poor reputation”, cyber security isn’t the first thing that comes to mind. But cyber security can have a big impact.

A Data Breach Leaves Your Brand Vulnerable

According to a 2015 report from Forbes and IBM, 46% of businesses have suffered a hit to their reputation as a result of a data breach. Shocking numbers, I know.

What this means is that a company is almost equally likely to experience a reputation hit from a data breach than not. Why is this such a significant reputation hit?

All sorts of sensitive data can be lost in a data breach, including credit card information, client secrets, login and password info, and more. And when your company suffers a data breach, it’s seen as a warning sign that you shouldn’t do business with them.

Rationally, this doesn’t make a whole lot of sense. If 46% of businesses have suffered a hit to their reputation as a result of a data breach, it stands to reason that at least 46% of businesses have suffered from some sort of data breach in general.

But in the world of social media, where we more frequently see headlines than actually read articles, a data breach can give your company a bad reputation.

A Data Breach Can Kill Your Company Value

On September 7th, 2017, Equifax announced their now infamous data breach. Their stock closed at $142.72 that day.

On the following day, it had plummetted to $123.23, and a week later it reached $92.98, a nearly 35% drop. While it has recovered somewhat, it has yet to return to those early September highs.

Chipotle Mexican Grill announced they had suffered a data breach back in May of 2017, and their shares are trading at a low not seen in five years.

What’s pretty clear here is the fact that your company’s stock value can be impacted by a data breach. It won’t necessarily cause an issue (Sonic Drive-In’s stock seemed to weather the storm well) but it partially depends on the severity of the breach.

So what’s a company to do?

If you’re concerned about the consequences a data breach can have on your reputation, well, good. You should be. Here’s what you can do to mitigate such a disaster.

1. Have a data breach strategy

Assume for a moment that a data breach is inevitable with your business. How are you going to react?

Will you sit on the news for weeks or even months at a time while your customers’ sensitive personal information is at risk? Will you fumble in media interviews?

If you don’t have a strategy ready, you will. But this is the worst possible thing you can do.

Back in January, we wrote an article on how executives should respond to a data breach. Its advice is as true today as it was then. Read it here, and find out some of the big mistakes other companies have made when it comes to IT security, and how you can learn from them.

2. Take Your Cyber Security Seriously

Have you had an IT security team examine your digital infrastructure? Do you know about all the potential gaps ­in your security?

If not, it pays to have a team of experienced cyber security professionals to consult with on these matters.

From ensuring you’re up to date with the latest in compliance, whether PCI DSS, EI3PA, or SSAE 16, to analyzing your business for risk and fraud, to performing a penetration test to see whether there are any gaps in your security a hacker could use to steal your data or disrupt your systems, an IT security company can make a big difference.

Your IT security company can help you implement a better cyber security strategy, prepare for any future security breaches, and seal the gaps so you’re less likely to experience a breach in the first place.

Contact 1st Secure IT

If you’re interested in maintaining the reputation of your company, cyber security needs to be a critical part of your strategy.

1st Secure IT can help.

Call us today, and speak with one of our helpful and experienced IT security professionals. You’ll get a chance to explain your concerns, get your questions answered, and from there we can build you a strategy that will protect your reputation, protect your data, and keep your business running smoothly.

Contact 1st Secure IT today.

1st Secure IT

4613 N. University Drive #323
Coral Springs Florida
(866) 735-3369

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Monday, 19 August 2019

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