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Often when we talk with people about what could happen if a cybersecurity incident impacted their business, the conversation immediately goes to the financial impacts of a data breach.

Of course, this is understandable because the financial impacts can be the quickest and easiest to quantify. Losing sales, paying regulatory fines, and hiring legal, PR, and cybersecurity professionals to help respond usually conjures up the most negative feelings and thoughts.

However, there is another impact that can be just as bad. That’s the impact on your brand and reputation. This kind of effect is hard to quantify. It may not be immediate, making it scarier because of how and when it will make an impact is unknown.

It could be immediate

For example, if the local news stations pick up the story that your business has been the victim of a cyber incident, losing all the customer information you had. 

Or if someone hacked into one of your social media accounts and posted content promoting organizations or values that your business doesn’t associate with.

A media outlet with a significant reach or a social media post that has gone viral could destroy your business overnight.

It could be over time

Not all your customers may feel the need to cut ties and walk away immediately when the incident happens. It may initially seem like your business’s brand and reputation has survived the incident unscathed. 

Only, your customers are waiting for their contract or subscription term to end, or until they can find a suitable replacement vendor.

Also, posts on social media and news stories on the Internet don’t just go away. Potential customers researching your business could find those negative posts and opt to go to your competitor instead in part because of them.

Cyber incidents other than data breaches

Not all your customers may feel the need to cut ties and walk away immediately when the incident happens. It may initially seem like your business’s brand and reputation has survived the incident unscathed. 

Only, your customers are waiting for their contract or subscription term to end, or until they can find a suitable replacement vendor.

Also, posts on social media and news stories on the Internet don’t just go away. Potential customers researching your business could find those negative posts and opt to go to your competitor instead in part because of them.

At Think Cyber Secure, we uncover the hidden gaps that cause cyber risk, and develop an action plan that will eliminate the stress and frustration resulting from cybersecurity.

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The goal of the blog and podcast is to help you, as a business owner, an entrepreneur, a freelancer or whatever you may be make your business more cyber secure with tips and information each and every week.

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Again, thank you so much for reading!

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