The repercussions of a cyber attack are many, but according to a new survey, management executives are increasingly worried about the affect an attack has on the organization’s reputation.
Protecting your organization from both the inside and the outside cyber threat are paramount in today’s digitalized environment. Identity and access management is a cornerstone of good cyber security, helping to protect the company and ensure control of identities and their access rights.
Protecting the organization matters – not only in the light of the GDPR, fines, IP, to name a few, but also in regard to the company’s brand. Loss of reputation is increasingly becoming a side effect of cyber attacks, as breached companies are pulled through the mud and otherwise pristine brands get a tarnished reputation.
Greatest potential impact to the organization
According to the newly published Marsh and Microsoft Global Cyber Risk Perception Survey 2018, 59% of survey respondents said reputational damage was the highest concern when asked which cyber loss scenarios present the greatest potential impact to their organization.
“In an era in which increasingly sophisticated attacks are likely, how an organization responds is subject to intense public scrutiny. Companies that can manage events effectively will be better able to contain the reputational fallout,” the report notes.
According to the report, the rising cyber threat has led to a new mantra: It’s not if your organization’s systems will be breached, it’s when.
The report further notes that close to 20% of respondents said that their organization has been a victim of a successful cyber attack in the past 12 months.