Data breaches can have long lasting effects on companies, as customers and clients are increasingly aware of their occurrence, and the effects that lost or stolen data can have upon them. For some companies, such a cyberattack can push them completely out of the market, as in the case Wood Ranch medical, which had to close in 2019 after a breach permanently locked them out from customer data.
Writing in CIO Insight, Joanna Redmond recommends some tip for companies looking to manage their brand reputation in cases of crisis. In case of a successful attack, organizations need to have a proper response plan in place, which includes advance preparation, accurate and specific communications to customers and regulators, and a policy of transparency, says Redmond. She advises that companies avoid the mistake of covering up events, as it will only make the hit on your reputation worse if revealed in the future.
Source:
https://www.cioinsight.com/security/cyber-security-incidents-brand/
