Breaches Lead to Major Reputation, Brand Damage
SC Magazine reports Companies spend on average up to a year to restore their reputation following a data breach, according to a study released Thursday by the Ponemon Institute. The survey of 843 executives found that an organization’s brand value dropped between 17 to 31 percent following an incursion, depending on the type of information lost. Those polled, estimated the economic value of their company’s brand to be anywhere from $1 million to greater than $10 billion, with an average of $1.5 billion. Eighty-two percent of respondents said their company had experienced a breach involving sensitive or confidential information.
