Survey: Breaches Costs Millions in Brand Damage
DATA LOSSOctober 27, 2011
A recent survey has found that it takes an organization recovering from a data breach one year to repair damage done to its reputation. The Ponemon Institute survey, sponsored by Experian, found that a company also suffers damage to its brand equity, with the average loss in a company's brand ranging from $184 million to more than $330 million, PR Newswire reports. The minimum brand damage was a 12-percent loss. "A solid reputation is a company's greatest asset, and it is therefore imperative that business leaders take precautionary steps to protect themselves, their customers, their employees and their intellectual property against data breaches," said an Experian spokesperson.