The rapid spread of digital technology is enabling organizations to quickly roll out new products and services to meet shifting customer demands.
Although the digital world offers boundless possibilities for growth and value creation, it comes with its own set of challenges and risks. Wider interaction capabilities increase the number of touch points and the amount of personal data that must be secured. For hackers, the digital age opens up a virtual playground of opportunities to penetrate security defenses and gain access to customer data, intellectual property, and other assets.
While some security breaches gain widespread publicity, others are sneaky enough to remain hidden for extended lengths of time. Whether caused by human or technical failure or a deliberate strike, a single security breach can be catastrophic for a business. According to data reported in SAI Global’s Consumer Trust Index, 43 percent of consumers indicated they would never return to a company if their private data had been breached.
But it’s not just the potential loss of revenue that can be so damaging. If a company loses the trust of its customers, prospects, partners, or investors, the results can be devastating. Data breaches produce immediate public perceptions that can severely impact an organization’s brand and reputation — and the damages can persist for years after a breach.
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