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100 Global Top Brands Could Lose Up To $223 Billion Due To Data Breach: Infosys Report
Writer: Navya Singh
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India, 10 March 2021 3:46 AM GMT
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The report comes at a time when brands rely more and more on the digital or the virtual world to build unique experiences for their customers and data breaches carry the potential to attack the brand's relationship with its customers.
IT services major Infosys said on March 9 said that 100 top brands across the world could lose up to $223 billion due to data breach. The report comes at a time when brands rely more and on the digital or the virtual world to build unique experiences for their customers and data breaches carry the potential to attack the brand's relationship with its customers.
The joint cybersecurity and brand value impact report titled ''Invisible Tech. Real Impact,'' analyses the long-term impact of data breaches on the value of the world's top brands across several sectors.
To minimise this loss, Infosys and Interbrand identified brand factors that are most impacted when a company suffers a data breach- presence, affinity and trust. The IT services major then simulated the resulting brand value at risk in case of a breach.
Infosys and Interbrand noticed that industries like technology, financial services and automotive might suffer an increased and higher overall brand value at risk from data breaches, however, luxury brands and consumer goods are likely to face greater value at risk as a percentage of their net income.
"Cybersecurity for long was seen as a cost of doing business. However, in this digital age where a company's reputation is based on its ability to protect customer data and establish digital trust, cybersecurity is becoming a business differentiator," Vishal Salvi, Chief Information Security Officer and Head of Cyber Security Practice at Infosys said.
The report also focuses on evaluating if the cybersecurity investments made by businesses are proportionate to the risk they face.
"It also reinforces the need for CISOs to engage with the board and build a robust governance ecosystem while employing a 'secure by design' approach to safeguard their brand value and reputation," Salvi said.
Ameya Kapnadak, Chief Growth Officer for the India market at Interbrand, said there is a fundamental shift in how brands engage with their customers.
"These shifts underscore the need to re-evaluate ''hygiene'' aspects of customer experience like cybersecurity," Kapnadak said.
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