When the word ‘cost’ is used, it’s usually associated with money. But when we’re talking about information security breaches, there are far more significant costs to consider than just the financial ones.
If your organisation suffers an information security breach, then you’re looking at costs with long-lasting implications such as:
- Reputational damage
- Loss of customers
- Lack of interest from potential shareholders
- Bad press
- The list goes on…
Even if your organisation can survive the immediate financial implications, can you genuinely afford to lose existing and new customers and compromise your stakeholders’ trust? Probably not.
If a company you buy products from suffered a breach and your bank details were stolen – would you use them again? No, you wouldn’t – so don’t assume that it’s any different for your organisation.
Information security specialists Michael Krausz and Prof. John Walker have put their knowledge together to create a pocket guide titled The Trust Cost of Information Security Breaches and Cyber Crime. This pocket guide contains several information security breach case studies, along with a sensible and realistic assessment of the actual costs of a breach.
I recommend this book to anyone who has doubts over the strength of their information security.