Cloud

1/22/2018
04:05 PM
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Most Companies Suffer Reputation Damage After Security Incidents

New Kroll Annual Global Fraud & Risk Report says 86% of companies worldwide experienced security incidents and information theft and loss in the past twelve months.

Seventy percent of organizations worldwide suffered at least one security incident during the past year - up from 68% in the previous year, a new study by Kroll found.

Meanwhile, security incidents and information theft and loss hit some 86% of companies in the past twelve months. The new 2017/18 Kroll Annual Global Fraud & Risk Report also shows that physical theft or loss of intellectual property most commonly occured these security incidents, at 41%.

"People instinctively think about data being targeted by cyber attacks, but not all threats to information are confined to the digital realm. There is a convergence between physical and digital threats, with issues arising from equipment with sensitive data being stolen or lost, for example, or employees with access to highly sensitive information accidentally or intentionally causing a breach," said Jason Smolanoff, senior managing director and global cyber security practice leader for Kroll.

Nearly two-thirds of companies said incidents due to fraud (65%), cyber (67%), or security (66%) incidents had damaged their reputations. Some 23% say their company suffered losses of 7% or more in revenues.

Read the full report here

 

Dark Reading's Quick Hits delivers a brief synopsis and summary of the significance of breaking news events. For more information from the original source of the news item, please follow the link provided in this article. View Full Bio

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Marilyn Cohodas
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Marilyn Cohodas,
User Rank: Strategist
1/23/2018 | 1:04:58 PM
Re: Please correct the link to the report
Thanks, Jason. The link has been fixed. 
JasonofB
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JasonofB,
User Rank: Apprentice
1/23/2018 | 11:44:41 AM
Please correct the link to the report
It points to the C drive of the author.
RyanSepe
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RyanSepe,
User Rank: Ninja
1/23/2018 | 8:24:57 AM
7% is tough but...
7% loss is a rough hit to take financially however brand reputation is monumental amongst many industries and can cripple your business. Just look at Arthur Andersen, the firm that was in charge of Enron auditing. Based on negative brand reputation due to unethical practices there big 5 firm was driven to extinction.
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