Of the total possible value erosion, technology brands could lose the most up to USD 29 billion brand value risk, followed by consumer goods up to USD 5 billion in brand value risk, automotive up to USD 4.2 billion, financial services up to USD 2.6 billion, and luxury goods up to USD 2.4 billion.
Vishal Salvi, chief information security officer and head (cyber security practices) at Infosys said that 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."
Ameya Kapnadak of Interbrand India said there is a fundamental shift in how brands engage with their customers. As the lines between physical and virtual worlds increasingly blur, and brands rely more and more on the digital world to create unique experiences for customers, data breaches have the potential to dent the core of the brand's relationship with its customers.
The report said as much as 85 per cent of customers would not deal with a brand after a data breach, while 65 per cent customers would lose their trust in the brand in the event of a data breach.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.