Cybercrime has become big business. Instances of cybercrime cost the global economy about $450 billion annually. Beyond the monetary damages associated with the crime itself, an instance of cybercrime can severely damage a company's reputation, indirectly affecting the bottom line for years to come. In this paper, we explain how companies can mitigate the reputational risk associated with a cybercrime through internal and external communications practices.
Our findings include:
- The median cost of cybercrime has increased by nearly 200 percent in the last five years and is likely to continue growing.
- The reputational risk associated with cybercrime extends well beyond monetary damages.
- Having a plan in place for how to respond to a cyberattack could save millions.