According to research, the general public often holds the CEO of a company personally responsible for an organization’s cybersecurity. When organizations fall victim to cyber-attacks or data breaches, many people believe that C-level executives should be personally held accountable Plus, many customers feel that they should be compensated when a breach occurs and their personal data is exposed.
Veritas Technologies recently released report findings indicating that over a third of consumers in the UK would view a business leader as personally responsible if a cyber breach was to occur. Over two-thirds believed that when incidents such as ransomware attacks comprise personal customer data, that they should be compensated, and 8% revealed that they felt chief executives should serve prison time if a breach occurred under their leadership.
The president of Veritas Technologies, Simon Jelley, stated ‘As consumers, we are increasingly well-educated about ransomware, so we’re unforgiving of businesses that don’t take it as seriously as we do ourselves.’ Meaning, customers expect and trust that organizations have the proper cybersecurity protections in place. Furthermore, the research revealed that 62% of those asked also expected organizations to be using back-up copies in addition to having proper security protection in place. Consumers also voiced that they would quickly lose trust with a business victimized by a ransomware attack, 41% of the respondents stated that they would stop buying from that organization. Mr. Jelley said, ‘It seems, if businesses don’t get these basics right, consumers are ready to punish their leadership.’
The tainted reputation and disruption of operations to a business exposed by a breach is substantial – some organizations can never recover. In this day and age, it is essentially negligent to not have adequate cyber protection in place. ‘Consumers expect businesses to have the technology in place to restore their data without negotiating. That’s the win-win solution and, considering the likely brand damage and loss of customers that come with failing to put this into practice, the risk is simply too big for companies not to have this aspect of their systems in place.’ said Mr. Jelley.
Ensuring that your organization has proper security protocols in place is vital. Many small and medium-size businesses simply do not have the budget to keep a team of cybersecurity professionals on their full-time payroll. This is where partnering with a Managed Service Provider, like MBC can be an ideal solution. By working with us, your organization will gain immediate access to an entire team of security specialists that are knowledgeable in the latest security trends and emerging threats. By letting our team of specialists manage your protection, your team can focus on running your business. To find out more about how MBC can keep your business protected from cyber threats and protect your reputation, get a free assessment today.