{"id":14837,"date":"2019-03-14T09:10:03","date_gmt":"2019-03-14T17:10:03","guid":{"rendered":"http:\/\/www.palada.net\/index.php\/2019\/03\/14\/news-8586\/"},"modified":"2019-03-14T09:10:03","modified_gmt":"2019-03-14T17:10:03","slug":"news-8586","status":"publish","type":"post","link":"http:\/\/www.palada.net\/index.php\/2019\/03\/14\/news-8586\/","title":{"rendered":"Reputation management in the age of cyberattacks against businesses"},"content":{"rendered":"

Credit to Author: Jovi Umawing| Date: Thu, 14 Mar 2019 16:15:59 +0000<\/strong><\/p>\n

Avid readers of the Malwarebytes Labs Blog would know that we strive to prepare businesses of all sizes for the inevitability of cyber attacks. From effectively training employees<\/a> about basic cybersecurity hygiene to guiding organizations in formulating an incident response (IR) program<\/a>, a cybersecurity policy<\/a>, and introducing an intentional culture of security<\/a>, we aim to promote proactive prevention.<\/p>\n

However, there are times when organizations need to be reactive about some things. And one of these is business reputation management (BRM), a buzzword that refers to the practice of ensuring that organizations are always putting their best foot forward, online and<\/em> offline, by constant monitoring and dealing with information and communications that help shape the public perception of a company. This is a process that executives must not miss out on, most especially when the company has found itself in the center of a media storm after disclosing a cybersecurity incident that has potentially affected millions of their clients.<\/p>\n

In this post, we look at why companies of all sizes should have such a system in place by having a refresher on reputation and how much with consumer trust and loyalty have evolved. We\u2019ll also show you what proactive and reactive BRM would look like before, during, and after an event of a cybersecurity fallout.<\/p>\n

Reputation, like beauty, is in the eye of the beholder<\/h3>\n

A company\u2019s reputation\u2014how clients, investors, employees, suppliers, and partners perceive it\u2014is its most valuable intangible asset. Gideon Spanier, Global Head of Media at Campaign, has said in his Raconteur piece<\/a> that it is built on three things: what you say, what you do, and what others say about you when you\u2019re not in the room. Because of the highly digitized and networked world we live in, the walls of this room have become imaginary, with everyone now hearing what you have to say and seeing what you\u2019re doing.<\/p>\n

Looking up organizations and brands online has become part of a consumer\u2019s decision-making process, so having a strong and positive online presence is more important than ever. But to see that only 15% of executives<\/a> are addressing the need to manage their business\u2019s reputation risks is not just a sign of negligence on the part of those who chose not to do anything, it\u2019s also a sign of foolishness.<\/p>\n

Consumer trust and loyalty evolved its relationship with company reputation<\/h3>\n

Brand trust has grown up. Before, we relied on word of mouth\u2014commendations and condemnations alike\u2014from friends and family, the positivity or the negativity of our own and others\u2019 experiences about a product or service, and endorsements from someone we look up to (like celebrities and athletes). Nowadays, many of us tend to believe what strangers say<\/a> about a brand, product, or service; read the news about what is going on with institutions; and follow social media chatter about them.<\/p>\n

The relationship between consumer trust and brand reputation has changed as well. While mainstream names are still favored over new or unfamiliar brands (even if they offer a similar product or service at a cheaper cost), connected consumers have learned the value of their data. Not only do they want their needs met, but they also expect companies to take care of them\u2014by extension, the information they choose to give away\u2014so they can feel safe and happy.<\/p>\n

Of course, with trust comes loyalty. Weber Shandwick, a global PR firm, has reminded business leaders in their report, The Company behind the Brand: In Reputation We Trust<\/a> <\/em>[PDF], has found that consumers in the UK tend to associate themselves with a product, and if the company producing that product falls short of what is expected of them, they tend to bail in search for a better one, which is usually offered by a competitor brand. It\u2019s not hard to imagine this same reaction from consumers in the United States but in the context of stolen customer data due to a company-wide data breach.<\/p>\n

Business reputation management in action<\/h3>\n

The possibility of finding their business in the crosshairs of threat actors is no longer an assumption, but something executives should always be prepared for. The good news is that it\u2019s not impossible to protect your business reputation from risks.<\/p>\n

In this section, we outline what businesses can do in three phases\u2014before, during, and after an attack\u2014by illustration based on a real-world scenario to give organizations an idea on how they can formulate a game plan to manage their reputation either now or in the future. Note that we have aligned our pointers in the context of cybersecurity and privacy incidents.<\/p>\n

Before an attack: Be prepared for a breach<\/em><\/span><\/p>\n