Cybersecurity doesn’t just risk internal data and systems

Cybersecurity is more than just a technology and hardware concern. In today’s environment, it has to be a component of the overall business strategy. This is especially true when it comes to marketing. As more and more marketing is taking place with online platforms, the risks associated with cyber threats have grown drastically. What many businesses don’t realize is that a breach in cybersecurity doesn’t just affect their data or internal system, it can also have a profound impact on the brand’s reputation and marketing. 

Consumers Trust in Marketing

The number one goal of marketing is to build trust. Whether a business is looking to attract  new customers, engaging with current ones, or expanding their market reach, building trust is the foundation upon which successful marketing strategies and campaigns are built. Unfortunately, while trust may take a lengthy period to build, it will always have a certain amount of fragility. A single cyber incident, be it a data breach or ransomware attack, can destroy the trust that the business has worked for so long to build. Whereas the business was once marketing to bring customers in for the first time, they’re now marketing to get them to come back after a major issue. If customer data was breached in a cybersecurity issue, this can be an even more difficult, expensive, and time consuming campaign that needs to be run

When customers trust you with a business with their information, they expect that business to protect it. When that trust is broken, such as through a cybersecurity issue, it can lead to a tarnished and disappointing reputation. Restoring that reputation often proves to be difficult. The impact of this loss of trust can be immediate. Customers may abandon a brand, the competitors may capitalize on the misfortune, and the media may amplify the negative exposure.

The Cost of a Tarnished Reputation

Rebuilding a tarnished reputation, from any cause, is almost always challenging and incredibly expensive. There are many potential costs a business could face when their reputation is damaged due to cybersecurity failures.

1. Loss of Customers: Once customers lose trust in a brand, it’s challenging to win them back. The cost of acquiring new customers to replace the lost ones is significantly higher. If there is a recent cybersecurity issue, that cost goes up even more. Any business can vouch for the fact that it can be 10 times more expensive to get a new client than to keep an existing one.
2. Damage Control and PR Expenses: Navigating through a cybersecurity issue will likely require a well planned public relations strategy. This can involve everything from hiring a PR expert to issuing press releases to launching campaigns to restore the brand’s image. Unfortunately, all of these come with a hefty price tag.
3. Legal Fees: Depending on the severity of the breach, a business might face legal consequences. These potential consequences can include lawsuits from affected customers and partners. These legal fees alone can be financially draining, especially for a small business.
4. Regulatory Fines: For some industries, ones that are governed by strict data protection regulations, there could be various fines that a business must pay as well. If this happens, now that business needs to deal with both the cybersecurity tarnishing their brand, but also the tarnished reputation from getting fined.
5. Increased Marketing Costs: To rebuild a reputation,the business will likely need to invest heavily in marketing efforts. This could go as far as needing to rebrand or running extensive campaigns to regain customer trust. A business might need to offer discounts or incentives to bring customers back. Discounts and incentives as part of a planned promotion have their place, but when needed to be used for these purposes the cost can be draining.

Proactive Cybersecurity

Given the potential damage to a business, their reputation, and the expensive associated costs, it’s clear that cybersecurity must be a priority in a marketing strategy. By taking a proactive approach to cybersecurity, businesses aren’t just protecting their data, they’re also safeguarding the brand’s reputation.

Here are some steps to consider:

• Invest in Strong Cybersecurity Measures: Every business should ensure that their business has robust cybersecurity protocols and procedures in place. Things as simple as using secure passwords to regular software updates to more advanced measures such as employee training and secure data handling practices.
• Communicate Their Commitment to Security: Cybersecurity doesn’t have to be an internal policy only. Instead, make cybersecurity a part of the brand’s story. Letting customers know that a business takes their security seriously can be a selling point that differentiates them from competitors.
• Have a Crisis Management Plan: Hope for the best, plan for the worst. Being proactive and prepared for the worst is key. Any business should have their cybersecurity crisis plan in place well before any issue happens. This should include a communication strategy to quickly speak to any security breaches and mitigate damage to the brands reputation.

A breach in security can tarnished reputation

Cybersecurity should be inseparable from a businesses marketing strategy. A breach in security can lead to a tarnished reputation that’s tough and costly to repair. By prioritizing cybersecurity and being proactive in protecting a brand, businesses not only safeguard their reputation but also strengthen the trust that’s essential to marketing success. Remember, in the eyes of customers, reputation is everything—don’t let a preventable cyber incident be the reason it’s tarnished.