Most Companies Suffer Reputation Damage After Security Incidents

Seventy percent of organizations worldwide suffered at least one security incident during the past year - up from 68% in the previous year, a new study by Kroll found.

Meanwhile, security incidents and information theft and loss hit some 86% of companies in the past twelve months. The new 2017/18 Kroll Annual Global Fraud & Risk Report also shows that physical theft or loss of intellectual property most commonly occured these security incidents, at 41%.

"People instinctively think about data being targeted by cyber attacks, but not all threats to information are confined to the digital realm. There is a convergence between physical and digital threats, with issues arising from equipment with sensitive data being stolen or lost, for example, or employees with access to highly sensitive information accidentally or intentionally causing a breach," said Jason Smolanoff, senior managing director and global cyber security practice leader for Kroll.

Nearly two-thirds of companies said incidents due to fraud (65%), cyber (67%), or security (66%) incidents had damaged their reputations. Some 23% say their company suffered losses of 7% or more in revenues.

Read the full report here.