By Denson Todd, SSIC Director of Cyber Risk Services
“It takes 20 years to build a reputation and five minutes to ruin it,” stated Warren Buffett. While I don’t dispute Mr. Buffett’s business wisdom overall, I wonder – does this still hold true for business reputation in the era of the mega breach?
It’s logical to assume that a breach--of both customer trust and records--will correlate directly with a damaged reputation, but is that still the case? Is corporate reputation overrated? That certainly seems to be the case when a new data breach hits the headlines every other day.