Report: Cyber breaches trigger huge customer, revenue losses (+ watch video)

A new report from Cisco spells out the real costs for businesses who suffer cybersecurity breaches with companies saying they suffer huge customer and revenue losses as well as future opportunities.

Plus: You can watch a video summary of executives’ concerns.

In a survey of nearly 3,000 chief security offices across 13 countries, Cisco says in its annual Cybersecurity report that the costs of hacks are not inconsequential:

22 percent of breached organizations lost customers
40 percent of those lost more than 20 percent of their customer base
29 percent lost revenue
38 percent of that group losing more than 20 percent of revenue
23 percent of breached organizations lost business opportunities
Of those, 42 percent of them losing more than 20 percent

There were other costs, too.

More than 50 percent of organizations faced public scrutiny after a security breach.
Damage to brand reputation

“In 2017, cyber is business, and business is cyber – that requires a different conversation, and very different outcomes,” said John Stewart, chief secuirty and trust officer at Cisco, about the report’s meaning.

“Relentless improvement is required and that should be measured via efficacy, cost, and well managed risk. The 2017 Annual Cybersecurity Report demonstrates, and I hope justifies, answers to our struggles on budget, personnel, innovation and architecture.”