You only get one brand reputation – protect it from a data breach
What do data breaches have to do with a company’s brand reputation? Well, to really understand the impact that a hole in your information security system can have on how the industry and its consumers look at your company, let’s start with the value of a brand reputation.
Brand reputation is one of the most precious assets a company can protect. While consumers certainly demonstrate the intention to reward companies based on the merits of their current products and services, one cannot ignore the overlapping grey area of consumer motivation that is defined by brand recognition and brand loyalty.
Apple sits at the top of Forbes’ “The World’s Most Valuable Brands” list even as the mud slinging from its competitors becomes more powerful, more precise, and, one would think, more damaging. And yet, for the most part, consumers shrug their shoulders and relent to the sheer magnitude of the statement, “but we’re Apple.” Remember when Pepsi tried to prove to everyone that there was almost no perceptible difference between its cola and Coke’s? “The Pepsi Challenge.” What their experiment really proved was the value of a brand. Coke still sits where it always has on the list of most valuable brands, ahead of Pepsi.
A brand’s reputation is so valuable and so delicate that companies spend millions of dollars and countless hours trying to repair their brand’s damaged reputation, often in vain. What damages a brand’s reputation? Well, a scandal will do it.
You lose your integrity; you lose the trust of your consumers. Companies donate a fortune to charities and special interest groups they’ve offended just to try and restore the good will they lost from an embarrassing scandal.
But maybe you don’t have to worry about that. Your company does it by the book. You respect the law and are committed to doing it the right way. Well, a brand’s reputation can nosedive from an unexpected data breach just as easily as it can from a scandal. A data breach can damage a brand’s reputation in the worst way. No matter how much good will is earned after the fact, people will still be afraid that their privacy is not safe with your company. At this point it’s black and white. Your customers will go where they feel safe.
Warren Buffett once mused, “It takes 20 years to build a reputation, and five minutes to ruin it.” Mighty Target knows that all too well. Last year, after the catastrophic security breach that exposed the credit and debit card information of over 40 million customers, Target’s once strong brand reputation plummeted by all measures. Like those before them, they spent money and took action in an effort to win back loyal customers who couldn’t believe what they were reading. While customers tried to figure out if they had shopped at Target recently enough for their identities to be in danger, they were offered discounts and free credit monitoring. In addition to a swift admission of the mistake, it seemed Target was doing everything right. But it hasn’t mattered. At least, it hasn’t restored the brand’s reputation to what it once was. Many people are afraid of Target, so they shop elsewhere.
TechR2 is committed to rescuing companies from data breach disasters before they ever happen. It’s the only way to protect your brand. With its Tear-A-Byte®, TechR2 fills all the holes in your company’s information security system. Onsite data destruction is the most secure method of retiring vulnerable, data bearing devices. And of all the data destruction companies out there, only TechR2 can boast an ISO 27001 certification, which denotes a company’s excellence in data security.
So, if your company’s only brand reputation is on the line, why aren’t you using onsite data destruction to ensure your retired assets don’t fall into the wrong hands? And why wouldn’t you choose the only onsite data destruction company that is internationally recognized for its best practices in information security? Making this decision is far less strenuous and expensive than the decisions you’ll have to make recovering from a data breach.