Data breach could cost world's top brands up to $223 billion, finds study
The world’s top brands across sectors might lose between $93
billion and $223 billion because of a data breach, a first-of-its-kind study by
Interbrand and Infosys, called ‘Invisible Tech, Real Impact’, has found.
This represents 4-9.6 per cent of their cumulative value.
The study gains significance in the backdrop of yet another
massive hack, this time of Microsoft’s email software, which is estimated to
have affected at least 60,000 known victims globally, according to Bloomberg.
The study found that there is a long-term impact of data breaches
on brands across sectors. This is because companies are
increasingly embracing digital platforms to improve customer experience, one of
the reasons why customers are willing to pay a premium, it pointed out.
This has two implications: For consumers, it implies a quid pro
quo –sharing personal information with brands for a personalised experience.
For brands, it means the real and virtual have to coexist in creating this
unique experience.
This is not just true for digital or tech brands like Google and
Amazon, but also brands that were focused on offline. For instance, it is
estimated that the amount of data shared online at the beginning of 2020 was a
staggering 44 zetabytes.
Ameya Kapnadak, chief growth officer of Interbrand India, said the
study evaluated parameters like financial value of the company, role and
strength of the brand.
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