Secure Chorus’ Elisabetta Zaccaria on “Point – Counter Point. The Most Impactful Data Breach Fallout: Reputational Damage vs Financial Cost” for Infosecurity Magazine
SECURE CHORUS, 15TH SEPTEMBER 2020
Secure Chorus’ Elisabetta Zaccaria goes head to head with Nigel Thorpe on the topic of the most impactful data breach fallout.
Elisabetta fights her corner on the financial cost being greater than the reputational damage. In support of her argument she refers to a hypothetical (yet plausible) major data breach which was released in October 2019 by Loyds’ insurance market – ‘Shen Attack: Cyber risk in Asia Pacific ports’.
The report attempts to quantify the economic losses resulting from a cyber-attack to the cargo database records of 15 major ports across Asia Pacific. The report goes so far as to show the economic damage of a cyber-attack to the databases of 15 Asia Pacific ports to the world economy and which could range from USD 40.8bn in a best-case scenario to USD 109.8bn in a worst-case scenario.
Elisabetta’s conclusion is that when we look at scenarios such as the Shen Attack where a major data breach would cause substantial economic damage not only to the organisation itself but also to a wide range of other organisations, business sectors, and national economies globally, then arguing that reputational damage is overall greater than financial cost would be difficult.
The full article can be found here: https://edition.pagesuite.com/html5/reader/production/default.aspx?pubname=&pubid=b43860e9-f835-4056-808a-3d6efd4aae42