Top 100 brands may fall in value by $223 billion due to data manipulation
The value of the top 100 brands around the world could be a loss of $223 billion. This is because there is a lot of data mess in these companies. This information is given in a joint cybersecurity and brand value impact report by Infosys and Interbrand.
Companies not named in the report
The report states that the world’s top 100 most valuable brands have been affected by data inaccuracies. However, these top-100 brands have not been named in the report. This potential loss from a data breach is due to the presence and confidence of the brand. Those brands that are in the technology, financial services and automotive sectors will suffer more. Luxury brands and consumer goods may have to lose up to a few percent of their net income.
IT sector at the top
The technology brand may account for about $29 billion in the loss of $223 billion. After this comes the number of consumer brands. This could have an impact of $5 billion. The automotive sector may incur a loss of $4.2 billion, the financial services sector $2.6 billion and luxury goods brands up to $2.4 billion.
Companies are spending on cybersecurity
Vishal Salvi, the chief information security officer at Infosys, said companies have been spending a lot on cybersecurity for a long time. However, in this digital age where a company’s reputation is being judged by its ability to protect customer data and establish digital trust, now cybersecurity is playing a pivotal role.
There is a fundamental change in the brand
Ameya Kapnadak of Interbrand India said that there has been a fundamental change in how brands connect with their customers. The lines between the physical and virtual worlds are becoming blurred. As such, digital brands are relying more and more on the digital world. In such a scenario, any kind of data breach is working to create a rift in the brand’s relationship with the customers.
The report stated that 85% of customers would not deal with a brand after a data breach, while 65% of customers would lose their trust in the brand in the event of a data breach.
