Did you know… Between 2019 and 2024 malware, phishing and ransomware incidents affecting UK legal and financial services firms increased 205% according to the ICO.
With incidents rising, so too is public scrutiny, with UK media reports relating to cyber attack increasing 36% YoY in 2023 (Infinite Global media analysis).
Globally, the average cost of a data breach has hit $4.5m (IBM).
As the digital transformation of legal services continues, the threat of data breach is a significant commercial and reputation risk for both law firms and the technology partners they rely on.
Bear in mind that goodwill, a helpful barometer for brand and reputation, represents almost 20% of the value of FTSE350 companies, totalling almost £400 billion in value. Damage to reputation can have significant near term and long term financial and non-financial implications, ranging from an erosion of stakeholder trust and a decrease in company attractiveness to talent, to a loss of confidence in leadership and a decline in customer/client retention. Various studies have demonstrated a clear correlation between the successful commercial (financial) recovery of companies following a crisis incident and the efficacy of the communications response.
And, in the now almost inevitable event of a breach, time is of the essence.
Effective communications are vital throughout, helping to maintain customer trust and mitigate the risk of unrecoverable brand damage.
Incidents can be the result of various scenarios and factors, ranging from cyber attack conducted by a bad actor, to employee negligence or human error.
The financial and commercial costs can be significant, and damage to reputation resulting from a poorly handled breach hard to recover from.
A delayed response can exacerbate the reputation threat level by alienating customers or employees, allowing the spread of inaccurate information and even leading to litigation or regulatory action.
Robust preparation is essential to identifying potential risks, and developing response strategies which can be activated at pace – helping to demonstrate situational control when the stakes are high.
Click here to download your copy of Infinite Global’s data breach communications checklist to test your current preparedness levels, and contact our specialist team to discuss your organisation’s unique risk profile and communications needs.