How Customer Trust Can Shield Your Business In A Crisis
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If there’s one certainty in these volatile times, it is that the threat of large-scale, disruptive cyber-attacks is here to stay. From US school districts to major brands like Marks & Spencer (M&S), Cartier and Adidas, organisations across multiple industries and regions have experienced severe cybersecurity breaches – with fallout lasting weeks and sometimes months. The attackers don’t seem to differentiate by size, industry, or age – indeed, even ransomware extortion group Lockbit suffered a breach of their own in May. Any organisation is a potential target and there’s no room for complacency. This is now an everyday reality for modern businesses. If there’s one certainty in these volatile times, it is that the threat of large-scale, disruptive … More cyber-attacks is here to stay. Moment Editorial/Getty Images Long-term reputational damage The immediate disruption for companies and customers can be severe, ranging from empty supermarket shelves to payment outages and long delays in online orders. Attacks can also result in serious data breaches, potentially heightening the onward risk of fraud attacks against their customers. In the UK, Deutsche Bank estimated that the recent cyberattack and resulting outages have been costing M&S £15m a week in lost profits, and the issue looks set to continue through the summer. And in the long term, disruptions of this scale can often erode consumer trust. Earlier this year, we conducted extensive research into the key factors influencing perceptions of an organisation’s reputation, as well as the impact of customer service failures on long-term reputation and customer engagement. Our data shows that 61% of customers who experienced a major customer service failure feel it has eroded their trust in the organisation. What’s even more concerning is that 24% of customers have avoided using an organisation after experiencing a major customer service failure, and a further…
