“Jersey has a fantastic reputation as a great place to do business. The island offers world class digital infrastructure and has an exciting and expanding technology community. One of the challenges for Jersey and for those businesses operating here will be to maintain that reputation in the face of unexpected and unprecedented events as they unfold, effecting organisations here and across the globe “ – Tony Moretta, CEO – Digital Jersey
With reports of cyber incidents dominating our news with increasing regularity, few organisations would deny their growing concern that it may now be a case of when, not if the next data breach headline carries their name.
The General Data Protection Regulation (GDPR) has shone a light on how businesses prepare for and respond to a data breach. But when faced with such an incident, many firms will instinctively focus their resource and efforts on containing the breach, rather than on their most important asset – their customers.
As the very visible outcome of the breach takes hold, organisations with significant customer databases that do not prioritise customer needs risk magnifying the crisis exponentially.
Failing to manage the customer impact is likely to not only trigger headline-grabbing regulatory fines but also customer loss – potentially impacting both the value and reputation of the brand, increasing the risk of executive resignations and accelerating the pace of a doubtless already plummeting share price.
So if the worst does occur, how can businesses ensure they are ready to respond and protect their customers?
Read the full report here