PRO TECTING Y OUR MOS T VALU ABLE ASSET : YOUR REPUTATION by Francesca Taylor, Marketing Communications Executive, YUDU


Nothing is more important than trust. Whether it’s someone choosing where to start squirrelling away hard-earned savings or a global corporation choosing a tech partner to handle their online transactions, the reputation of the company who holds your money/data/operations in their hands is crucial.


double the announced direct losses. How much can an IT problem damage your reputation?


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A prime example of an expensive fall from grace is TSB. In 2018, an IT upgrade at TSB went horribly wrong. This escalated into customers being able to see other people’s accounts, a deluge of phishing attempts targeting TSB customers and incorrect balances being shown. Even worse – it was later shown to have been completely avoidable


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herefore, the financial impact of reputational damage following an incident such as a cyber attack can be much more disastrous than it seems. A 2017 report by Oliver Wyman found that when an incident had an impact on reputation, the real losses were often almost


with more diligent testing.


The financial impact of mismanaging this crisis was huge. For the Chief Executive, Paul Pester, the consequence was resignation. For TSB as a whole, they lost 80,000 customers and spent £330 million trying to smooth things over and repairing their reputation with waived fees and boosting interest rates on savings accounts.


However, catastrophic IT failure doesn’t just happen to high-street banks, nor is it the only threat to the reputation of a business. Cyber crime is increasing rapidly, with malware kits now available on the dark web for as little as $1. ‘It won’t happen to me’ is no longer an acceptable attitude for any business, big or small. It’s also not just huge corporations that fall victim to cyber crime: often


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