Security breaches: 4 business impacts

The average cost of a cyberattack is approximately $4.6 million, according to a Radware report.

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Cybersecurity is now a joint responsibility among C-suite members in an organization, according to a recent Radware report. The 2019 C-Suite Perspectives: From Defense to Offense, Executives Turn Information Security Into a Competitive Advantage report detailed how cybersecurity is a key business driver for executives, as 75% of executives cited security as an integral factor in their marketing strategy.

The report surveyed 263 executives worldwide to determine how they viewed the importance of cybersecurity. Security remains a top priority in the enterprise, with 72% of executives citing information security as a recurring agenda topic in ever board meeting, the report found.

SEE: How to build a successful career in cybersecurity (free PDF)

A cybersecurity incident can have a major effect on business operations, the report found. Cybersecurity breaches result in the following four major business impacts, executives reported::

1. Customer loss (45%)
2. Brand reputation loss (44%)
3. Revenue loss (32%)
4. Operational loss (32%)

The average cost per cyberattack is approximately $4.6 million, with the estimated total cost of cyberattacks for an organization as more than $10 million.

"This year's C-Suite Perspectives report shines a spotlight on increased sophistication of management philosophy for information security and security strategy," said Anna Convery-Pelletier, CMO at Radware, in a press release. "While responsibility for cybersecurity continues to be spearheaded by the CIO and CISO, it is also being shared throughout the entire C-Suite. Security issues now influence brand reputation, brand trust and consumer trust, which forces organizations to make a fundamental shift in thinking about the role of security in customer experience, marketing and business operations."

For more, check out How to protect your organization's online data: 5 tips on TechRepublic

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