Stephane Nappo, Global Chief Information Security Officer at Groupe SEB, said, "It takes 20 years to build a reputation and a few minutes of cyber incident to ruin it." And, for the most part, it takes two years for an organization's reputation to recover after a data breach, according to research by HSBC.
Added to that, reputational damage drives off customers — when a data breach occurs, more than 80% of consumers are ready to walk away and take their business elsewhere. That's why ignoring cybersecurity is no longer an option for companies.