Article 16 May 2017

Cyber-risks and the new reputational paradigm

The world has just suffered, one of the largest cyber-attacks of it’s history. The WannaCry worm, has set against the ropes the reputation of thousands of companies. In Spain, some have come out stronger from this encounter, but others not so. According to the information provided by the Spanish National Cybersecurity Institute (INCIBE), last year, the number of cyber-attacks on companies rose from 50,000 to more than 120,000 in Spain. Over 60,000 so far in 2017. The expected exponential increase of cyber-threats and the new regulatory pressure put by the Directive on Security of Network and Information Systems across the Union (NIS), as well as by the new European Regulation on Data Protection make all companies are now facing a change of reputation paradigm in which management of communication becomes gains relevance, to deal with the threats of cyber-security and the new legal obligations regarding information.

Organizations have become more vulnerable and must be ready to face these cyber-risks, if they want to protect their reputation and trust, as well as their business, in a hyper-transparent world. Doing things just like they were done in the world of communication until present date is not enough anymore. New, specific prevention, protection and management procedures must be implemented to deal with cyber-attacks. This involves developing certain digital tools and methodologies allowing real-time management of multidisciplinary teams adapted to these highly-complex critical situations, with simultaneous digital social behavior, thus creating a protective shield of reputation.

In this Developing Ideas’ article, co-signed with Natalia Sara, Manager of the Crisis Area at LLORENTE & CUENCA, we strive to enlighten companies about how cyber-risks should be managed, in a situation such as the current one, marked by cyber-threats and  and the new legal obligations regarding information, that endangers confidence in companies.

Luis Serrano, Director of the Crisis Area at LLORENTE & CUENCA

Do you want to know more about it?

        We want to collaborate with you

        Do you have a challenge?

        Would you like to join our team?

        Do you want us to speak at your next event?