As information security concerns among consumers and other customer constituencies rise, just 29 percent of marketers say that their firm has a crisis containment plan in case of a security breach, according to findings of a major research initiative by the Chief Marketing Officer (CMO) Council.
Without such a plan and other security strategies in place, companies are at risk of losing hundreds of million of dollars in market value and loss of reputation and brand trust, according to the study's findings.
In response, the CMO Council has released a comprehensive report entitled Secure the Trust of Your Brand: How Security and IT Integrity Influence Corporate Brands. The report serves as a reference guide for marketers and other executives, offering real-world examples of companies' actions following major security breaches, and strategies and best practices for prevention, containment and preservation of brand trust.
With the Report, the CMO Council continues to stake out aggressive advocacy positions on behalf of global marketers. In releasing Secure the Trust of Your Brand at its Summit, the CMO Council hoped to underscore for all marketers the critical importance of implementing a proactive strategy and vigilant approach to brand protection in an environment where increasingly more sophisticated methods of security breach and data theft are ever more prevalent -- and wreak ever greater damage to a company's brand, reputation and bottom line.
The Report, developed in collaboration with Factiva (a Dow Jones and Reuters Company) and Symantec, details findings that show security concerns of both consumers and executives are rising. It also includes a compendium of best practices strategies for small, medium and large enterprises.