Cyberattack: Blackout for the image

23. June 2021

Cyberattacks can cause great damage to your company. Restoring your ability to act involves high costs. However, the loss of reputation can be even more expensive than any loss of data. To prevent this from happening, PANTARHEI ADVISORS is at your side – also as the exclusive cooperation partner of UNIQA Cyber Insurance for communicative crisis resolution.

A cyberattack every 39 seconds

Every 39 seconds, a cyberattack hits. The advancing use of new technologies such as machine learning, artificial intelligence and 5G will further shorten the intervals. The increasing interplay between hacker groups and state actors boosts insecurity. It does not come as a surprise, then, that in the globally surveyed Edelman Trust Barometer 2021, more people state that they are afraid of hackers and cyberattacks than of a COVID infection. A look at the domestic crime statistics underpins the respondents’ concerns: cybercrime offences have increased by almost 70 percent.

Dark clouds are gathering from the US with the two recent cases of Colonial Pipeline and the world’s largest producer of beef, JBS S.A.. Prominent, internationally active companies from Austria such as Riedel or Palfinger have also fallen victim to hacker attacks. These two, unlike many others, have decided to make their crises public. Far more companies have had to deal with ransom demands from digital blackmailers: this year’s KPMG study on cyber security concludes that as many as 60% of the companies surveyed in Austria have been victims of a cyberattack in the course of the last 12 months.

Disguise or disclose?

However, a cyber crisis is no cause for despair. As a rule, the stock market value collapses when the incident becomes public. Yet a widespread loss of reputation has a far more devastating effect. Companies that do not immediately bury their heads in the sand amid a crisis, but actively and purposefully engage in communication instead, can ultimately recover from the situation even stronger than they were before. The more we approach the ubiquity of the internet, the less corporate crises can be met with silence and concealment – especially if they are caused by online attacks. If you slacken the communicative reins, even initially rather small issues will explode into veritable crises. What would you do?

Safe from cyber risks with PANTARHEI & UNIQA

Becoming the target of a cyberattack has become a question of “when” rather than a question of “if”. Communicative readiness is therefore an imperative to protect the company’s reputation and value. The faster you can react to a crisis and tell what your plan is, the more benevolently customers and investors will react.

PANTARHEI ADVISORS has long-standing experience in risk & reputation management. We gladly help you to prepare your company for the cyber crisis. Selected by UNIQA as its exclusive partner, our crisis resolution team is also at your disposal within the scope of Cyber Insurance.

The crisis fitness check for your company

So, are you fit for crisis? We will examine your capabilities! As part of a crisis fitness check, we determine your communication structure for optimisation potential and together build a resilient crisis infrastructure. We prepare you optimally for a crisis – so that when the moment strikes, you have a plan in place!

Do not hesitate to contact us. Michael Slamanig, Head of Risk & Reputation Management, and his team will be glad to support your company.

Michael Slamanig

Head of Risk and Reputation Management

Direct Cyber-Hotline: +43 (1) 88 656 35 – 311