Reputational risk is the potential for damage to an organization’s character or good name. If a bank or financial institution is hit with an incident that puts a mark on its reputation, the event could compromise the company’s perceived legitimacy, thus affecting the number of current customers, prospective customers, shareholders, and the stock price. And because information is disseminated online and through social media so rapidly, this type of event could cause reputational harm almost immediately.
Article Link: https://www.bitsighttech.com/blog/cybersecurity-reputational-risk-management-financial-institutions