Why do some companies fail to report hacking crimes?

Companies often choose not to report hacking incidents primarily due to concerns regarding their reputation and the potential for further security compromises. When a business falls victim to a cybercrime, the disclosure of such an event can lead to a loss of public trust and significant damage to the company's brand image.12

Additionally, some organizations may be motivated by embarrassment or a fear that reporting the crime will invite further vulnerabilities or scrutiny. Because the scale of hacking is difficult to assess, these unreported incidents contribute to the challenge of quantifying the full economic impact of hacking, which is estimated to cost the global economy billions of dollars annually.2