The Optus and Medibank cyberattacks affected more than the customers - negative sentiment can wipe billions in value from a company’s intangible brand assets.
, but Brand Finance’s calculations for its 2023 list were compiled in early October – two weeks before the health insurer’s breach.
“When you have a one-off event like that, the pernicious effect of it can be very profound,” said Mark Crowe, managing director of Brand Finance Australia. A brand’s value, meanwhile, looks at how much of a company’s profits are attributable to its “brand”. It is a combination of the brand strength score, how much it would cost to licence the brand’s assets, and the company’s forecast revenue. It includes a valuation of the trade name, trademarks and logo, and is often used in mergers and acquisitions.Despite supply chain challenges, Woolworths flourished in 2022, Brand Finance concluded.
Matt Williams, Optus’ managing director of marketing and revenue, said it had been a challenging few months.“The results aren’t surprising, but they are disappointing. We are taking steps to rebuild confidence in Optus,” he said.
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