They can’t be starved of revenue or tied up in regulatory issues with their customer base. Outcompeting them solves nothing so reputation is the weak spot.
Customers would care if they are hacked and customer info were leaked (contracts are sensitive). More scrutiny in security audits means sales slow down, renewals become more difficult, some will just stay away entirely but that would likely require multiple incidents.
They will also care if Execs were embroiled in scandal. Doesn’t matter if it’s true, the news of it does the damage. Difficult for Governments to do business with people publicly associated with…?
Employees care if it’s unsafe to work there or the brand would potentially put off future employers but would be difficult to move as they just want the paycheck.
The market is the most difficult to influence and it’s more by weight of issues than any individual thing. Companies survive shitstorms all the time, it’s when multiple things hit in succession and don’t all get swept under the rug that it becomes a problem.