Crisis management | Finance and Investment

From the first minutes of a computer attack or a loss of reputation, for example following the publication of a message on social networks or an article in the media, it is necessary to set up a team of crisis management. She will be responsible for coordinating the efforts required to manage the situation and ultimately, to make decisions quickly since time is of the essence. This team should include key representatives from different departments of the company, as well as external experts if necessary.

One in five companies

According to Statistics Canada, one in five businesses was the victim of a cyberattack in 2021. In the same year, Canadian firms admit to having spent more than $10 billion to protect themselves from cybercrime.

During these attacks, financial data is the most sought following by hackers. In order to be prepared for any risk, it is essential to have a well-developed crisis management plan. It must define the procedures to be followed in the event of a crisis, the responsibilities of each member of the team and provide a framework for communications intended for employees, customers and partners.

Crisis management is not an exercise in traditional communication or marketing. The public relations manager must therefore understand both “IT” terms and the world of the media in order to transform technical terms into proactive communication tools if the incident affects the general public. His role will be to coordinate the message with the teams involved and to monitor the evolution of the crisis in real time in order to react strategically to give the right time on the situation and thus protect the image of the company impacted.

Moreover, it is important from the outset to consider a variety of risks, such as financial crises, technological disruptions, accidents, pandemics and terrorist attacks, to ensure that the crisis management plan is suitable. these various avenues and serves as a game plan when needed. It is also necessary to maintain open and transparent communication with employees, customers and partners during and following a crisis, in order to deliver the right message, reassure and maintain everyone’s confidence in the company.

In sum, crisis management is an ongoing process that requires adequate planning and preparation to minimize risks and impacts on the business and its stakeholders.

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