Crisis Communication in Meowington Financial Services Assessment Answer
Data breaches are the most common threat to the company's reputation and invasion of crucial information. Crises communication has played a vital role in handling the situation and organization, during the crises of facing the data breaches and mishandling (Gilboa, 2016). From the paper, the prime focus is on checking how there can be an everyday crises points, how the management of a firm has to handle the situation, like in the case of the Meowington Financial Services. As observed, how the data breach and the public leaks, has resulted in the cascading effect for the entire business and also has affected its reputational, operational along with doing irreversible financial harm.
The crisis is defined as a sudden or unexpected event that can lead to major unrest (Gilboa, 2016). There can also be an emergency that can disturb the employees, companies and the related stakeholders, who stay affected and vulnerable due to it. It can also lead to an instability factor.
Managing a crisis is defined as a sequence, that can manage a suffer disturbing events and it can set as a positive example, for the future point of view. Crises are also a trigger point, that can lead to a sudden loss in transition, there is a persistent feeling of fear and also facing threats among the employees.
Impact of the data breach to the company
When the Meowington Financial Services, faced the public data leaks and all the information was available in public, it had a cascading impact on its overall business and damaging the business (Coombs, 2019). As a quick measure, the IT team has removed the exposed SQL data and also apologized.
In the case, the communications side of the data breach response was one of the essential steps to deal with the outcomes and the tactics, but at the same time, the changed level of preparation had also forecasted damage to the breach preparation.
As observe dhow the companies, diligently handle the breaches and also communicating the issue with confidence.
Stakeholders in the company's situation
Due to the data breach, the stakeholders, which can be impacted, are the employees, clients, customers, suppliers, and also investors. As the management, has to tackle the situation with ease and also provide a timely measure, invest time and resources, that can help in providing a resolution to the crisis point that can be better to handle the issue and subduing the pressure.
Information to the business/corporate sector today
Crisis Management also has to ensure, how it creates an effective effect the individuals to face and handle the outcomes, that can deal with unexpected development (Claeys, 2019). It can also help to handle the adverse conditions that has to be managed with a courage and determination. Also, understanding how it can create responsibility and a charge, that can devise strategies and also help in understanding uncertain conditions. It is also important how to handle the present condition, with ease, that can define a future course of action (Coombs, 2019). At the same time, they should devise strategies such as managing on social media, apologizing and relating it with the five stages of the crisis.
To handle the crisis management on social media, direct contact with the social media sites, requesting to take down the data and at the same time, how to handle the communications with victims of a breach (Gilboa, 2016). It is also important how to handle the clients, by direct communicating, apologizing for them and also providing an outcome. The company also has to communicate with the customers or clients having a coverage one to one assistance, that can help to the social media platforms that can be estimated during the time of crisis.
As a society, how do we expect a business to behave?
To handle the data breaches, the society instead of imitating the data, misusing and mishandling the situation has to be ethical (Treat, 2020). It is important to have crisis management that can be handled with ease, relating it with a sudden along with unexpected events that can create a disturbing event, have an issue to handle individuals, important stakeholders and the employees (Seeger, 2018). At the same time, how the management, would handle the situation effectively, creating a better choice, and handle as per the organization culture that can manage the crises.
'Crises' in the today world
As observed, from the recent data breaches cases, due to the invasion of the data and the security breaches, it has cost an estimated $4 million per incident, which contributes to a total of 29% since 2013. During the data breaches and public data leak, the role of crises communication has played a crucial role in handling of data (Ulmer, 2017).
To conclude, the most important part, during crisis communication, is how one can manage the situation and can also react in a constructive suitable manner that can help to subdue the information. It can be an act to react, as per finding the right response quickly to the situation. It can be also non-behavior one does not communicate during the crisis point.