Crisis Management Online Banking Security Breach

Table of Contents Intermediate/updating statement The press conference The CEO’s speech References Footnotes Following the unconfirmed rumors of an online banking security breach two days ago, which uproar in the national press, the company would like to issue this statement that shows the company’s stand. As a company we would like to state that the security breach is unconfirmed and the bank cannot confirm these reports yet. At the issuing of this statement, what is known is that there are reports on the breach but to what extent, is yet to be known[1].Advertising We will write a custom essay sample on Crisis Management: Online Banking Security Breach specifically for you for only $16.05 $11/page Learn More The bank’s board of directors is holding meetings and contingency plans are being drawn to try and mitigate the current situation. Communication channels targeted at the various audiences will be specified as soon as the fir st round of information is obtained. The bank would like to assure its customers that there is no need for fear and that its reputation will still be maintained. Immediate action is being taken to get to the bottom of this and a security audit team is being assembled at the moment[2]. We as a company understand the need for information at this time but would like to ask for patience as we try to work on finding the problem and its solutions. Therefore the bank would like to request for tolerance and patience, and it will do all that it can to ensure that the media receive’s regular and accurate updates. In addition, the bank wishes to run a PR campaign (with immediate effect) to reinforce the brand and to assure customers that they can confidently avail all existing banking services[3]. Intermediate/updating statement We would like as a company to confirm that an online security breach did occur but we are not quite sure to what extent. This comes on the backdrop of our initi al statement two days ago that refuted the rumors that were being circulated. We would like to clarify that at that time, they were unconfirmed reports and no actual concrete information was available to either confirm or acknowledge the security breach. Despite the initial statement, the negative media attention given to the company, and growing concerns from our consumers, clients, stakeholders and the public as a whole, the company has taken upon itself to get to the bottom of this and find out the exact situation and its implications to the bank’s business and service provision[4]. This statement comes after wide consultations and we would like to allay the fears that are growing among our loyal clientele base, that the bank is still able and will continue to offer the services it has been offering since it begun. To this effect we would like to ask the media and all relevant parties to make a point of attending the press conference scheduled for tomorrow afternoon where more information will be availed to you[5]. At the time of issuing this statement the bank’s board of directors has already taken action and initiated a security audit of the bank’s information technology system which although will take time, will help in shedding light to the extent of the breach. Information will be constantly availed as soon as it is gotten and confirmed by the bank.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The company would also like to ask the media to confirm any information they have with the company before they go to press with it. The bank wishes to thank all those that are working tirelessly to uncover this breach and would like to assure its customers that everything is under control and that their individual accounts are safe and that any fraudulent activities will be efficiently and effectively dealt with[6]. The press conference The schedu led press conference to take place tomorrow afternoon will focus on allaying fears of a meltdown within the banking services. During the press conference a desk will be set up for handling any enquires from concerned customers, and the bank’s customer relations will try to provide as much information as possible. There will be speeches from the bank’s chief executive officer on the situation and actions that have been taken to find out what exactly is going on[7]. There will be a question and answer session at the end of the CEO’s speech that will be handled by the company’s security department. The responses shall be documented and made available to all media organizations at the end of the press conference. To check on misinterpretation of facts, requests for one-on-one questions, should be submitted before the start of the press conference and this will be handled only by the bank’s CEO, who is the only authorized person to speak on behalf of th e bank[8]. All attendants to the press conference shall be provided with a press kit that details all the bank’s actions and the information that is at hand. The location of the press conference will be at the bank’s main headquarters, this will help protect the bank’s trusted reputation at all times and work to repair any potential damage caused by the unconfirmed rumors and media publications. Invitations to the press conference will be sent out in advance so that all invited guests are able to prepare themselves. In addition, a follow up will be made constantly by the bank’s public relations division, and more information will be given as soon as it emerges[9]. The CEO’s speech As you are all aware, there are unconfirmed reports going round that we have suffered an online banking security breach resulting to several unconfirmed reports in the newspapers and an investigation being carried out. The security audit of the bank’s information t echnology system that is underway will take time to uncover the actual situation but I would like to assure you that we hope to uncover the truth and get some understanding from this phenomenon that beholds us. I would like to emphasize that the bank and all its subsidiaries and the brand as a whole is still and will remain a major player in the banking industry and this situation should not in any way affect your perception of this bank.Advertising We will write a custom essay sample on Crisis Management: Online Banking Security Breach specifically for you for only $16.05 $11/page Learn More As a company, it is with absolute confidence that I assure you that this small glitch will have no impact at all on the services provided by the bank. I have confidence in my employees and workforce that things will go on as smoothly as they were before. I would like to passionately ask all our partners, the stakeholders, shareholders, our clients and customers and all that are either directly or indirectly connected to us to bear with us at this time as we try to find out the exact situation and its implications. I would like to reiterate that we are not quite sure of the extent of the security breach and information on the ongoing investigation/audit and any other relevant information will be made available through our public relations department to all relevant parties as soon as we have an idea of what we are dealing with. I would like to ask the media not to publish unconfirmed reports before checking their validity with the company first and this way; we will all avoid falling into panic and making rash decisions. With that I would like to thank you all for turning up at this press conference and showing your support. References Goel, S, Crisis Management: Master The Skills To Prevent Disasters. Global India Publications, New Delhi, 2009. Johnston, J, Zawawi, C, Public Relations: Theory and Practice. 3rd ed. Allen Unwin, Crowns Nest, 2009. Lewis, GW, Organizational crisis management: the human factor. Auerbach Publications, New York, 2006. Wilcox, D, Public Relations: Strategies and Tactics. 8th ed, Boston, 2006.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Footnotes GW Lewis, Organizational crisis management: the human factor. Auerbach Publications, New York, 2006. J Johnston, C Zawawi, Public Relations: Theory and Practice. 3rd ed. Allen Unwin, Crowns Nest 2009. S Goel, Crisis Management: Master The Skills To Prevent Disasters. Global India Publications, New Delhi, 2009. D Wilcox, Public Relations: Strategies and Tactics. 8th ed, Boston, 2006. GW Lewis, Organizational crisis management: the human factor. Auerbach Publications, New York, 2006. J Johnston, C Zawawi, Public Relations: Theory and Practice. 3rd ed. Allen Unwin, Crowns Nest 2009. D Wilcox, Public Relations: Strategies and Tactics. 8th ed, Boston, 2006. J Johnston C Zawawi, Public Relations: Theory and Practice. 3rd ed. Allen Unwin, Crowns Nest 2009. S Goel, Crisis Management: Master The Skills To Prevent Disasters. Global India Publications, New Delhi, 2009. This essay on Crisis Management: Online Banking Security Breach was written and submitted by user Eddie Bradshaw to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.