ARLINGTON, Va. (11/17/14)--Whether it's a data breach, fraud or other bad news that leads to unwanted headlines, credit unions and other financial institutions are especially vulnerable to reputation risk.
|Casey Boggs of LTPR, a public relations firm that specializes in financial institutions, speaks on crisis management at the Credit Union Cybersecurity Symposium Friday. (CUNA Photo)|
Casey Boggs of LTPR, a public relations firm that specializes in financial institutions, spoke at the Credit Union Cybersecurity Symposium Friday on how credit unions can handle a crisis.
"We like to say that crisis management is 99% preparation and 1% execution," Boggs said. "That's how important good preparation is for any kind of crisis management."
Boggs said communication is key in the event of any crisis--communication to members, staff, the media, regulatory agencies, vendors and the general public. In this day and age, a major part of that communication is via social media.
"Social media is where you'll most likely receive a lot of negative feedback, but you also need to make sure you've built a good following before any sort of crisis. Because no matter how strategic and well-crafted your post-crisis message is, no one will see it if they're not listening," he said, adding that it's important for social media administrators to know exactly who is managing social media accounts, and that all passwords are secure and accounted for.
Facebook has the most users and is best for pro-active reputation management, Boggs said, while Twitter and its shorter posts are the best platform for communication timely, ongoing updates during a crisis.
"It's important to utilize your own space as well. People visit your website, so that use prime real estate what you want to get out there," Boggs said. "This by itself assuages the situation, it says 'Here's what's going on. Here's what it means for you and your money.' If you can communicate that to your members through your own space, you're in good shape."
Boggs provided the following tips for credit unions before, during and after a crisis.
Before a crisis:
During a crisis:
After a crisis: