“I am going to ask you to throw away every rule of crisis management you have ever known, as we explore how cyber crime is rewriting the crisis management rule book,” says reputation and crisis strategist Davia Temin, in the opening of her keynote address this morning at the conference “Unintended Consequences: Impacts of the Internet of Things (IoT) & Big Data.”
More than two-thirds of U.S. executives are worried that cyber threats will impact their company’s growth, but it is probable that companies are preparing for the inevitable business and reputational hits of a cyber attack in all the wrong ways, she states. “Traditional crisis management techniques may be time-honored, but often they are static, formulaic, and constrained – simply not adequate for the dynamic, nuanced, multi-faceted and ubiquitous nature of cyber crimes today. In reality, cyber crisis management is a combination of crisis management and emergency and terrorist response, which necessitates internal and external cooperation and communication of an unprecedented nature.
“Cyber crisis management straddles the line between enterprise risk management, business continuity, emergency response, reputation management, and corporate governance. Today, we are going to start to rewrite the rule book.”
Sponsored by the Executive Women’s Forum (EWF), the conference is one of several top-tier events presented by the largest global member organization of women in the information security, IT risk management, and privacy industries. EWF also provides scholarships and programs dedicated to peer mentoring, leadership development, and youth education about online security, privacy and safety.
Ms. Temin, who opens the day-long conference in New York City, is CEO of Temin and Company, a global management consultancy that advises CEOs, corporate boards, operating executives, and heads of universities and other not-for-profits on reputation and crisis strategy, with a specialty in cybersecurity.
Are companies doing enough to defend their brand?
“The ‘hard’ cost of a corporate data breach averages around $3.8 million, but the actual cost to a company in lost revenues, lost shareholder value, and lost brand value is much, much more,” says Ms. Temin. “Rarely can crisis response and containment procedures be the same from one cyber attack to another.” She concludes, “If crisis is the new normal, then cyber attacks are the new constant. But public and private response, especially over social media, needs to not only set a new standard for corporate responsibility, but it needs to be savvy, smart, and inventive. This new era is going to demand our best and most flexible thinking and response. And, unfortunately, we have not yet seen too many examples of that.”
About Davia Temin
Davia Temin is the founder and CEO of Temin and Company, a boutique management consultancy specializing in crisis and reputation management, marketing and media strategy, thought leadership, and leadership coaching. The company has special expertise and experience working with cyber crisis management and communications, preparation and recovery, across industry, healthcare, education, government, and professional services.
Ms. Temin is a frequent public speaker and writes a column for Forbes.com entitled “Reputation Matters” covering cybersecurity, social media, branding strategy, crisis management, women’s leadership, resilience, and corporate governance in the “25/8” age of digital communication. In addition, she tweets (@DaviaTemin) regularly on these issues, and has published articles in The Huffington Post and American Banker.
In addition to her work as a crisis and reputation strategist, Ms. Temin has served as the First Vice Chair of the Board of Girl Scouts of the USA, and is currently Chair of the Board of India-based NGO Video Volunteers, and a member of the Board of Managers of Swarthmore College. She is also on the advisory boards of ProPublica and the Knight-Bagehot Fellowship at Columbia Journalism School, on the executive board of WomenCorporateDirectors, and on Harvard Kennedy School’s Women’s Leadership Board.
About Temin and Company
Temin and Company Incorporated (www.teminandcompany.com) creates, enhances, and saves reputations. Temin also helps clients around the globe raise their visibility by leveraging their expertise, ideas and insight to produce differentiated intellectual capital and content.
The firm helps corporations, professional services firms, and other institutions define and strengthen their public image – and their bottom line – through strategic marketing; branding; media relations; thought leadership; social media; speaker, media and leadership coaching; financial communications; and crisis and reputation management.