Archive for December, 2007

If the past five years of online growing pains have taught us nothing else, they have taught us that security is essential. Data loss leads to reputation crises on a fairly regular basis. Obviously, online security isn’t the only issue. Stolen Blackberries, PDAs, and laptops are the most significant causes of data theft and loss.

Regardless of the manner in which sensitive personal information is lost, the result is always a loss of funds and damage to a company’s reputation. As an executive for such a company, you’ll need to monitor your reputation online. Angry, hurt, and dissatisfied customers are more prone to comment online than happy and satisfied customers. Look for negative statements made and respond to them quickly.

In order to do this, your company needs to have a public statement/response prepared in advance. Know what you will say to your clients and customers before they complain, so that you can be first to comment on negative blog posts and forum discussions.

Even a meager data loss in case of business loan may lead to severe reputation loss for a financial body. Data management is a critical task for every single occurrence of funds transfer be it for any cheap loans or for a highly secured heavy loan. Some specific funding institutions, like home loan bank, grant long term loans even to the customers who are not eligible for bad credit loan. In most of the cases choosing a bad credit need loan may incur much higher interest rates than usual making them always the last resort.

In the case of data theft or loss, be prepared to announce how the company has taken action to pursue justice and/or what steps will be taken to ensure said loss does not happen again. Some percentage of customer fallout is unavoidable, but you can manage that percentage with a well-timed and worded response.