Firm Prepares Financial Institutions And Fintechs To Mitigate Crises

York Public Relations, the nation’s only crisis PR firm dedicated exclusively to mitigating crises for financial institutions and fintechs, launched ēgәlGUARD, a unique crisis drill experience.  

At any given moment, a crisis can occur, often without warning and leaving long-lasting effects. But having a crisis plan is only half the battle. It takes practice to successfully mitigate organizational emergencies. 

“The wisest organizations have crisis plans in place at all times, but organizations that are truly prepared practice those plans through regular drills and simulations,” said Mary York, CEO of York Public Relations. “By mapping out potential crisis scenarios and conducting crisis drills, we help financial institutions and fintechs better prepare for when the inevitable strikes.” 

York continued, “It’s similar to why schools conduct fire drills. The difference is that a school fire is far less likely than, for instance, a data breach.” 

According to the National Fire Protection Agency, the likeliness of a school fire is slightly over two percent. Compare that to the probability of an organization experiencing a data breach, which is nearly 30 percent, according to a survey from Ponemon Institute and IBM Security. That means organizations are 15 times more likely to have a data breach versus a fire but few run simulations to prepare.  

Even regulators are actively encouraging organizations to conduct regular and frequent drills – or tabletops, as they refer to them. The U.S. Treasury created a crisis drill template for both financial institutions and fintechs to leverage for cyberattack simulations.  

With York Public Relations’ ēgәlGUARD Crisis Drills, financial institutions and fintechs will learn the skills necessary to better prepare for a crisis. Organizations will learn the seven primary steps to navigating a crisis. A drill is then scheduled for a later date, where teams are faced with a mock crisis they must solve. Following the drill, instructors will evaluate how the team handled the emergency, including areas in need of improvement.