Most companies face a crisis at one time or another. Two major airlines have had their share of crises recently as have several large companies involved in major data breaches. As we have seen, negative incidents can have a major impact on a company’s reputation, which can cost it millions in earnings and good will. Most of these larger companies have teams and procedures in place to respond to them. However, for smaller firms, especially those in the “trust business” of managing other people’s money, reputational damage can have devastating consequences.
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