5 Business Lessons Learned During Global Events, Like COVID-19

By Bill Hogan

Posted on Mar 16, 2020

Coronavirus has upended the life of nearly every person on the planet. We are living in uncertain times, where the proliferation of misinformation is widespread and people are anxious about where and what is safe. However, this is not the first crisis the global community has had to navigate.

Whether it be natural disasters like Hurricanes Katrina or Sandy, Y2K, terrorist attacks, the dotcom bubble or the Great Recession of 2007, the United States in particular has weathered periods of uncertainty that has truly challenged both our personal and our country’s mettle. That being said, we have dusted ourselves off and gone on to achieve prosperity and success.

While those were trying times, they also taught us important business lessons. We’ve put together 5 of the lessons learned during mass uncertainty.

1. Communicate often, be honest, and straightforward.

    We are all struggling to keep up with the constant influx of new information, phone notifications and email statements from companies. It’s because of this that we highlight the importance of being clear, honest and straightforward on what we do and do not know. During these times, it’s more important than ever that company leadership remain open, compassionate, and honest about short-and long-term future goals and plans. If communication isn’t clear, people will come to their own conclusions, something we’ve seen already.

    2. Plan as far ahead as possible.

      In times of uncertainty, it’s crucial to plan as far ahead as possible. At SecurityScorecard we plan for 180 degree pivots in any direction, while continuing to be agile as new information is released and regulations are announced. Planning not only provides a sense of stability for your business, but also reassures partners, vendors and customers.

      3. Be available to customers, partners, vendors and employees.

      In the past, being in the same actual physical location as a customer could help cement relationships and give them peace of mind that you’re there alongside them to help them weather the storm. We may not rely on that as much in 2020, but with the incredible video technology we have, we are able to make it feel like we are in the same place and continue to provide consistent value. We recommend being cognizant of this and still continuing to have that personal touch with customers, partners, vendors and employees via video calls and other digital touch points.

      4. Understand that work is not the only thing on peoples’ minds.

        Realize and be empathetic to the fact that work and business isn’t the only thing on peoples’ minds. Understand the context of the situation, with so much change to everyday life, it's hard to stay focused on business as usual both mentally and physically. Because of this, things will take longer.

        5. Business continuity must be a focus.

          Currently, social distancing practices are resulting in workforce displacement. We are seeing virtual workforce mobilization en masse and as a result, network and security risks will be stressed in ways never before seen, which makes business continuity a priority.

          Securing personal and professional data is critical to maintaining continuity, as bad actors go all-in during crises. Our Threat Intelligence Team and Executive Team has noticed a large uptick in online hacker chatter about leveraging the coronavirus to spread cyber viruses. It is imperative for businesses to protect their ever-changing cyber perimeter, that will exponentially expand due to the increase in remote employees accessing their company networks; many companies have never experienced a fully remote workforce.

          Final thoughts

          SecurityScorecard strives to be a stable force during these times of uncertainty, for our vendors, partners, employees and customers. We know that business must go on, and encourage people to reach out to us [email protected]corecard.io, if we can help in any way.

          No waiting, 100% Free

          Get your personalized scorecard today

          Get your free scorecard and learn how you stack up across 10 risk categories. Answer a few simple questions and we'll instantly send your score to your business email.

          Get Your Free Score

          Get In Touch

          Thank you for contacting us!