Geopolitics Magazine September - October 2016 | Page 57

Loss of competitive advantage after a major security incident The recovery costs after a security incident, including the attention of the media, are often much higher than the investment in security and risk management. The worst-case scenario after a major security incident is obviously the loss of business when the property shuts temporarily for the investigation and/or repair. The competition will pick up your business and benefit from it while your fix costs are still running. Along with the actual damage, questions are often raised whether management could have done more to mitigate the risk level. When security plans are well maintained, the likelihood of recovery is higher. Reputation is a vital yet fragile advantage that requires its very own security plan in a strong competitive market where guests nowadays love to make their booking decisions with the help of online travel review sites. Stephanos Ath. Peppas, was born on 1977 in Piraeus. He finished private Maritime College in Athens and continued with Diplomacy, Terrorism and Management Courses. He has 11 years working experience in Multinational Shipping companies and another 5 years working experience in Tourism/Hotels sector. He is Military and International Affairs Researcher, with several articles published. Geopolitics.com.gr all rights reserved 2016 Page 55