You always need a crisis management plan in place and ready to go. No business ever wants to face 'situations causing a significant business disruption which stimulates extensive crisis media coverage' - this is a crisis.

The public scrutiny that is a result from this media coverage is often detrimental to the normal operations of the company, and can also have a negative long term financial, legal and public impact. Substantial damage can happen to a business, especially when the crisis is not handled properly in the perception of the media and the public. Crisis management deals with giving the right crisis response, accurately, quickly and decisively.

The example below can also be used in regard to Drugs, Needles, and Personal or Business Information.
Example: A security company lost a handgun that had a full magazine. Apparently it fell from a security truck and was lost in the street. Neither the public nor media ever found out because the crisis management plan went straight into action, the area was searched and thankfully, the weapon was found before anyone noticed.
So, very swift and accurate measures saved this company.

Following this act of shocking carelessness, the security company revamped all weapons handling procedures and those involved with the loss of the handgun were severely disciplined. Lessons learned.

Security personnel and/or guards on site need to be briefed on step by step procedures throughout any crisis. It is usually the front manager or security personnel who are on the frontline and assisting with any incidents and as such they will be targeted by reporters and other persons seeking information.

Tips on Crisis Management
Prepare contingency crisis management plans in the event of a crisis. Crisis management team and members can be formed at very short notice - team members should be key managers and have the experience and aptitude to deal with emergency situations. Preparation is the key to crisis management as it is all about planning in detail for any event that may occur.

Be immediate and clear.
Make an internal announcement that the only persons authorized to give public statements are the crisis team members. Statements given in answers to questions by the media or the public should be very concise and succinct. Do not provide any information other than what is agreed upon by your crisis team - your CEO and Deputy CEO.

Present a statement to the media as quickly as possible, within the first hour after the crisis has been discovered or announced. This is vital as the media will compile their own information on the crisis, and this will most likely be damaging to the company.

Immediately hire a specialist PR crisis management consultant with corporate image expertise. In a crisis you need expertise in managing the situation and hiring professionals will ensure the best quality outcomes.

Always tell the truth about the crisis event.
Lying or trying to manipulate information will seriously backfire - the media usually find out sooner or later. Speaking accurately and truthfully is the only way to relate the facts. Do not give any additional comment or opinion that could be misconstrued by the media and wind up as an embarrassing headline or make you legally liable.

When deciding upon actions, consider not only the short-term losses, but also consider the long term effects. The options should be scrutinized and voted on within the crisis group. The longer term effects of the crisis will be much greater.

Managers at all levels of the organization are employed and trained to manage crises and often do so every day. Their skills are put to use when they have to manage significant crises that have the potential to disrupt the organization's value, public perception, integrity, income sources, operating expenses, stock price, competitive position and ongoing business. Crisis management is most effective when potential issues are detected and dealt with quickly; before they have a detrimental impact on the organization. In this case, the crisis is extinguished well before it would ever come to the attention of stakeholders, the public or the news media. Containment and action needs to be fast and accurate.

When a crisis cannot be avoided and will impact badly the company and all associated with the company, a specific business continuity plan is helpful to minimize the disruption and damage. These plans can be made by simply identifying of all procedures and processes which are critical to the business.

Source: David Turner  link