How do organisations such as electronic money and payment institutions in Cyprus turn threats and crisis situations into strategic opportunities in times of crisis management?

Abstract

This research study reflects the results of a research designed to examine how organisations operating in the Electronic Money and Payment Institutions of Cyprus turn threats and crisis situations into strategic opportunities in times of crisis management. Data was collected using mix a methods approach of qualitative and quantitative elements in four organisations. The study includes fifty completed data collection surveys and four interview questions of qualified individuals. The results are used to critically evaluate how such institutions react in cases of crisis even occur. Findings show modest existence of a suitable crisis management level of readiness in the surveyed institutions. Furthermore, any additional risk management and / or preparedness efforts are indicated where relevant. Real scenarios describe how the institutions created prospects while continue operating without any crisis disruption. The effects of the results are critically examined and recommendations of future research are suggested.